A bank committed to building a better future

A reaffirmed commitment to sustainable development

• Ratification of the “Poseidon Principles,” following the Group’s “Ocean” commitment , it is the first agreement among financial institutions establishing a global framework for assessing and disclosing the climate alignment of their shipping portfolios;

• A more ambitious coal-exit timetable was implemented in November of 2019 and updated in May to plan a complete coal-exit  within the European Union and in OECD countries by 2030 and worldwide by 2040. All of thermal coal’s value chained is concerned, from extraction, infrastructures, specialized traders to electricity production. BNP Paribas will cease to finance all actors who are developing additional coal capacities and all those who do not have a coal-exit plan in accordance with the timetable;

• Improved transparency and reporting has also been a major focus of the past year for BNP Paribas, and notably through its first publication of a TCFD (Task Force on Climate-related Financial Disclosures) Report. This report represented an additional step toward aligning BNP Paribas’ activity with the objectives of the Paris Agreement. Further steps toward this alignment were also realized on September 21st with the signature of accords on a common methodology between the Katowice banks.
  

A year for accelerating financing toward the energy transition

After meeting its initial objective of 15.9 billion euros for the past year in renewable financing, the Group is now targeting 18 billion by 2021 to further its strategy to generate a positive impact through the products and solutions it provides.

The Group has already established itself as a leader in Sustainability Linked Loans on the EMEA market within the first semester of 2020 and a world leader within the first quarter with 7% share of the market. By the end of June 2020, the Group ranked first for Green Bonds with 4.4 billion euros as a joint bookrunner. BNP Paribas Cardif has also announced 11.5 billion euros for investments with a positive social and environmental impact between now and the end of 2024. The Group was recognized as Western Europe’s best bank for Corporate Responsibility 2020.

Every year since 2009, and at the same time as the General Assembly of the United Nations, “Climate Week” is held in New York City, occurring this year between September 21^st and 27^th. An international summit, Climate Week brings together leaders from around the world in business, government and civic affairs who are mobilized in the fight against climate change. For BNP Paribas, Climate Week is an opportunity to look back at our sustainable commitments and the notable Green Deals from the last year, such as:

• Working with Apple for the reduction of carbon emissions in November 2019, as the underwriter for a Green Bond of 1.5 billion dollars from Apple intended to reduce carbon emissions throughout its supply chain and support its own energy transition;

• In Canada, WSP became the first professional services firm in America to link their loan interest to Sustainable Development Objectives, thanks to BNP Paribas. This encourages them to reduce their greenhouse gas emissions and increase revenues with a positive impact on the environment, as well as a better representation of women in their management positions;

• In Korea, a green recovery post-COVID 19 was already begun in April thanks to the help from BNP Paribas as a joint bookrunner to revive the Green, Social and Sustainable (GSS) bond market in Asia with a green bond totaling 700 million.

Watch the following video to learn about these and many other Green Deals from across the Group that have contributed to a more responsible and sustainable economy through innovative financial solutions with a positive impact.

Photo credit: 7Maru