Banco BPM announced that it has set medium-term emissions reduction targets for 2030 for some of the most carbon-intensive sectors it finances, as part of its broader strategy to achieve net-zero financed carbon dioxide emissions by 2050. The Italian bank aims to cut emissions in the automotive sector by 48% (Scope 1, 2 & 3) compared to 2022 levels.
The bank also plans to eliminate its coal exposure by 2026, reduce financed emissions in the cement sector by 23%, and in the oil and gas sector by 14%. Additionally, it aims for a 56% reduction in emissions from power generation.
In a press statement the bank said, “The recognition of the importance of the banking sector’s contribution to contrast climate change and to face environmental challenges has had a significant impact on Banco BPM’s corporate strategy in the area of climate sustainability.”
Banco BPM “will therefore continue its path of alignment to the net zero goals by defining the actions to support companies in their transition paths,” the company added in a statement.
