More than three quarters of Paris-based global bank BNP Paribas’ financing of energy production in 2024 was directed to low carbon energies, according to figures released with the bank’s annual results.

The achievement marks significant progress by BNP Paribas towards one of its key sustainable finance goals, with low carbon energy representing 76% of the bank’s energy financing in 2024, up from 65% in 2023 and 54% in 2022. BNP Paribas set a goal in 2023 to achieve an 80% ratio of low-carbon energy financing, and accelerated its target last year to 80% by 2028, with a new 90% goal by 2030. Low carbon energies included in its goals are those which produce little to no greenhouse gases, such as renewable energy, as well as biofuels and nuclear.

In 2024, BNP Paribas’ credit exposure reached nearly €37 billion, up from €32 billion in 2023, and approaching its €40 billion by 2030 goal.

In its annual results, BNP Paribas also revealed that reached €179 billion in financing and support for clients’ low carbon transition since 2022, up significantly from €104 billion as of the end of 2023, and approaching its goal of €200 billion by 2025.

In a post announcing the bank’s sustainable finance progress, Laurence Pessez, Global Head of CSR of BNP Paribas Group, said:

“These figures showcase BNP Paribas’ powerful ability to accelerate the energy transition alongside our clients and to deliver on our goals: we are definitely on track to reach 90% of low-carbon energy in our total energy production financing, representing at least €40 Billion by 2030.”