(CercleFinance.com) – BNP Paribas announced on Tuesday that it would embark on a new stage of “strong acceleration” of its energy transition financing activities.
The banking group explains that it plans to reach 40 billion euros in outstanding financing for the production of low-carbon, mainly renewable energies, by 2030.
At the same time, it intends to reduce to less than one billion euros, a drop of more than 80% compared to current levels, the financing outstanding intended for the extraction and production of oil by 2030.
While in 2015, when the Paris agreement was signed, financing for the production of low-carbon energy represented only a limited part of its credit portfolio in energy production, it should represent 4/5ths of them in 2030.
At the end of this new stage, the group will have accomplished, by 2030, more than 80% of the transition from its financing activities to low-carbon energy production.
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