New CSR emphasis boosts our support for energy transition
I love that our bank is called the “bank for a changing world,” and it’s a privilege for me to help shape some ways our bank is influencing change through corporate social responsibility (CSR).
Together with our parent company, BNP Paribas, Bank of the West has recently made changes in key sectors for CSR to help accelerate the energy transition for the benefit of our world and future generations.
The shift aligns with our commitment to be a purpose-driven bank. I firmly believe that increasing the company’s commitment to advancing environmental responsibility may yield long-term gains that benefit us all.
Here are just a few examples of steps we’ve taken as part of this commitment:
- Bank of the West is part of the BNP Paribas global effort to reduce our carbon footprint by 25% by 2020.
- At the end of 2017, Bank of the West had financing commitments of over $100 million in renewable energy sectors (e.g., wind, solar, other renewable energy).
- Bank of the West contributes to nonprofits supporting energy transition and sustainable practices, such as GRID Alternatives and Ecotrust, a winner of our 2017 Philanthropy Award for Innovation.
- Working with the UN Environment Program, BNP Paribas has agreed to identify up to $10 billion in commercial projects in emerging countries with a measurable environmental and social impact by 2025.
For an overview of all BNP Paribas’ commitments on accelerating energy transition, see this briefing.
Renewable energy is not just good for the longevity of the planet; growth prospects for the sector look pretty good, too, according to this report from Energy Manager Today.
Accelerating the energy transition is a key part of our corporate social responsibility efforts, which also include advancing women’s entrepreneurship and ceasing the funding of tobacco, which I discussed in a recent blog post.
As a global company, we are transforming to meet the changing needs of the world we live in. I expect to share more news in the coming months about our support for energy transition. Stay tuned!
Learn more about our corporate social responsibility commitments.