The impact of BNP Paribas AM’s revised investment policy

BNP Paribas AM has ended primary market bond purchases from companies active in oil and gas exploration and production, a move Reclaim Finance views as a landmark step toward 1.5°C alignment. However, the policy contains gaps: it does not explicitly address passively managed index funds that may buy these bonds on the secondary market, and it excludes midstream projects, including liquefied natural gas (LNG) export terminals.

• Since December 2024, BNP Paribas AM has implemented a policy to exclude investments in new bonds issued on the primary market by companies involved in oil and gas exploration and production.
• The policy focuses on the primary market to target the specific channel through which oil and gas companies receive new capital, which Reclaim Finance argues allows for greater climate impact control than equity investments.
• A potential loophole exists for passively managed index funds, which may still acquire new oil and gas bonds on the secondary market to maintain alignment with indices like the Bloomberg Barclays Global Aggregate Bond Index.
• The policy is limited to the upstream sector and does not exclude primary market bonds for midstream projects, such as new LNG export terminals, despite IEA projections suggesting a need for a 73% reduction in fossil gas production by 2050 under the NZE scenario.

APA

Martin, L. (2025). The impact of BNP Paribas AM’s revised investment policy. Reclaim Finance. https://reclaimfinance.org/site/en/2025/01/28/the-impact-of-bnp-paribas-ams-revised-investment-policy/

Chicago

Martin, Léo. The impact of BNP Paribas AM’s revised investment policy. Reclaim Finance, 2025. https://reclaimfinance.org/site/en/2025/01/28/the-impact-of-bnp-paribas-ams-revised-investment-policy/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=The impact of BNP Paribas AM’s revised investment policy |publisher=Reclaim Finance |date=28 January 2025 |url=https://reclaimfinance.org/site/en/2025/01/28/the-impact-of-bnp-paribas-ams-revised-investment-policy/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2025impact, author = {Martin, Léo}, title = {{The impact of BNP Paribas AM’s revised investment policy}}, publisher = {Reclaim Finance}, year = {2025}, month = jan, url = {https://reclaimfinance.org/site/en/2025/01/28/the-impact-of-bnp-paribas-ams-revised-investment-policy/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }