2018 Registration document and annual fi nancial report - BNP PARIBAS 551

7 A COMMITTED BANK: INFORMATION CONCERNING THE ECONOMIC, SOCIAL,

CIVIC AND ENVIRONMENTAL RESPONSIBILITY OF BNP PARIBAS

7

Our environmental responsibility: combating climate change

7.5 Our environmental responsibility: combating climate change

Since 2011, BNP Paribas has put climate change as the priority focus of its efforts, given its position in the fi nancing of the global economy, particularly in the energy sector. The BNP Paribas Commitments for the Environment which were updated in 2017 reaffirmed this proactive approach while making a formal commitment to extend them to biodiversity, water, air, natural resources and the circular economy. Implemented through actions and positions set out elsewhere (see Systematic integration and management of Environment, Social and governance risks, Commitment 3), three commitments defi ne the Group s approach to environmental responsibility:

■ Commitment 10: Partnering with our clients in the transition to a low-carbon economy;

■ Commitment 11: Reduce the environmental impacts of our operations;

■ Commitment 12: Advance awareness and sharing of best environmental practices.

2018 saw numerous tangible contributions promoting BNP Paribas environmental responsibility:

■ alongside 64 other international companies, BNP Paribas has supported act4nature, an initiative launched by the think tank EpE (Business for the Environment) to protect and restore biodiversity;

■ at end-2018, in addition to renewable energy financing, which reached a level of EUR 15.4 billion, the Bank structured and placed EUR 6.3 billion in green bonds;

■ the Bank also launched nine Climate indices, which raised more than EUR 750 million in 2018. BNP Paribas Asset Management green funds invested in alternative energy and energy effi ciency, for example, accounted for EUR 6.6 billion in assets under management at 31 December 2018;

■ in October 2018, BNP Paribas received its accreditation from the Green Climate Fund, whose objective is to catalyse funding for low-carbon projects that are resilient to climate change impacts;

■ BNP Paribas Securities Services launched ClimateSeed, a voluntary carbon offsetting platform that puts investors seeking to offset their carbon emissions in contact with project developers ;

■ the Group launched Green Company for Employees, an environmental programme that calls on employees to contribute towards reducing the Group s environmental impact. The fi rst two priority issues have been identifi ed: the fi ght against single-use plastics and the promotion of sustainable mobility;

■ since its launch in 2010 by the BNP Paribas Foundation, the Climate Initiative programme has provided financial support totalling EUR 12 million to 324 researchers, professors and engineers and raised the awareness of around 300,000 people on climate change.

COMMITMENT 10: PARTNERING WITH OUR CLIENTS IN THE TRANSITION TO A LOW-CARBON ECONOMY

The Group assists its customers, whether individuals or businesses, in their transition to a low-carbon economy. To this effect, it uses several levers to cater for their specifi c needs.

SUPPORTING THE ENERGY TRANSITION

Doubling the support for renewable energy

At the end of 2018, the amount of funding for this sector was EUR 15.4 billion (compared with EUR 12.3 billion in 2017). The target of EUR 15 billion set for 2020, equal to double the 2015 amount, has already been surpassed. In particular, the Bank s teams participated in the SeaMade project, which is expected to become the largest offshore wind farm in Belgium with a production capacity of 487 MW.

In total, in 2018, the Group fi nanced or advised on renewable energy projects totalling more than 6.6 GW of installed capacity.

A signifi cant role in sustainable bonds

At the end of 2018, the Group was the 3rd largest global player, all currencies taken together, on the sustainable bond market. Since 2012, the Group has been joint lead manager for EUR 17.8 billion.

The total value of the green bonds placed in 2018 was EUR 6.3 billion, including:

■ Société du Grand Paris inaugural EUR 1.75bn Green bond, whose net proceeds will be exclusively dedicated to fi nance the Grand Paris Express automatic metro ;

■ Ireland s inaugural green bond (NTMA s), whose net proceeds will be used in particular to fi nance projects that promote Ireland s transition to a low carbon, climate-resilient and environmentally sustainable economy .