BNP Paribas named as the “World’s Best Bank for Sustainable Finance 2018"
For the first time, BNP Paribas has been named as the “World’s Best Bank for Sustainable Finance” for 2018, by Euromoney, a leading publication in the international finance field. During the awards ceremony, which was held in London on Wednesday 11 July 2018, BNP Paribas also took 3 other prestigious awards.
4 Euromoney Awards for Excellence
This year, BNP Paribas scooped the prize for “World’s Best Bank for Sustainable Finance 2018” and 3 other awards:
- World’s Best Bank for Sustainable Finance
- Western Europe Best Bank for Sustainable Finance
- Best Investment Bank – France
- Best Bank – Luxembourg
For more than 25 years, Euromoney, a leading publication in the international finance field, has awarded “Euromoney Awards” which recognise the best banks in several categories. For the 2018 event, the contenders included more than 1,500 banks and more than 100 interviews were conducted with banks’ CEO’s.
In granting this award, Euromoney underlined the significant steps taken by BNP Paribas aimed at having a positive impact on society.
“BNP Paribas has committed itself to sustainable finance in a way that is unmatched in the sector. By turning down deals and pulling out of sectors that are not sustainable, as well as driving new sustainable finance initiatives across all of its businesses.”
Sustainable Finance Editor, Euromoney
In particular Euromoney highlighted the Group’s decision to cease financing of oil and gas from shale and oil from tar sands, and its decision to cease financing and investment activities of tobacco companies. At the end of 2017, BNP Paribas had allocated 155bn euros towards financing projects which contribute directly to the achievement of the United Nations Sustainable Development Goals.
"We are delighted to be recognised by Euromoney in their annual awards for excellence. At BNP Paribas, we put sustainable finance at the heart of our business model. We believe banks have a crucial role to play, leveraging our place at the centre of the economy, in order to bring together individuals, businesses and investors to channel resources towards projects which address the major social and environmental challenges facing society.”
Director and Chief Executive Officer of BNP Paribas
Why is BNP Paribas the best bank for sustainable finance?
Over the last 12 months, BNP Paribas has made significant progress towards its strategic objective of being the leading bank for sustainable finance.
How? By attaching great importance to social responsibility, ethics, diversity and inclusiveness, and promoting human rights in the countries in which the Group carries out its business activities, while also respecting local legislation and cultures.
This year, BNP Paribas has continued to pursue its societal commitments, particularly through 17 Sustainable Development Goals (SDGs). An objective clearly laid out by Jean-Laurent Bonnafé, Director and CEO of BNP Paribas, and further reinforced in late 2017 during the One Planet Summit with the announcement of several actions and partnerships with the aim of confirming its position as a major player in sustainable finance:
- €135 billion devoted to energy transition and to reaching the Sustainable Development Goals;
- the signature of several strategic partnerships to fight climate change (the Solar Impulse Foundation, One Planet Fellowship, the Good Planet Foundation, etc.);
- BNP Paribas has joined the “Breakthrough Energy Coalition” which supports innovation to promote the development of clean energy solutions.
As a leader in sustainable finance, BNP Paribas will also be doubling its financing objective for renewable energy to 15 billion euros by 2020. As a reminder, in 2017 the group took several measures to distance itself from the forms of energy causing the most pollution and achieved its objective of being carbon neutral by late 2017.