How has 2024 been a turning point in the Group’s extra-financial communication?
We devoted much of 2024 to preparing the report required by the CSRD, in collaboration with Finance and Strategy, as well as RHG and Compliance teams. The CSRD replaces the long-standing Chapter 7, for which we had considerable leeway in terms of the information to be included. The CSRD framework is far more restrictive and detailed. For one thing, it sets out the principle for the double materiality analysis, which requires us to report on specific issues. The result of this collaborative effort is a longer document containing a wealth of information segmented according to the CSRD architecture. This report includes important informations, including the progress update of the decarbonisation efforts of our credit portfolios across nine economic sectors.
The second update is the inclusion of CSR information in Chapter 3 of the URD, in a summary format, to highlight this dimension earlier on in this 950-pages document rather than putting it all at the end, as was the case in the past with the former Chapter 7. Thus, the Group’s major CSR achievements are now showcased next to its financial results, which aligns with the key role sustainability plays in BNP Paribas’ strategy.
Why did you choose the title “BNP Paribas at the service of its clients’ transition” for this summary of CSR achievements?
As regulation has created a great deal of complexity, we wanted to publish a more simple and condensed text with illustrated examples. We purposely chose to focus on our clients’ projects and on the solutions offered by our three major operating divisions because helping to bring about the energy and environmental transition involves concrete action!
We believe that this summary is particularly useful for our colleagues in business lines who are regularly asked to explain BNP Paribas’ actions, commitments and achievements when responding to tenders or when answering clients’ questions. This summary therefore focuses on the Group’s support for all its clients in the transition to a low-carbon economy – this showcases what the ensemble of the Group’s business lines are working on; this can all be found in Chapter 3.5 of the URD.
Can you share some of the key advancements mentioned in this document?
This is the case with CPBS’s “My Sustainable Home” initiative, or with the “Izi by EDF” partnership signed in February 2024 between CPBF and EDF, in which financial advisers use a dedicated simulator to help customers identifying the renovation to be conducted in their homes. Acceleration has also been strong at BNP Paribas Personal Finance, where the total outstanding amount of sustainable financing dedicated to housing energy renovation and sustainable mobility has increased by 12% in the past year, to a total of €10 billion by the end of 2024.
2025 has gotten off to a very challenging start, including for CSR…
Not surprisingly in the current context, we have been asked – both internally and by some external stakeholders. Our response is clear: we, at BNP Paribas, remain fully committed to continuing our trajectory, which is driven by the objectives and targets that we have set and that are at the heart of the Group’s strategic plan. In 2024, we held strong to our role as a leader in sustainable finance, as recognised by the various rankings and awards we received. We are determined to make sure that the same will be true in 2025!
