Our plan is also organised around the strong increase in sustainable finance and CSR objectives, which we intend to take to a higher, truly industrial scale. For several years now, we have been committed to a sharp reduction in BNP Paribas’ exposure to fossil fuels, which is something we intend to accelerate. For example, we recently increased the objective of reducing our financing of oil exploration and production to 12% by 2025. In the coming decade, the transformation of the economy under the effects of the climate factor will be much stronger than it has been thus far. All our offers, client relationships, decision‑making chains and information systems must embrace these issues. This approach is reflected in our accession to the Net‑Zero Banking Alliance, which commits us to managing our loan portfolio to finance a net‑zero economy by 2050. Our GTS 2025 plan will enable us to step up our progress by focusing on three areas: aligning our portfolios with our commitment to carbon neutrality; engaging alongside our clients in the transition to a sustainable economy; strengthening our management tools and adapting our processes. We will deploy these strategies with five priorities that are aligned with the challenges of our customers and with the 17 United Nations Sustainable Development Goals: sustainable savings, investments and financing; transition to carbon neutrality; circular economy; natural capital and biodiversity; and fight against exclusion.
The financial objectives associated with our GTS 2025 plan are in line with our goals: between 2022 and 2025, we are aiming for average annual growth in revenues of more than 3.5% and in net income Group share of more than 7%, with a positive jaws effect of more than 2% on average and a return on tangible equity (ROTE) of more than 11%. On this basis, we are targeting a pay‑out ratio of 60%.
IN A CONTEXT MARKED BY GROWING UNCERTAINTY LINKED TO INTERNATIONAL TENSIONS, WHAT DIRECTION DO YOU INTEND TO SET FOR BNP PARIBAS?
The period we are going through is complex with heightened geopolitical tensions adding to the growing urgency of the climate transition. And although it is in the process of returning to normal, the risk related to the health situation continues to require vigilance. In this context, our solidity and our ability to move forward with cohesion, flexibility and responsiveness in facing adverse winds, is an important asset for BNP Paribas and a strong factor in our clients’ trust. This is the strength of our model: the diversification of expertise, with leading businesses in Europe covering a broad range of client needs, and strong integration supported by increased industrialisation, enabling us to serve clients in an agile and coordinated manner.
The transition to a sustainable model will be at the heart of the challenges of the coming years. We will have to support all our clients by activating our credit, market and savings levers.
A deep transformation of the entire finance sector is underway: we were among the pioneers to take into account the climate challenge and this is an incentive to go further. Our leitmotif is to support all corporate clients committed to a trajectory that will make it possible to achieve this objective of carbon neutrality. Our know‑how and our positioning as the leading European bank must be put at the service of a more responsible and inclusive economy. We must ensure that we always make decisions with socially sustainable consequences.
I am convinced that our Group is very well positioned to write a new chapter in its development. With a solid and increasingly virtuous model, a strategy focused on the long‑term, and highly committed teams, we have everything we need to strengthen our European leadership and contribute to a sustainable economy.
* Interview conducted on 5 April 2022.
THANKS TO OUR FINANCIAL SOLIDITY, THE COMPLEMENTARY NATURE OF OUR BUSINESSES AND THE CONTRIBUTION OF ALL OUR TALENTS, WE ARE VERY WELL POSITIONED TO CONTINUE OUR DEVELOPMENT.