Rabobank publishes its Road to Paris report
Today Rabobank takes a next step on the Road to Paris by setting initial GHG emission reduction targets and transition plans for twelve high-emitting sector/region combinations and our own operational emissions.
At Rabobank, sustainability is an integral part of our corporate mission: "Growing a better world together." We are committed to making a difference as a cooperative, client-driven, all-finance bank. We want to contribute to feeding the world sustainably, transforming the way we produce and consume energy, and to fostering well-being and prosperity in the communities in which we are active. We aim to be a responsible bank, addressing issues that have a major impact on society, the environment, and on our clients. This is why we actively engage in facilitating transitions which matter to us and our stakeholders now and in the future: the Food Transition, the Energy Transition, and the Transition to a More Inclusive Society.
In our Road to Paris report published today we focus on climate change. It complements and builds on our 2021 Impact Report in which we disclosed baseline financed emissions for 85% of our climate-material assets. In today’s report we identify decarbonization pathways and set our initial GHG emission reduction targets for twelve high-emitting sector/region combinations accounting for EUR 253.5 billion in exposure and 70% of our reported financed emissions as well as for our own operational emissions.
Our initial calculations suggest that three of the twelve sector/region combinations currently have average carbon intensities that are compatible with 1.5°C aligned pathways. For the other nine sector/region combinations the picture is less clear. For our food and agriculture sector/regions we are still struggling to get the data and methodologies we need to set accurate and realistic targets. Despite these limitations, we have attempted to set preliminary decarbonization objectives for these sectors. We accept that this means we will likely have to make revisions in future reports. But given the urgency of the situation and our role as a leading global bank, we feel that it is important to be transparent about where we stand and the challenges we face. In addition, and while we still face uncertainties about exact emissions metrics in some sector/regions, we have identified actions we can take to help our clients across our portfolio transition to a low-carbon future. These actions comprise setting concrete goals, including that by 2030 at least 60% of all mortgage applicants will invest in making their homes more sustainable, we will be financing EUR 30bn in the energy transition (which includes investing of an additional EUR 10bn in renewable energy) by 2030, a further decrease of the volume of oil and gas traded by 20% by 2030 and maintaining a strict anti-deforestation policy in Brazil, meaning that we do not finance illegal or legal deforestation.
Next to our process on Paris Alignment, the Road to Paris report also provides an update on our approach to Climate Risk Management.
We are proud of the progress we have made to date, but we are aware that we still have a long way to go. In the coming years we will continue to report on the progress on our climate objectives and our Road to Paris.
Please use this link to access the Road to Paris report.