French banking giant to end coal financing in Europe by 2030 and sets new renewable energy investment target of €18bn by 2021
BNP Paribas has pledged to cease all financing related to the European thermal coal sector by 2030, before then halting all coal investment globally by 2040.
BNP Paribas claims that the new commitments will help it meet its goal of reducing the CO2 intensity of its global electricity mix by 85% between 2014 and 2040, thereby complying with the Sustainable Development Scenario (SDS) of the International Energy Agency (IEA).
The French banking group has also announced a new financing target of €18bn by 2021 in order to increase its support for the development of renewable energies.
Amid concerns over the climate emergency, BNP Paribas said that it intends to encourage the transition of electricity producers to a production model with the lowest possible emissions of CO2
BNP Paribas director and CEO Jean Laurent Bonnafé said: “Like all players in the economy and society whose objective is to contribute to the necessary transition to a lower carbon economic model, BNP Paribas has a role to play. As a bank, we have the opportunity, and the will, to participate in the acceleration of the energy transition by supporting our customers in this necessary transformation".