La Banque Postale, which is committed to ensuring that its banking activities achieve net zero carbon emissions by 2040, is the first European bank to have its decarbonisation pathway recognised by the Science Based Targets initiative (SBTi), a leading independent body led by four international organisations. In connection with its ambitious greenhouse gas emissions reduction targets and in addition to its exit from coal by 2030, La Banque Postale is also announcing a complete withdrawal from fossil fuels (oil and gas) by the same date.
- One of the first financial institutions worldwide to be validated by the Science Based Targets initiative
- A complete withdrawal from fossil fuels by 2030
La Banque Postale welcomes the SBTi’s announcement made this morning that it has validated its pathway to achieve carbon neutrality by 2040. Today, we are the first European bank and one of the first financial institutions worldwide to have a decarbonisation strategy that is in line with the Paris Agreement and that has been validated according to a scientific approach. The climate emergency requires us to accelerate, which leads us to a complete withdrawal from fossil fuels by 2030 at the latest. Bolstered by our civic DNA, our ambition is to strengthen our international leadership, recognised by extra-financial agencies. We also want to be a spearhead laboratory for the banking sector and to drive an in-depth transformation of our business models towards a just transition, of which respect for the planet’s limits is a key component. In the coming period, we are determined to support the fossil fuel industry in its own transition.
Philippe Heim, Chairman of La Banque Postale's Executive Board