BNP Paribas Pledges Carbon Neutrality by 2050
BNP Paribas, a founding member of the Net-Zero Banking Alliance, has stopped providing financing for new oil and gas fields and is actively working to reduce carbon emissions in its loan portfolio.
The group has released its Climate Report, which outlines new targets for reducing emissions in the steel, cement, and aluminium sectors.
BNP Paribas, which has been gradually divesting from fossil fuels over the years, is now ramping up its financing for low-carbon energy.
By the end of September 2022, the group had already allocated 20% more financing to low-carbon energy than to fossil fuels, aiming to direct 80% of its financing to low-carbon energy by 2030.
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The company has also stopped providing financing for the development of new oil and gas fields using any financing methods, and its oil and gas sector policy has been revised to reflect this change.
To aid in the transition towards a low-carbon economy, BNP Paribas is taking steps to reduce greenhouse gas emissions from its loan portfolios. The group has made significant commitments in sectors with high emissions, in alignment with the International Energy Agency's "Net-zero 2050" scenario.
In 2022, BNP Paribas announced progress in the oil and gas, electricity generation, and automotive sectors. In 2023, the group made new commitments in three additional sectors: steel, aluminium, and cement.
Click here to download BNP Paribas 2022 Climate Report.
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Source: BNP Paribas