Banque de France exceeds emissions target, expands climate action
The Banque de France and ACPR have published their 2025 Sustainability Report, highlighting exceeded emissions reduction targets and expanded integration of climate and nature-related risks. Governor Emmanuel Moulin reaffirmed their commitment to accelerating the transition towards carbon neutrality.
Exceeding carbon targets, printing greener euros
The Banque de France (BdF) significantly exceeded its 2025 greenhouse gas (GHG) emissions reduction target, achieving a 35% cut compared to its 2019 baseline, surpassing the initial 25% goal.
This reduction covers emissions from energy, commuting, business travel, waste, and direct fugitive emissions.
New carbon reduction targets for 2028 include a 25% reduction in the carbon intensity of banknotes, aided by an energy-efficient printing facility and increased use of organic and Fairtrade cotton.
From 2026, all euro banknotes produced by the BdF will use these sustainable materials.
For tertiary activities, the BdF targets a 40% GHG emissions reduction by 2028.
Furthermore, 87.5% of procurement staff have been trained on climate and nature considerations, exceeding the 75% target.
The BdF is also prioritizing suppliers reducing their carbon footprint and was the first central bank to publish its biodiversity footprint in its 2024 report.
Greening investments, strengthening core mandates
The Banque de France expanded its Sustainability Report with new nature-related performance indicators, achieving above-median scores in the 2025 UNPRI reporting.
Its holdings of green, social, and sustainability bonds rose by EUR 13.4 billion (+85%) in 2025, with energy transition fund investments increasing by EUR 108 million (+12%).
The BdF also formalized its shareholder engagement policy.
In its core missions, the Eurosystem incorporated a climate factor into its collateral framework in 2025.
The ACPR assessed insurers' sustainability risk integration and banks' preparedness for prudential transition plans, emphasizing improved governance and data quality.
The BdF contributes to the NGFS and integrates climate risks into its In-house Credit Assessment System (ICAS) and the ODACC company climate indicator.
Leading by example, facing systemic gaps
The Banque de France's report demonstrates robust internal commitment and concrete steps towards sustainability, setting a high bar for operational greening and risk integration.
While commendable, these detailed efforts operate within a global context where emissions reduction targets remain distant, as acknowledged by the Governor.
The report thus serves as a powerful example of institutional action, yet simultaneously underscores the immense, ongoing challenge of achieving a truly effective and sustainable climate transition.