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30.03.2018 | CSR
On March 28th, 2018, NGO network Banktrack – in partnership with 55 militant NGOs, among which Rainforest Action Network and Sierra Club – has published its annual report ranking banks’ financing and investment policies in the fossil fuel sector.
Over 36 international banks analyzed in the report, BNP Paribas ranks as the best bank regarding its financing and investment policies in the fossil fuel sector. With an overall score of C+, BNP Paribas is the 1st bank before Crédit Agricole, Société Générale, ING, Morgan Stanley or Deutsche Bank.
NGOs notice that BNP Paribas’ support to fossil fuels has decreased over the 2015-2017 period, and that the Group is no longer part of the most exposed banks to this sector.
To a large extend, this is due to the measures taken by the Group in favour of the energy transition since the COP21. These measures are based on the reduction of BNP Paribas' support to the most CO₂ emitting fossil energies (at first coal, then non-conventional oil and gas) and a proactive strategy of financing renewable energies and energy efficiency.
For the record, at the end of 2017 BNP Paribas had already dedicated 155 billion euros to the energy transition and to the achievement of the United Nations Sustainable Development Goals. The financing of the renewable energy sector amounted 12.3 billion euros and the Group continued to appear among the top 3 players worldwide in the green bonds market with 5.3 billion placed, leading BNP Paribas CIB to win the trophy "Green bond Lead Manager of the Year for Corporates" given by the media Environmental Finance.