The energy transition will require unprecedented industrial, technological, societal and ecological transformations at the level of territories, companies and individuals. Policies aimed at tackling climate change risk increasing existing social inequalities, or even creating new forms of inequality. It is therefore essential to integrate this social lens when approaching the question of climate. The just transition is the prerequisite for maintaining strong social cohesion, the promise of social justice and the corollary of respecting climate commitments. If the energy transition is not just, it will be difficult to gain traction, which will hinder its effective implementation.
For the climate transition to align with the objectives of the Paris Agreement, or even with the target of carbon neutrality by 2050, there are inevitably significant negative impacts on certain individuals and families, companies and territories, especially in carbon-intensive sectors and activities. However, the transition also involves the development of new activities and markets that are positive for the environment or carbon-free by nature, which can potentially lead to more comfortable ways of life (improved home comfort, less air pollution and urban congestion, etc.).
As a major player in finance committed to both the energy transition and social inclusion, BNP Paribas aims to raise awareness of the challenges and opportunities of a just transition. This should in turn help to identify and develop tools and advice to support our clients in integrating social elements into their decarbonization strategies.
BNP Paribas believes that the energy transition can only be achieved if everyone can participate. We wish to support this fair and equitable transition by limiting the risks and accelerating the opportunities of this transition by:
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accompanying all its customers as employees, consumers and citizens in their individual transition process (mobility, housing, food, consumption, etc.)
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standing with its corporate and individual clients impacted by the transformation of their economic activities (innovation, investment, training, retraining, etc.)
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supporting the development of new sustainable activities that incorporate high-level social standards
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supporting the most vulnerable populations in the least developed countries in their efforts to combat global warming and biodiversity degradation, as mentioned during COP26 (via coalitions, microfinance and the Just Institute)
‘Perspectives – Leaving no one behind in the energy transition’, a European report on the just transition will be published in digital format at the end of April on BNP Paribas’ website.
This report will present the key results of a survey conducted in 10 European countries with, in total, nearly 10,000 individuals’ responses to what drives their own transition. The publication will provide further insights into the concept of a just transition viewed through four different perspectives: individuals & families, companies, governments and the geopolitical perspective.
The company is happy to collaborate with Ipsos, CSR Europe and Terra Nova for this report.
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