BNP Paribas reinforces commitment to UN Sustainable Development Goals
Climate Week 2019 kicks off with the launch of the Principles for Responsible Banking. By signing the PRB, more than 130 banks have committed to align their business strategies with the UN Sustainable Development Goals and the Paris Climate Agreement. 31 signatory banks of the PRB, including BNP Paribas, have endorsed the Collective Commitment to Climate Action. In line with the Paris Agreement, these banks have committed to align their portfolios to reflect and finance the low-carbon, climate-resilient economy required to limit global warming to well-below 2, and striving for 1.5 degrees Celsius. By putting their PRB commitments into practice and building on the pioneering Katowice Commitment, this Collective Commitment on Climate represents a further joint effort undertaken by the banking community to advance climate action.In line with its commitment to contribute to reaching the United Nations' Sustainable Development Goals, particularly through its financing and investing activities, BNP Paribas states its willingness to work with its clients towards the achievement of SDG 14 for the conservation and a sustainable use of the ocean. It is particularly important to collectively strengthen the support of the business community for this SDG. The SDG Reporting Challenge 2018 published by PwC indicates that SDG 14 ranks for the moment last in corporate priorities. The Group is aware that the activities of a number of its clients depend on the safeguarding of the ocean, but also that some of them, although highly necessary to the economy, may be contributing to the disruption of its ecosystem. Therefore, BNP Paribas commits to finance in a responsible manner activities likely to impact the ocean. Seeking to take an active part in the preservation of the ocean, BNP Paribas supports the implementation of best practices and commits 1bn Euros by 2025 to finance the ecological transition of ships, supporting for example dual-fuel Liquefied Natural Gas propulsion projects. In a complementary way, BNP Paribas promotes innovation and initiatives to raise awareness, such as with BNP Paribas Foundation's support for research programmes focusing on the ocean.