France's BNP Paribas pledged on Tuesday to end most new financing for oil production in the Amazon rainforest and said it would reduce its 'financed emissions intensity' in the energy and auto sectors.
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BNP Paribas and more than 100 other banks have pledged to reach net zero carbon emissions by 2050 but are under pressure to provide details on the deep shorter-term cuts to "financed emissions" that are needed if they are to have any chance of meeting their goal.BNP Paribas said for upstream oil and gas refining, its financed emissions intensity will fall by at least 10% by 2025; for automotive clients by at least 25%; and for power generation businesses by at least 30%.
BNP said the targets were determined using International Energy Agency climate scenarios, as well as the Net Zero Banking Alliance framework. BNP said it would hit its oil and gas-related targets by reducing its credit exposure to the sector by 12% from a 2020 baseline, and that it had already reduced its exposure in 2021 by 6% as it toughened its stance on lending to unconventional oil and gas.
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