As a world leader in responsible banking, BNP Paribas is proud to have gained accreditation from the Green Climate Fund (GCF), a global fund created by the 194 signatories to the UN Framework Convention on Climate Change (UNFCCC) in 2010. It aims to catalyse a flow of climate finance to invest in low-emission and climate-resilient development, driving a paradigm shift in the global response to climate change, and paying particular attention to the needs of societies that are highly vulnerable to its effects – in particular the Least Developed Countries (LDCs), Small Island Developing States (SIDS), and African States.
Accreditation marks an important milestone for BNP Paribas following its strategic shift in recent years to focus on the energy transition – and will allow the bank to work in partnership with the Fund to support its sustainable development programmes
BNP Paribas becomes one of few GCF-accredited commercial banks, which are able to work closely with the Fund to help bolster its support for sustainable development. It also underlines the achievements of BNP Paribas' shift in strategy in recent years to focus on the financing of the energy transition and other sustainable projects.
"BNP Paribas will be able to work closely with the Fund to help bolster its support for sustainable development"At its 21st meeting in October 2018, the GCF board approved the deployment of over $1 billion of new projects and programmes to support climate action – taking its total portfolio up to 93 projects amounting to over $4.6 billion of GCF resources. This makes it the world's largest dedicated fund for climate action. In parallel, GCF approved 16 new "Accredited Entities", including BNP Paribas, which are the partner organisations that will be able to play a leading role in implementing their projects. The total number of Accredited Entities now stands at 75.