Philippian Bishop Urges French Banks to Halt Fossil Fuel Funding in Verde Island Passage

In the lead-up to the 10th anniversary of Laudato Si', Bishop Gerry Alminaza of the Diocese of San Carlos co-celebrated Mass at the historic Notre Dame de Paris alongside Archbishop Éric de Moulins-Beaufort of Reims.

He appealed for support from the French community in urging French banks to stop funding fossil fuel projects that threaten the Verde Island Passage (VIP) in the Philippines—hailed as the “Amazon of the Oceans.”

Laudato Si’, meaning “Praise Be to You,” is the 2015 encyclical by Pope Francis subtitled “On Care for Our Common Home.”

The Eucharistic celebration also marked the 50th anniversary of Communio, a prominent French Catholic magazine that has significantly contributed to theological and global discussions, including the ongoing climate crisis, according to a statement by Protect VIP.

This year’s observance emphasizes the Church’s response to environmental degradation and the disproportionate impact of climate change on communities in the Global South.

Considered one of the world’s most biodiverse marine ecosystems, the Verde Island Passage spans five Philippine provinces—Batangas, Marinduque, Romblon, Oriental Mindoro, and Occidental Mindoro—and boasts the highest recorded concentration of shore fish species in the ocean globally.

“Despite its ecological importance, the Verde Island Passage is under threat from expanding fossil fuel operations and recurring oil spills,” said Alminaza. “These destructive activities endanger marine biodiversity and the coastal communities that depend on them. We must address the root cause—financing by major French banks like BNP Paribas and Crédit Agricole enables these companies to operate.”

BNP Paribas and Crédit Agricole are among the top French financiers of fossil gas projects in Southeast Asia.

In the Philippines, Crédit Agricole—through its subsidiary Indosuez Wealth Management—holds bonds in San Miguel Global Power (SMGP), a major company aggressively expanding gas infrastructure throughout the country, said Protect VIP.

SMGP plans to develop eight gas-fired power plants and a liquefied natural gas (LNG) terminal, positioning itself as the largest driver of gas expansion in both the Philippines and Southeast Asia. The Verde Island Passage will host the construction of three of these projects.

Bishop Alminaza emphasized the Church’s commitment to ecological justice:

“The Catholic community upholds Pope Francis’ teachings in Laudato Si’ and Laudate Deum. As we mark the 10th anniversary of Laudato Si’, we are reminded of our shared responsibility to care for our common home—uniting ecology, social justice, and faith.”

He added that the Catholic Bishops’ Conference of the Philippines (CBCP) has pledged to divest from banks funding fossil fuel projects by 2025.

“We urge our brothers and sisters in France—and the broader French public—to join us in resisting the destruction of our common home by fossil fuel giants and the financial institutions that enable them,” said Protect VIP.