BASED ON THE STRENGTH OF ITS DIVERSIFIED AND INTEGRATED MODEL, BNP PARIBAS INTENDS TO CONSOLIDATE ITS EUROPEAN LEADERSHIP AND TO BE A DRIVING FORCE FOR A SUSTAINABLE AND INCLUSIVE ECONOMY.
2021, A YEAR OF STRONG ECONOMIC RECOVERY
This change in context comes after 2021, a year that was marked by strong economic recovery despite the many uncertainties related to the pandemic. All major economies resumed high growth rates: +5.5% in the United States, +7.9% in China, +7.1% in the United Kingdom, +5% in the eurozone, and +6.7% in France. This rebound is due to the uptake in demand after a year of sharp contraction in consumption, the support measures taken by governments and the Central European Bank, and the banking industry’s role in financing the economy. BNP Paribas played its full part in this recovery by supporting all economic players — corporate clients, professionals, individuals — in their investment, financing and development projects to promote a more responsible business model.
FINANCING THE TRANSITION TO A SUSTAINABLE ECONOMY
We are convinced that the issues related to the climate, the ecological transition and the protection of biodiversity are a matter of priority for all: public authorities and citizens, as well as private operators that have an essential role to play in this transition. The latest reports from the Intergovernmental Panel on Climate Change (IPCC) once again underline the importance of immediately implementing a more resilient model and of decarbonising our economies. The current geopolitical crisis linked to Ukraine also illustrates the need to reduce the European Union’s energy vulnerability and to emerge from its excessive dependence on fossil fuels. The financial sector has a leading role to play in this area. Sustainable finance continues to gain momentum, as demonstrated by the taxonomy project that was partially put into effect in the European Union in January 2022. I would like for the progress made on our continent to contribute towards building a global standard that is measurable, comparable and understood by all investors. Financial players must now accelerate the pace of financing and strongly support projects that "green" the economy and make it possible to achieve carbon neutrality by 2050. BNP Paribas is continuing its mobilisation in this direction, and this fundamental commitment is at the heart of our strategic plan, GTS 2025.
A PROACTIVE STRATEGY
Designed with the involvement of the Group’s business lines and functions, and in the wake of the previous plan, this roadmap charts the Group’s ambitions in terms of growth, the ramping up of technology and the widespread deployment of sustainable finance.
Our GTS 2025 plan embodies the vision of a Group that aspires to pursue responsible development for the benefit of its customers, the economy and society. It also expresses our ambition to optimise the experience of our customers and employees by making the most of technology and of our innovation capabilities. Lastly, it places the advent of a sustainable economy at the heart of its priorities by redirecting financial flows towards the investments necessary for the ecological transition.
On behalf of the Board of Directors, I would like to express my confidence in the relevance of the strategic orientations of this plan and in the ability of the Executive Committee, along with all the teams, to implement this plan in the coming years. Based on the strength of its diversified and integrated model, BNP Paribas intends to consolidate its European leadership and, with the support of its shareholders, to be a driving force for a sustainable and inclusive economy.
* Text written on 5 April 2022.
- Stagflation: refers to an economy that suffers simultaneously from low or no economic growth and high inflation.