Economic prosperity through ethical financing
As a major player in financial products and services, we strive to live up to the ethical standards we have set for ourselves and to conduct business responsibly. We are pursuing these goals through our contribution toward economic development and job creation in 68 countries. Our success depends on three commitments that we seek to fulfill:
• Investments and financing with a positive impact
• Ethics of the highest standard
• Systematic integration and management of environmental, social, and governance (ESG) risks
What we finance and what we don’t
The policies that BNP Paribas has in place are anchored in our commitment to corporate social responsibility and guide our approach to what we do – and what we do not – finance. Ethical policy is a critical part of our efforts to advance the transition to affordable and clean energy toward a more sustainable world.
In 2015, we aligned our financing and investment activities with the conclusions of the Paris Agreement, demonstrating our commitment to the acceleration of the energy transition. Since this decision, we have regularly changed our policies and stopped financing certain categories of companies that are not fully engaged in sustainable future.
Like its parent company, Bank of the West is making firm commitments to what it finances and what it doesn’t:
Some examples include:
Coal & Hydrocarbons
In 2017, BNP Paribas decided to stop financing coal-fired power-plant projects and lending to customers specialized in non-conventional hydrocarbons.
In 2017, BNP Paribas announced ceasing financing and investment activities related to manufacturers of tobacco products, as well as producers, wholesalers and traders whose revenue is derived mainly from tobacco.
Unconventional Oil & Gas
In 2017, BNP Paribas made a bold decision to support the energy transition by helping to reduce the world’s dependence on fossil fuels, starting with oil and gas from shale and oil from tar sands, whose extraction and production emits high levels of greenhouse gases and has harmful effects on the environment.
We encourage you to learn more about our financing and investment policies.
Economic support through the pandemic
The world is at an uncertain point in history. As our communities continue to navigate unprecedented health, environmental, and economic crises, we remain dedicated to our role as a trusted partner. As soon as the current health crisis hit, we mobilized our resources on a large scale to match the urgency of the situation and respond to our client’s needs. In 2020, we helped raise €400 billion globally via balance sheet to support our clients in the syndicated credit, bond, and equity markets and across our extensive retail franchise we supported our customers in a variety of ways including deferrals and participation in governmental support programs.
In the US:
• 300,000 small business jobs saved in the US through Paycheck Protection Program (PPP) financing by Bank of the West
• Partnership with Grameen America – microfinance initiative to promote entrepreneurship among women living in poverty as part of a larger €1 billion global commitment to microfinance
• $1 billion commitment to support energy transition by 2023 in the US