Climate and biodiversity in 2021: reviewing the year’s commitments so far
2021 has already proven an important year of milestones for BNP Paribas’ objective to be a leader in sustainable finance. In addition to its continued work building on previous commitments to align with the Paris Agreement and improve transparency, the Group made several important new commitments to accelerate its actions in the fight against climate change and the preservation of the Earth’s biodiversity.
Among the notable new commitments: the Group signed on to the UN Net Zero Banking Alliance for a carbon neutral economy by 2050, put in place a timeline through the organization Act4Nature to evaluate its clients based on biodiversity criteria by 2025, and furthered its actions to limit deforestation in sensitive areas like Cerrado and Amazonia, Brazil.
To learn more about how 2021 has already been a landmark year for climate and biodiversity at BNP Paribas, read the articles below!
BNP Paribas joins the Net-Zero Banking Alliance launched by the UNEP
In line with its commitments to fight climate change, BNP Paribas has joined the Net-Zero Banking Alliance (NZBA) launched today by the United Nations Environment Programme Finance Initiative (UNEP FI). This banking alliance is a decisive step in the mobilisation of the financial sector for climate. It is part of the Glasgow Financial Alliance for Net Zero chaired by Mark Carney ahead of COP26.
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BNP Paribas reaffirms its commitments to help preserve biodiversity
For several years, BNP Paribas has been committed to preserving biodiversity through its financing policies, constructive dialogues with its clients, the coalitions in which it participates, philanthropy and support for research. In recognising the importance of the risks and opportunities associated with this challenge, the Group has furthered and strengthened its actions…
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BNP Paribas defines a restrictive policy to fight deforestation in the Amazon and the Cerrado regions
Financial institutions exposed to the agricultural sector in Brazil must contribute to this fight against deforestation. This is the case for BNP Paribas, which is one of the foreign banks present in the country and which has certain international customers, producers or dealers who are directly concerned.
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Actions against climate change: BNP Paribas publishes its second “Task Force for Climate-related Financial Disclosures” (TCFD) report
Committed to the fight against climate change since 2011, BNP Paribas publishes today its second annual report dedicated to describing its approach, analysis and management of the risks and opportunities related to climate change. Like last year, this exercise in transparency is carried out following the recommendations of the Task Force for Climate-related Financial Disclosures (TCFD), a working group set up in 2015 by the G20 Financial Stability Board to improve climate related financial reporting. These recommendations form an international reporting framework structured into four pillars: Governance, Strategy, Risk Management and Metrics & Targets.
BNP Paribas takes further steps in aligning its credit portfolio to finance a carbon neutral economy
Over the past few years, BNP Paribas has implemented policies aimed at ending the financing of the most polluting energies (coal, shale gas specialists, etc.) and has become a global leader in financing the ecological transition by fully supporting its customers committed to this transition. The Group is gradually aligning greenhouse gas emissions from its financing activities with the path required to achieve carbon neutrality in 2050. For several years already, it has been publishing the alignment path of its credit portfolio in the power generation sector and has initiated methodological work on other economic activities.
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