BNP Paribas: Most ESG Responsible International Bank Global 2019
This leading European bank, with an international presence in 72 countries, is well positioned to move the needle on the global energy transition. In response to the climate emergency, BNP Paribas in 2015 realigned its financing and investment criteria to support the objectives outlined by the Paris Agreement and the UN Sustainable Development Goals (SDGs). It began by cutting funding for new coal facilities and doubling financing for players in climate change transition and renewable energies. The bank pledged to increase financing to €15 bn ($16.8 bn) by 2020. When it exceeded its target a full year early, it set a revised target of €18 bn ($20.2 bn) by 2021. Committed to accelerating the global energy transition, BNP Paribas is restructuring its portfolio to eliminate exposure to thermal coal in the European Union within the next decade and world-wide by 2040. The bank tracks its progress — and wins points for transparency — by publishing annual reports that breakdown financing activity by energy source and power generation. In 2019, BNP Paribas was the leading financer of renewable energy projects in Europe, the Middle East, and Africa, while ranking third in Asia and in the world overall, contributing nearly $3 bn in new project financing. BNP Paribas has a decades-long history of supporting energy producers, and the climate change strategy it has implemented will spur the industry’s sustainable transformation. The CFI.co judging panel presents BNP Paribas with the 2019 award for Most ESG Responsible International Bank (Global).
For further information, please see BNP Paribas News Release.
