BNP Paribas has decided to cease all its financing related to the thermal coal sector by 2030 in the European Union, and worldwide by 2040.

In 2015, BNP Paribas committed to accelerate the energy transition by aligning its financing and investment activities with the conclusions of the Paris agreement. Since then, the Bank has regularly changed its customer support policies and stopped financing for certain categories of companies that are not engaged in a transition.

In 2017, the Bank was the first to announce that it will cease financing activities for companies that derive most of their revenues from non-conventional hydrocarbons, measures that remain among the most advanced in the sector to date.

In line with this strategy to accelerate the energy transition, BNP Paribas is now announcing the reduction to zero of its exposure to thermal coal by 2030 in the countries of the European Union and by 2040. In addition, it is deepening its support for the development of renewable energies, with a new financing target of €18bn by 2021.

“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. To succeed, such a transition must be fair and balanced, taking into account the reality of the economic model and the daily needs of people around the world. These new commitments, which have clear objectives, mark a new stage in our objective of making a decisive contribution to the climate challenge,” Commented Jean Laurent Bonnafé, director and chief Executive officer of BNP Paribas.

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