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Alternative Market Briefing

BNP Paribas launches effort to help restore oceans

Tuesday, September 24, 2019

Bailey McCann, Opalesque New York:

BNP Paribas has announced a new initiative to help preserve the ocean. The bank launched the effort as part of UN Climate Week - it came alongside its decision to sign on to the UN Principles for Responsible Banking.

BNP Paribas will be working with clients to help meet UN Sustainable Development Goal 14, "Life Below Water". This goal is designed to help clean up oceans and preserve marine life. In a statement, BNP Paribas said that "it is particularly important to collectively strengthen the support of the business community for this SDG" as it currently ranks last on the priority list for companies that have committed to sustainable development.

BNP Paribas says that it will finance projects that help to improve the oceans.

BNP's announcement on SDG 14, happens at the same time as its commitment to endorse both the UN Principles for Responsible Banking and the Collective Commitment to Climate Action. The Principles were developed by a core group of 30 Founding Banks through an innovative global partnership between banks and the UNEP Finance Initiative (UNEP FI). The principles are designed to help banks increase their positive impact on society and the planet while managing risks to people and the environment from their products and services. 130 firms have signed on to the principles.

The Commitment is in line with the Paris Agreement on climate and states that partner banks will align their portfolios to reflec......................

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