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CORPORATE & INSTITUTIONAL BANKING Nov 2019 CORPORATE CORPORATE & INSTITUTIONAL BANKING CORPORATE & INSTITUTIONAL BANKING Nov 2019 STRICTLY CONFIDENTIAL ‘World’s Best Bank for Sustainable Finance 2018’ 2 Number of signatories / AUM in US$ trn Asset Owners (AO) 90 2500 80 Number of signatories 2000 70 Asset Owners (AO) 60 50 1500 40 1000 30 20 500 10 0 0 Apr-06 Apr-07 Apr-09 Apr-12 Apr-13 Apr-08 Apr-10 Apr-11 Apr-17 Apr-18 Apr-14 Apr-15 Apr-16 Assets under management (US$ trillion) AO AUM ($ US trillion) Principles for Responsible Investments (PRI) ■ Assets Under Management (AUM) by SRI investors in the US reached $12 trillion in 2018, an increase of 38% from 2016; SRI AUM now represent over 25% of all USD AUM ■ The top individual ESG issue for investors is climate change, with $3 trillion in assets managed while applying climate-related criteria ■ Growth in AUM under social criteria outpaced that of environmental, and more assets are now managed using social criteria than environmental Source: UN PRI 3 Source: BNP Paribas Securities ESG Global Survey 2019 4 ■ Integration of ESG scoring directly into credit ratings, since Jan 2019, shows how ESG impacts individual credit rating systems of corporates / financial institutions ■ Although the majority of credit ratings have not been impacted, 1,536 were impacted ■ Very good feedback from press and the market ■ Upcoming: ESG scoring for CLOs, public sector and sovereigns ■ Originally the pioneer in ESG practices within credit rating, but recently overtaken by Fitch ■ Integrates of a risk-based ESG factor into credit ratings, and proposes numerous ESG-related non rating products ■ 1000+ corporate ratings have an ESG factor as an important element in their rating analysis ■ S&P recently launched its ESG Evaluation, a benchmark that provides a cross-sector analysis of an entity's capacity to operate successfully in the future (separate from credit rating) ■ Initial approach was based on feeding ESG risk concerns into the credit rating committee’s review as qualitative data – this approach was deemed too “soft” ■ The agency has recently acquired Vigeo, a Franco-British ESG rating agency, to “further Moody’s objective of promoting global ESG standards for use by market participants” ■ Credit Transition rating for 11 sectors on how well they are managing carbon risk 5 6 Sustainable finance aims to align a company’s financing with the its strategic sustainable initiatives. • It signals to investors, customers, employees and other stakeholders a commitment to sustainability and a forward-looking approach to business operations. • It is associated with increased shareholdings by long-term oriented investors and genuine savings on borrowing costs. Tying traditional corporate financing to sustainability initiatives for added benefits What is sustainable Use of Proceeds (UoP) – the borrower will use the proceeds for investments with positive environmental and/or social impacts finance? Sustainability goals – funding cost will vary in relation to pre-agreed Sustainability Key Performance Indicators (KPIs) A sustainable finance lens can be applied to many products – BNP Paribas offers nearly 20, with more under development. The following have been most popular with issuers: What products are Green / Social / Sustainable Bonds available? Green / Social / Sustainable Loans Sustainability-Linked Loans Potential for reduced funding costs Signalling sustainability commitments to financial markets and other external stakeholders What are the benefits? In capital markets transactions – additional demand, investor diversification, and the opportunity to engage with sustainability-focused investors Provide innovative financing solutions with incremental benefits so as to accelerate the transition towards a more Why is BNP Paribas sustainable world committed to Support lending commitments to the UN Sustainable Development Goals (SDGs) with a goal of €185 billion of financings sustainable finance? directly addressing their achievement by 2020 7 Sustainability Climate Action / Green Bond Social Bond SDG Framework Bond Transition Bond Environmental Social Green + Social Environmental + Social Environmental Type . Renewable energy . Affordable basic . Combination of Green Linked to the UN SDG: . Transition away from . Energy efficiency infrastructure + Social Categories 1. No poverty the most dirty fuels . Pollution prevention and . Access to essential 2. Zero hunger (Coal/Gas) control services 3. Good health and Well-being . Sustainable management of . Affordable housing 4. Quality Education . Steps are being taken living natural resources . Employment generation 5. Gender Equality to establish a new . Terrestrial and aquatic including through the 6. Clean Water and Sanitation category of “Transition” biodiversity conservation potential effect of SME 7. Affordable and Clean Energy bond that would . Clean transportation financing and 8. Decent work and Economic Growth facilitate accessing the . Sustainable water microfinance 9. Industry Innovation and Infrastructure market to issuers from Categories management . Food security 10. Reduced Inequalities ‘sensitive’ sectors . Climate change adaptation . Socioeconomic 11. Sustainable Cities and Communities . Eco-efficient and/or circular advancement and 12. Responsible Consumption and economy products, empowerment Production production technologies and 13. Climate Action processes 14. Life Below Water . Green buildings 15. Life on land 16. Peace, Justice and Strong institutions 17. Partnerships for the Goals BNP Paribas, Terna, Iberdrola, Engie, TenneT Icade, Anglian Water, Encevo, Societe du Grand NWB, CAFFIL, KHFC Region Ile-de-France, BNG NAB, ANZ Bank, BBVA SNAM, China Light and Power Examples Paris, Sovereigns (France, Belgium, Ireland) 8 Although Companies can be eligible to both products on the basis of overall ESG criteria, …the Sustainability-Linked Loan and the Green Loan correspond to different o use, o framework and o pricing mechanism … and could both involve an extra-financial rating agency 4 pillars 1. Use of proceeds / Provision of 3. Management of proceeds funding 4. Reporting 2. Process for project evaluation and selection Eligible domains across sectors o Sustainable water and o Renewable energy wastewater management o Energy efficiency o Climate change adaptation o Pollution prevention and control o Eco-efficient and/or circular Environmentally sustainable o economy adapted products, management of living natural production technologies and resources and land use processes o Terrestrial and aquatic biodiversity o Green building conservation o Clean transportation (1) Sector / Company relevant, quantifiable and audited (2) With sufficient volume to justify a dedicated financing / tranche 9 BNP Paribas is fully committed to building a more sustainable future. To fulfill the Group's commitment to sustainability, we have a series of achievements and targets regarding our Indirect impact: ■ 15% of our corporate loans extended to companies contributing strictly to the achievements of the UN SDGs ■ Contribute to the 2°C scenario international commitments and more than double our financing to the Renewable Energy sector from 7.2bn in 2015 to €15.4bn in 2018 ■ Apply a zero-net deforestation policy through our financing decisions ■ Invest €100m in energy efficiency and cleantech start-ups by 2020 “We’re determined to live up to our role as a responsible bank by ■ Continue to integrate a stringent ESG risk management framework, applying supporting companies and countries that are committed to the 8 CSR policies (e.g. Agriculture, Coal-fired power generation, Defense, Mining, transition to sustainable energy use.” Nuclear, Palm oil, Oil Sands and Wood pulp) ■ Exit the financing of coal-related activities (coal mines and coal-fired power- plants) and companies whose principal business activity is the exploration, production, distribution, marketing or trading of oil and gas from shale and/or oil from tar sands ■ Ceasing its financing and investment activities related to manufacturers of tobacco products, as well as producers, wholesalers and traders whose revenue is derived mainly from tobacco ■ Pilot shadow carbon price credit analysis launched, and have joined the Carbon Pricing Leadership Coalition ■ Contribute to microfinance and social business with more than €1.6bn "BNP Paribas is partnering with sustainability experts to bring a invested and with 250,000 beneficiaries today, and increase our commitment wide range of new financial services to corporate and investors to supporting more than 350,000 individuals and their families by 2020 clients and supporting them build a more resilient business model" 10 No. 15 / 397 companies in the No.1 bank for Europe in the sector banking sector of “diversified banks” according to (77/100) Vigeo’s 2017 rating with an overall score of 70/100 ‘World’s Best Bank for Sustainable Finance 2018’ No. 2 / 250 banks in No.1 French bank in the the “Commercial “diversified banks” sector (and Banks & Capital among the 28 banks listed in the Markets” sector DJSI World universe out of 212) in (C Prime) in 2017 2017 with a 86/100 score Rated A- in the “A” score in MSCI BNP Paribas is #1 bank of 2017 Carbon Disclosure ESG Ratings 2017 ‘Global 100 Most Sustainable ‘Best CSR Banking Project 2017 Corporations’ ranking Group Europe 2017’ Listed in Euronext Vigeo World 120, Europe 120 and France 20 BMCI maintains its presence in Listed in Dow Jones Euronext-Vigeo Eiris Ranking Sustainability Indexes, Emerging 70 World & Europe 11 This presentation has been prepared by
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