BNP Paribas Insurance Arm Sets EUR3.5 Billion Green Investment Goal
March 18 2019 - 11:57AM
Dow Jones News
By Dieter Holger
BNP Paribas Cardif, the insurance unit of BNP Paribas SA
(BNP.FR), said Monday it is aiming for 3.5 billion euros ($3.96
billion) in green investments by the end of 2020, up EUR1.1 billion
from its previous goal.
"We believe that insurance companies have an important role to
play in supporting the energy transition," said Olivier Hereil,
deputy chief executive officer of asset management at BNP Paribas
Cardif.
The French insurer in 2017 stated a goal of EUR2.4 billion in
green investments by the end of 2020, but has since doubled its
green investments in its general funds across European countries,
such as France, Italy and Luxembourg. The funds finance the
transition away from fossil fuels.
"As an institutional investor, we are pursuing our efforts to
fight climate change while combining financial performance and
social responsibility," Mr. Hereil said.
Last week, BNP Paribas Asset Management, the fund arm of the
banking group, said it would stop investing in companies that earn
more than 10% of their revenue from mining thermal coal or account
for more than 1% of total global coal production by the start of
2020.
"From an investment perspective the outlook for the coal
industry looks increasingly uncertain as less carbon-intensive fuel
sources, in particular renewables, become ever-more competitive,"
said Mark Lewis, global head of sustainability research at BNP
Paribas Asset Management.
Write to Dieter Holger at dieter.holger@dowjones.com;
@dieterholger
(END) Dow Jones Newswires
March 18, 2019 12:42 ET (16:42 GMT)
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