A turning point for the ecological transition
Following numerous commitments made by governments and companies at the COP26 in 2021, the most recent Forest 500 report highlights that we may be at a turning point for the ecological transition and for protecting the world’s forests. To encourage accountability for the organisations that have already made commitments and draw attention where improvements are still needed, the Report analyzed 350 companies and 150 financial institutions for their overall, high-level approach to deforestation, as well as commodity-specific scores for policy commitments, social considerations and reporting & implementation.
Based on these criteria, BNP Paribas ranked first out of all financial intuitions analyzed.
“Biodiversity and forests in particular are key issues for our future, and they are closely linked to the climate. BNP Paribas has been one of the first banks to commit to making progress regarding deforestation and we have been very involved in the implementation of the TNFD, which will help orient financial flows toward activities that are more respectful of nature,” said Antoine Sire, Head of Company Engagement. Even though the Global Canopy report has recognized this work, it also shows us to what extent there is still much to do, both within our own Group and within the whole of the financial sector.”
“Biodiversity and forests in particular are key issues for our future, and they are closely linked to the climate. "
In addition, BNP Paribas has played an active role since 2020 in the launch of the Task Force for Nature-Related Financial Disclosures. This major endeavor, also supported by Global Canopy, seeks to bring together policy makers, NGOs, and financial institutions to build a common framework for financial institutions to report on nature-related risks and opportunities and to shift global financing towards nature-positive solutions.
“Reports like the Forest 500 are an important reminder that commitments to nature vary greatly among different institutions and that, collectively, we need to do much more to preserve and restore biodiversity and fight deforestation,” says Sébastien Soleille, Head of Energy Transition and the Environment, who represents BNP Paribas on the TNFD alongside Deputy Task-Force Member Robert-Alexandre Poujade, ESG Analyst BNP Paribas Asset Management. “The work of the TNFD is important for putting in place global standards for transparency and accountability when it comes to biodiversity, and it is only by working together that we will continue to improve and build a more sustainable economy for everyone.”
"it is only by working together that we will build a more sustainable economy for everyone.”
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