In March 2023, BNP Paribas announced a new partnership with Kayrros, an environmental intelligence company, that is enhancing its engagement with oil and gas companies on methane emissions. Kayrros uses artificial intelligence to process satellite data from European and North American space agencies to enable it to track a range of climate indicators, including global methane emissions in near real-time.
BNP Paribas is leveraging Kayrros’ expertise to deepen its own understanding of methane footprints in the oil and gas industry and to work towards more accurate industry-level methane metrics. The project will help assess the extent to which satellite imaging could be used by financial institutions to measure methane abatement efforts and add to the toolkit available to banks for methane emissions measurement, analysis, and reporting. It forms part of the bank’s commitment to develop open-source methodologies and tools to measure climate alignment.
In March 2022, BNP Paribas joined a EUR40 million funding round in Kayrros. The data supplied by Kayrros supports global authorities, and operators of oil and gas infrastructure to take action to bring down greenhouse gas emissions. It can also assess progress against the Global Methane Pledge whose signatories committed to cutting global methane emissions by at least 30% by 2030.
Read more on BNP Paribas’ net-zero targets here.
This case study was originally published in the Net-Zero Banking Alliance 2024 Progress Report (October 2024).
Disclaimer: NZBA shares case studies to promote member banks’ awareness of new approaches, tools, products, services, and transactions related to financing the transition to net zero. Featuring a case study naming a particular bank does not represent an endorsement of all actions from that bank.