2022 integrated report

In the face of climate urgency, BNP Paribas supports many actors and initiatives and aims to redirect investments and financing from projects that produce or use carbon-intensive energies towards those that produce or use sustainable energies. With a clear direction: to help finance a carbon-neutral economy by 2050.

To accelerate the financing of the energy transition

In 2021, BNP Paribas participated in the creation of the Net-Zero Banking Alliance launched by the UN Environment Programme. The Group is committed, alongside the other signatory banks, to a common objective: financing a carbon-neutral economy by 2050. Early 2023, BNP Paribas began a new phase of strong acceleration, by setting a 2030 target for transitioning over 80% of its financing activities towards the production of low-carbon energy. By 2030, the Group also aims to:

• achieve a target of €40bn in financing production of low-carbon energy, mainly renewable;
• reduce its oil exploration and production remaining financing to less than €1bn;
• reduce its gas exploration and production financing by more than 30%.

The transition of investments towards carbon neutrality

As a signatory of the Net Zero Asset Managers initiative in November 2021, BNP Paribas Asset Management outlined its net-zero roadmap in November 2022. It covers the progressive alignment of its investment portfolios with the goal of reaching net-zero emissions by 2050, together with associated efforts across its stewardship activities and its operations. It covers an initial scope of €250bn, or 50% of its assets under management⁽¹⁾. These commitments are based on the work carried out by BNP Paribas Asset Management since the launch of its first fund incorporating ESG⁽²⁾ criteria in 2002.

For its part, BNP Paribas Cardif strengthened its climate commitments in September 2022 by committing to:

• reduce the carbon footprint of its investment portfolios by 23% between 2020 and 2024⁽³⁾;
• reduce the exposure of its investment portfolios to fossil energies⁽⁴⁾;
• allocate an average of €1bn per year to positive impact investments, with a total of €2.7bn invested in 2022.

BNP Paribas, “Net-Zero Progression of the Year – EMEA”

Thanks to the commitment of its entities and subsidiaries, BNP Paribas received the “Net-Zero Progression of the Year – EMEA” (Europe, Middle East, Africa) award from the magazine Environmental Finance in recognition of the involvement of our teams in supporting our customers in their transition to carbon neutrality and of the Group’s net-zero trajectory.