Banco BPM has joined the Net-Zero Banking Alliance (NZBA), the initiative promoted by the United Nations which has theobiettivo to speed up sustainable transition of the banking sector international.
In the fight against climate change, the Alliance undertakes, through the commitment of the participants, to align its loan and investment portfolios with the achievement of thenet zero emissions target by 2050, in line with the targets set by the Paris Climate Agreement.
“We intend to continue resolutely in the transition process towards a low-emission and environmentally friendly economy. Improving our direct and indirect impact on the environment means for us making a further leap in quality and helping to build, together with our customers, a new model of economic development that is finally sustainable” he declared Joseph Chestnut, Chief Executive Officer of Banco BPM.
Banco BPM's fight against climate change
For Banco BPM, membership of the Net-Zero Banking Alliance is one of the objectives declared in the 2021-2024 Strategic Plan and it is a further step forward in the fight against climate change. The bank supports the “Task Force on Climate-Related Financial Disclosure” and has also undertaken to support companies operating in emission-prone sectors to make the investments necessary for the transition. Membership in the NZBA takes place following a careful analysis and evaluation, which has led to identify 5 priority sectors (oil & gas, power generation, cement, automotive, coal) for the communication of targets 18 months after joining.
The Net-Zero Banking Alliance (NZBA)
La Net-Zero Banking Alliance was launched by 43 founding members on April 21, 2021. To date it brings together over 126 banks in 41 countries, with total assets of approximately 73 trillion dollars (approximately 41% of the assets held by credit institutions globally). The Alliance falls under the umbrella of the United Nations Environment Program Finance Initiative (UnepFi).
The first Italian banks to join the initiative were Banca Ifis, Intesa Sanpaolo and Unicredit in October 2021. Then they entered Mediobanca (November 2021), Monte dei Paschi di Siena Bank (January 2022) and B for Bank (March 2022).
