BNP Paribas adopts Climate Principles

BNP Paribas joins a group of six leading financial institutions to play a proactive part in the fight against climate change in their capacity as advisors, lenders, investors and insurers. […]

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By Janet Knight

BNP Paribas joins a group of six leading financial institutions to play a proactive part in the fight against climate change in their capacity as advisors, lenders, investors and insurers.

As well as signing the Climate Principles, it plans to raise employee awareness about the impacts of climate change and create a Climate Change Steering Committee to identify the risks and opportunities related to climate change and support the transition to a low carbon economy.

BNP Paribas agrees with the international scientific consensus that greenhouse emissions, GHG, from human activities are a critical contributor to changes in the world’s climate.

Jean Clamon, Managing Director of BNP Paribas said: “As a key player in the financing of the economy we want to play an important part in combating climate change, not only by reducing the impact of its own activities on the environment but also by helping its clients to understand and manage their risks, opportunities and management needs relating to climate change”.

Steve Howard, CEO of the Climate Group, who acts as secretariat to the Climate Principles group, said: “Banks and insurers have a critical role to play in financing the rapid scale up of the low carbon technology needed to tackle climate change. We are delighted that BNP Paribas has taken the step to adopt the Climate Principles and play an active part in the transition to a prosperous low carbon economy.”

The Climate Group, along with a group of major international financial institutions, launched The Climate Principles in 2008. Credit Agricole, HSBC, Munich Re, Standard Chartered, Swiss Re, F&C Asset Management and BNP Paribas have signed up.

Every organization that adopts the Climate Principles is actively managing climate change across the full range of financial products and services, including: research activities; asset management; retail banking; insurance & re-insurance; corporate banking; investment banking and markets; and project finance.