The French international banking group and the largest bank in Europe, BNP Paribas joins the Net Zero Banking Alliance (NZBA) introduced by United Nations Environment programme Finance Initiative (UNEP FI).
The Alliance between the organisations will be a major step in mobilisation of the financial sector for the climate and it is also part of Glasgow Financial Alliance for Net Zero chaired by Mark Carney.
The bank BNP Paribas, for its ‘company purpose’ has included the pursuit of positive environmental impacts and intends to make sustainable finance a major driver of its next strategic plan.
In February 2021, The prince of Wales created the Financial Services Task Force of the sustainable Market Initiative, which brings together the largest US, UK and European banks which is set to accelerate the transformation of their financing model to achieve the transition to a decarbonised economy.
The Director and Chief Executive Officer of BNP Paribas, Jean-Laurent Bonnafé, said:
‘The signing of a common net zero carbon commitment, with intermediate targets, is a decisive step in the financial sector’s mobilisation in the defence of our climate,”
“It sends a strong signal to all stakeholders, and provides a methodological basis for action, as well as a cultural lever for the environmental transition of banks and their customers.”
He also added that BNP Paribas is gradually aligning its credit portfolio with the objectives of the Paris Agreement, Since COP 21 in December 2015,
The bank has begun by disengaging from the most polluting activities like shale gas or coal and setting ourselves very ambitious targets for supporting green technologies.
BNP Paribas is now mobilised to meet the broader challenge of systematically encouraging and supporting transformation to all of its clients across all sectors of activity and in projects that are already underway.and also the bank is thoroughly evolving their processes, decision criteria and skills, products and services.
