PARIS (Reuters) – French lender BNP Paribas said on Wednesday it has set up a dedicated team of investment bankers and industrial experts to help its corporate and institutional clients accelerate their transition to sustainable and low-carbon activities.
BNP Paribas said the team brings together 150 bankers and experts worldwide. The bank also plans to hire 100 bankers and experts to join the team.
“The fight against climate change implies massive investments on the part of corporates, institutions and public sector in terms of technologies, infrastructure and transformation of their organisation,” BNP Paribas said in a statement.
The International Energy Agency (IEA) said two weeks ago renewable energy investment needed to triple by the end of the decade to curb climate change.
The Paris-based watchdog warned that renewables such as solar, wind and hydropower, along with bioenergy, need to form a far bigger share in the rebound in energy investment after the COVID-19 pandemic.
“The world is not investing enough to meet its future energy needs,” the IEA said.
“Transition-related spending is gradually picking up, but remains far short of what is required to meet rising demand for energy services in a sustainable way,” the agency added.
BNP Paribas’ announcement comes less than a week before the United Nations’ COP26 climate change conference starts in Glasgow, Scotland.
Representatives from nearly 200 countries will attend climate talks to strengthen action to tackle global warming under the 2015 Paris Agreement.
(Reporting by Matthieu Protard; Editing by Steve Orlofsky)
