June 30, 2023

Net-Zero Asset Owner Alliance

BNP Paribas Cardif pursues and expands commitments to align investment portfolios with carbon neutral trajectory by 2050 

BNP Paribas Cardif has made a new commitment for decarbonisation of its investment portfolios and will reduce the emission intensity of the power generation sector in its portfolios. The target is to achieve an emission intensity of under 125 gCO2/kWh by the end of 2024 for power generation activities held directly in its equity and bond portfolios. This target is aligned with the Net Zero Emissions scenario developed by the International Energy Agency (IAE) for electricity generation. A 48% reduction was already achieved between the end of 2017 and the end of 2022. 

BNP Paribas Cardif, which joined the Net-Zero Asset Owner Alliance in September 2021, is at the same time reporting on its alignment progress, conform to its commitments made last year in 2022. 
With regards to the reduction of the carbon footprint of its investment portfolios and its contribution to alignment with the objectives of the Paris Agreement, BNP Paribas Cardif has committed to:

Reduce the carbon emissions footprint (scopes 1 and 21) of its directly held equity and bond portfolios by at least 23% between end 2020 and end 2024; 

  • At the end of  2022, the carbon footprint continued to decline, reaching 48 tCO2 per million euros invested, representing a reduction of 24% compared with end of 2020, aligned with the requisite trajectory. 

Reduce the carbon intensity (scopes 1 and 22) of directly owned office properties by at least 12% between 2020 and 2030.

  • At the end of 2022 the carbon intensity of this portfolio was stable compared with the end of 2020. We continue to pursue targets to reduce energy consumption within the framework of France’s tertiary sector decree. The greenhouse gas emissions of our buildings will be reduced accordingly.

BNP Paribas Cardif has also made a commitment to reducing the exposure of its investment portfolios to industries with the highest levels of greenhouse gas emissions, in application of BNP Paribas Group sector policies. This will lead to a definitive exit from the thermal coal value chain by 2030 for EU and OECD countries and by 2040 in the rest of the world.

  • BNP Paribas Cardif continued to adhere to this agenda in 2022. 

BNP Paribas Cardif also continued to make investments with a positive impact on the environment and will allocate at least 800 million euros annually between now and 2025 to investments that contribute to the energy transition and initiatives with an environmental theme. This commitment encompasses investments in sectors that involve environmental protection, including the energy transition, energy efficiency, waste recycling and the preservation of biodiversity. 

  • In 2022, BNP Paribas Cardif allocated nearly 2.4 billion euros in investments that contribute to the energy transition and positive impact on the environment, notably through financing via green bonds.

In addition, BNP Paribas Cardif continued to engage in dialogue with companies. 

  • This objective has been pursued in particular through the Climate Action 100+ initiative, which the insurer joined in 2021. This initiative is aligned with the climate strategy and the environmental responsibility approach of the BNP Paribas Cardif Group. BNP Paribas Cardif has long engaged in dialogue with the companies in which it is a shareholder, seeking to encourage businesses to more deeply embed Environmental, Social and Governance criteria in their strategies. 


 1As there is currently no standard methodology for measurement of Scope 3 emissions,  BNP Paribas Cardif places priority on implementing Scope 1 and 2 objectives to align with the Alliance, while continuing to measure and assess the impact of its investment portfolios across all three scopes.
 2Reduction of carbon intensity of office properties also includes the electricity, heating and air-conditioning consumption of tenants.