BNP Paribas (EU:BNP)
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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 email@example.com; @dieterholger
(END) Dow Jones Newswires
March 18, 2019 12:42 ET (16:42 GMT)
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