BNP Paribas recognised as no. 1 European bank on the management of climate-related risks and opportunities in ShareAction’s 2020 ranking
On the 26th of April, the British NGO ShareAction released the results of its 2020 “Banking on...
September 18th through the 26th mark the Global Goals Week, celebrating a worldwide commitment to the UN Sustainable Development Goals. Since their creation in 2015, these goals have been a guiding force for BNP Paribas’ strategy. This week, as the Group’s businesses reflect on ways to improve their contributions to a more sustainable future, we take a look at how the Bank is already committed to having a positive impact on a rapidly changing world.
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.
“Five years after the creation of UN Sustainable Development Goals and in the middle of a historic health crisis, we can see that our societies, more than ever before, expect large companies to offer solutions. This is why BNP Paribas aims to make active contributions to the dialogue on sustainability this week and throughout the year.”
Antoine Sire, Head of Company Engagement
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 21st and 27th. 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:
Hervé Duteil, Chief Sustainability Officer, BNP Paribas Americas
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.
Credit: BNP Paribas
Photo credit: 7Maru