Banco BPM sets 2030 emission targets for carbon-intensive sectors

Banco BPM has set medium-term emissions targets for 2030 in some of the most carbon-intensive sectors it lends money to, as part of its plan to achieve net-zero financed carbon dioxide emissions by 2050, the Italian bank said on Friday.

 

It said it aims to reduce the emissions of the automotive industry in its banking book portfolio by 48% (Scope 1, 2 & 3) compared to 2022.

The lender also plans to phase out coal exposure by 2026, cut financed emissions in the cement sector by 23% and in oil & gas by 14%. It aims to reduce them by 56% in the power generation industry.

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.