PARIS/BARCELONA (Agefi-Dow Jones)–BNP Paribas bank on Tuesday unveiled funded carbon emissions intensity reduction targets for the electricity, oil and gas extraction and energy sectors. automotive by 2025.
“Our goal is to continue to be a leading player in the fight against climate change, by accelerating our actions to limit global warming to 1.5 degC by 2050. As the urgency continues to grow amplify, we have integrated new objectives into our 2025 strategic plan to finance the energy transition,” BNP Paribas said in a press release.
“Our strategy is threefold: aligning our portfolio with our ‘net zero’ commitment; measuring and managing our carbon risks; and strengthening relationships with our clients to support them in their transition to a low carbon economy”, added the bank. .
In the power generation sector, BNP Paribas plans to reduce funded emissions by 30% by 2025 compared to 2020. The reduction target is set at at least 25% for the automobile and 10 % at least for oil and gas.
“In order to achieve its goal of lowering emissions related to oil and gas, the group will reduce its credit exposure to the production of these energies by 12% by 2025 compared to 2020. It will reduce by 25% its exposure to oil production by 2025,” said BNP Paribas, adding that its exposure to oil and gas extraction and refining represented 1.3% of its total credit exposure at the end of 2021.
“As of 2022, the group will stop financing and investing in companies with more than 10% of their activity linked to oil sands and shale oil and gas. The group will no longer finance any oil and gas project and related infrastructure. in the Arctic and the Amazon,” the bank said.
By 2025, BNP Paribas intends to dedicate more than 200 billion euros to the transition of large corporate clients towards a low-carbon economy and to mobilize more than 350 billion euros “through loans and bond issues relating to environmental and social topics for corporate clients,” the group said.
-Valérie Venck, Agefi-Dow Jones, and Maitane Sardon, Dow Jones Newswires; +33 (0)1 41 27 48 25; [email protected] ed: LBO
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May 03, 2022 06:08 ET (10:08 GMT)