The world’s largest ship finance bank, BNP Paribas, has decided to include shipping into its drive to decarbonise its portfolio.
In 2022, the group committed to decarbonising its portfolio in three key sectors: oil and gas, power generation and automotive. In 2023, new targets were set for the steel, aluminium and cement production sectors. Today, the bank added aviation, shipping and commercial real estate.
By 2030, BNP Paribas is targeting an 18% reduction in its portfolio emissions intensity for air transport compared with the 2022 baseline, a reduction of at least 23% for maritime transport and at least 31% for commercial property compared with 2022 as well.
The bank has been a signatory to the Poseidon Principles for the past four years. The principles establish a common framework to quantitatively assess and disclose whether financial institutions’ lending portfolios are in line with climate goals set by the International Maritime Organization (IMO).