The bank has closed its first sustainable deposit with consumer goods group Unilever, marking the start of the roll-out of this innovative offer to corporate clients in EMEA.
Through an inaugural deal with Unilever, BNP Paribas launches its new sustainable deposit offer supporting the UN Sustainable Development Goals.
The offer is based on the Sustainable Deposits Framework which BNP Paribas developed recently. This framework has been independently reviewed by Vigeo Eiris (V.E) and given "reasonable assurance" as to the relevance of its approach (the highest level in V.E's opinion matrix). The sustainable deposits will enhance BNP Paribas' capacity to increase the amount of investment and financing contributing to the energy transition and to sectors directly supporting the UN's SDGs.
Supporting the achievement of the UN SDGs is a core to BNP Paribas' Environmental, Social and Governance (ESG) approach. As of end of 2019, the bank had contributed €180 billion in investment and financing for sectors considered to support the SDGs.
Philip Sasse, Vice President, Global Treasury Operations at Unilever, explained: "ESG is an integral part of Unilever's business strategy and as a Treasury team we work to support the delivery of our sustainable business goals across the full spectrum of Treasury activities, with a strong desire to contribute through ESG innovation. We are therefore delighted to have collaborated with a key banking partner such as BNP Paribas on their new sustainable deposit offering in order to pioneer the development of relevant solutions and drive positive ESG impact at scale."
Aurélia Normand, Head of Transaction Banking EMEA at BNP Paribas, also highlighted: "The development of a sustainable deposits offering represents an opportunity to enhance BNP Paribas' capability to raise short-term funds to support its lending to sectors with positive UN SDG impact, while at the same time addressing a growing need from its clients to align their liquidity placement and investment practice with their sustainability objectives. As we prepare to deploy the offering across our geographies, with EMEA as a first step, we are very pleased to have closed our first sustainable deposit with Unilever."