With Finance For Tomorrow, BNP Paribas positions itself as a key figure in sustainable finance
19.06.2020 | CSR
Thanks to French actors in the Financial sector, Paris seeks to further its position that the future of finance will be sustainable. This ambition is taking shape with Finance for Tomorrow, an organisation that fosters sustainable actions from within the Paris financial centre. BNP Paribas, which was already an active member in the organisation, will now further its involvement with the election of Laurence Pessez, Global Head of CSR, BNP Paribas, to the Finance for Tommorow Board for the 2020-2022 period.
Finance for Tomorrow, by bringing together the economic forces of today
As part of Paris Europlace, Finance for Tomorrow was created in 2017 and charged with promoting the Paris financial centre. It has a clear mission statement: “Make Paris the international leader on green finance and promote sustainable finance as the new reference.” Its 80 members and observers, all leading players in the public, private and institutional sectors, share the same conviction, which is reflected in the organisation’s charter: sustainable finance represents the future of finance in general. Without strong commitments from economical and social actors for responsible investments, our economy will be doomed to failure. This idea is what drives the members of Finance for Tomorrow and unites them in fostering Paris as the nerve centre of sustainability.
What do we mean by sustainable finance?
Sustainable finance makes decisions using ESG criteria: Environmental, Social and governance. Green finance is a more specific branch focused on environmental issues and is discussed more than ever in today’s world. The election of Laurence Pessez, Global Head of CSR of BNP Paribas, demonstrates that the Bank’s business interests and sustainability issues can indeed come together. It also illustrates an awareness that translates into concrete actions.
“Being elected to the board of Finance for Tomorrow is a true honour for me. Numerous others have represented BNP Paribas for several years F4T’s work, but the prospect of helping to define its strategic focus for the next 2 years is very exciting, especially considering the economic recovery currently underway. I am happy to contribute to making Paris a leader in sustainable finance.”
Laurence Pessez, Global Head of CSR, BNP Paribas
Finance for Tomorrow acts for sustainable finance
In economic terms, Finance for Tomorrow outlines clear principles: redirect capital to responsible investments and support innovative companies working in sustainable finance, while also promoting awareness. The Board has organized these subjects into four task forces: “Europe: impact of the Green Deal and taxonomy”, “Finance for development”, “Impact: act, share, evaluate”, and “A fair and inclusive transition”. Within the organisation, even more specific work groups have been formed for subjects like fintech, green bonds, or issues related to training and education. Abundant reflections are thus underway to make Paris’ Financial Centre a destination for sustainable finance. One recent example of their publications? A call to action for sustainable investment in natural capital investment created in collaboration with 80 of the French economy’s most important actors.
Photo header: @Dell.