BNP Paribas sustainability model is based on 4 pillars (economy, people, community, environment) and 13 specific goals, whose achievement weights 20% of 5000 key managers variable compensation. In this environment and engagements to fight climate change have taken an even more central role after COP 21, and the Group has taken new commitments.
First BNP Paribas will stop financing new coal-fired power plant projects anywhere in the world, and in general will finance only Companies and projects that have a clear diversification from carbon strategy and ambition. Last year, 40 projects were refused (mainly in Poland and Asia) based on the above criteria. This commitment is part of Sector Policies that disciplinate BNP Paribas approach to financing and investing is sensitive sectors, going beyond the law and anticipating societal expectations. Sector policies are applied worldwide and currently cover defence, agriculture, palm oil, wood pulp, energy production with carbon, nuclear energy, oil sands, mining, excluded Goods, Tobacco.
Further, BNP Paribas committed to double renewable energy financings to €15 billion in 2020 and to invest € 100 million by 2020 to encourage innovative start-ups to develop pioneering technologies and business models that address energy transition challenges.