The sustainability actions of the Banque de France and the ACPR in their operational activities: supplement to 2025 Sustainability Report

1.1. The Banque de France's carbon footprint 

The target of a 25% reduction in greenhouse gas emissions in 2025 compared with 2019 has been achieved

The Banque de France’s greenhouse gas (GHG) emissions are assessed every year and disclosed in its Sustainability Report. Moreover, in accordance with Article L. 229-25 of the French Environment Code (Code de l’environnement), the Banque de France publishes its regulatory greenhouse gas emissions assessment (GHGEA) on the French Agency for Ecological Transition (ADEME) platform. 

The target of reducing its carbon footprint by 25% in 2025 compared with 2019 covered emissions linked to energy consumption, employee commuting, business travel, waste and direct fugitive emissions from the Banque de France, as well as its subsidiaries BDF Gestion and EuropaFi.

Widening the scope of the carbon footprint in 2025

In order to assess its impacts more precisely and comprehensively, the Banque de France:

-    now includes the Institut d’émission des départements d’outre‑mer (IEDOM – Delegated Central Bank for the French Overseas Departments and Territories), one of its subsidiaries, within the scope of its carbon footprint calculation, as well as emissions linked to purchased goods and services, capital goods and upstream and downstream freight;
-    presents its tertiary activities and its industrial activities separately.

The carbon footprint based on this new scope is presented in the “Consolidated carbon footprint of the Banque de France in 2025” table in the Sustainability Report. 

The following sections set out the changes in each emissions category. They supplement the information presented in the Sustainability Report and include the recent changes to the scope of the carbon footprint.

Purchases (scope 3)

The Banque de France is undergoing a far-reaching transformation of its operational activities, which has necessitated an increase in its purchased goods and services volumes since 2019 with: 

• an increase in production volumes within its industrial operations, particularly at the EuropaFi paper mill, boosted by orders for foreign currencies; 
• its digital transformation (cloud computing, digital data, artificial intelligence), the strengthening of its cybersecurity requirements and the ongoing modernisation of its information system, leading to a significant increase in purchased IT services and solutions; 
• the maintenance and renovation of its properties to meet its energy performance targets, and the need to adapt workspaces, leading to an increase in real estate-related purchases. 

This evolution is reflected in the implementation of a dedicated action plan: (i) for our tertiary purchases, through a more rigorous analysis of our suppliers’, and particularly service providers’, environmental practices; and (ii) for our industrial purchases, through detailed initiatives to optimise our production processes and inputs, with particular attention paid to emissions generated per banknote manufactured. 

As our knowledge of our suppliers gradually improves, we can take better account of their own decarbonisation efforts by using, where possible, their own emission factors rather than sectoral averages. In order to enable comparability over time, these changes give rise to a revision of historical data, in accordance with the principles of consistency, comparability and transparency set out in the GHG Protocol, by ADEME and in the ISO 14064 (greenhouse gas) standard. 

More broadly speaking, the Banque de France is addressing its emissions linked to purchased goods and services through the implementation of a scheme for the promotion of socially and environmentally responsible purchases (SPASER), which serves as the Banque de France’s roadmap for responsible procurement. It also trains its purchasing staff in responsible purchases for the climate and nature: 87.5% of its purchasing staff have received training, exceeding the target of 75% set for 2025.

Energy (scopes 1, 2 and 3)

The Banque de France’s greenhouse gas (GHG) emissions generated by on-site energy consumption fell by 34% between 2019 and 2025. 

This reduction is mainly due to an overall 27% decrease in energy consumption, with a particularly sharp decline in the most carbon-intensive energies, namely fuel oil (down 74%) and gas (down 35%). Electricity use was also cut by 18% over the same period. As a result, the share of electricity in the Banque de France’s energy mix increased to 59% in 2025, compared with 52% in 2019. These improvements are the result of:

-    the modernisation of its premises, particularly with the relocation from certain historical branches to smaller offices, often heated by electricity rather than fuel oil or gas;
-    the optimisation of electricity use in datacentres, the head office and outlying sites;
-    the reduction and optimisation of gas and electricity consumption in the printing works and paper mill as a result of energy sobriety and efficiency measures, such as optimising the operation of the EuropaFi wastewater treatment unit and installing a heat recovery system on an air compressor in 2025 (energy consumption from industrial activity fell by 18% between 2019 and 2025).

In addition to these measures, the energy production emission factors (excluding IEDOM) have evolved and are now less carbon-intensive than in 2019:

-    the emission factor for electricity fell by 14% compared with 2019;
-    the emission factors for heating and cooling networks, which saw an average decline of 11% and 3% respectively between 2019 and 2025, although the entirety of the reduction occurred between 2024 and 2025.

With specific regard to year-on-year changes between 2024 and 2025, the decline in GHG emissions continued (down 7%) due to lower energy consumption (down 7%), particularly in relation to gas and electricity (down 4% for both energy sources) as efforts to modernise the Banque de France’s properties and improve energy sobriety continued throughout 2025 across the entire scope. 

The decline in emissions between 2024 and 2025 can also be attributed to changes in the emission factors (excluding IEDOM) for heating and cooling networks (see above), as well as to an 11% reduction in the electricity emission factor.

Energy consumption and energy mix 

Capital goods (Scope 3)

GHG emissions linked to the Banque de France’s capital goods fell by more than 10% between 2019 and 2025. These emissions are mainly associated with the Banque de France’s buildings, which accounted for 76% of emissions under the “capital goods” category in 2025 (79% in 2019), and which have fallen by 14% since 2019. This reduction is due to the transformation of the Banque de France’s tertiary premises, as it has sold some of its historic sites to move to smaller office spaces. 

The Banque de France’s information system accounted for 14% of “capital goods” emissions in 2025 (11% in 2019). Its GHG emissions rose by 17% between 2019 and 2025 due to the ongoing modernisation of IT tools to keep pace with developments in artificial intelligence, and to address cybersecurity and digital sovereignty issues. 

The extra-financial effects of real estate and IT projects are assessed during the design phase to reduce their environmental impacts, in particular.

Freight (scopes 1 and 3)

Emissions from freight remained relatively stable (up 1%) between 2019 and 2025. They cover (i) the transportation of materials required for the upstream production of paper pulp, and the transportation of banknote paper, and (ii) the downstream transportation of banknotes, and of coins for the Monnaie de Paris (Paris Mint). Cash industry logistics are subject to strict security requirements, which limit possible transportation options. 

In 2025, 89% of emissions from freight resulted from the shipping of banknotes by air, while the remaining 11% was split between the transportation of banknotes, paper and cotton by road (6%) and by sea (5%). 

Emissions from freight varied according to banknote demand and banknote transportation during the period. 

The Banque de France is exploring solutions to reduce its use of aircraft and to optimise its logistics flows in order to reduce emissions linked to freight transport.

Employee commuting (scope 3)

Emissions linked to employee commuting fell by 34% between 2019 and 2025, mainly driven by four factors:

-    changes in the workforce;
-    the rise of teleworking, which led to a 20% reduction in the average number of days spent on site per member of staff per year between 2019 and 2025;
-    the introduction of the Sustainable Mobility Package in 2023, which encourages lower-carbon modes of transport and has seen a rise in uptake, with a 32% increase in the number of days declared under the scheme since 2023;
-    to a lesser extent, a reduction in car use, an increase in the proportion of distances travelled by public transport, and a sharp rise in bicycle use, which is strongly encouraged.

Emissions linked to employee commuting remained stable between 2024 and 2025.

Business travel (Scopes 1, 2 and 3)

Emissions linked to business travel fell by 40% between 2019 and 2025, mainly due to a decline in in-person meetings following the health crisis, illustrated by the 42% reduction in kilometres travelled for business purposes over the period. 

The reduction in business travel went hand-in-hand with a reduction in aeroplane and car use. Between 2019 and 2025, air travel fell by 45%, and by as much as 60% for the shortest journeys (less than 1,000 km). A shift towards travel by rail has also been evident on the most frequent routes, where the proportion of rail use has increased:

-    Paris - Frankfurt: 76% of journeys by train in 2019, compared with 95% in 2025;
-    Paris - Clermont-Ferrand: 90% of journeys by train in 2019, compared with 96% in 2025;
-    Paris - Toulouse: 26% of journeys by train in 2019, compared with 71% in 2025.

Emissions linked to the Banque de France's own fleet of vehicles have also fallen sharply, by 38% since 2019. This is also the case for journeys made by staff using their own private vehicles, illustrated by the 59% reduction in associated emissions between 2019 and 2025. 

Between 2024 and 2025, there was an upturn in emissions linked to business travel (up 4.5%), mainly due to a 6% increase in air travel. This is mainly due to flights made to Canada as part of the Banque de France’s participation in meetings organised as part of the G7 summit and to South Africa for the G20 summit, and also the increase in kilometres travelled by the Banque de France’s own fleet of vehicles following the deployment of additional temporary staff across the network.

Waste (scope 3)

Emissions linked to waste fell by 33% between 2019 and 2025, mainly due to the significant decline, over the same period, in the volume of tertiary waste production, which then accounted for nearly two-thirds of the total GHG emissions reduction. 

Emissions linked to non-industrial waste electrical and electronic equipment (WEEE) also declined by nearly 54%. This decrease is due to a reduction in the volume of WEEE generated, linked in particular to better management of equipment, including extending lifespans and optimising replacement practices. 

Lastly, greenhouse gas emissions linked to industrial waste fell by 10% compared with 2019. 

This can be attributed to:

-    a 14% reduction in the volume of waste from the Chamalières printing works thanks to rigorous monitoring and the continuous improvement of practices; and 
-    despite a 6% increase in the volume of waste generated by EuropaFi, emissions have fallen due to a change in the waste mix. Waste such as recyclable metallic elements, which are channelled towards high-carbon sectors, fell sharply by 68% between 2019 and 2025. In 2025, the proportion of waste processed using lower-emission methods – particularly mixed non-hazardous waste, paper and biodegradable waste, as well as recycled sludge – increased by 14%.

Direct fugitive emissions (Scope 1)

Direct fugitive emissions rose by 90% between 2019 and 2025, in line with the increase over the period in leakage of refrigerants from Banque de France building air conditioning systems. Estimated leakage of refrigerants from its fleet of vehicles declined very slightly, in direct correlation with the reduction in vehicle numbers. 

This change should be put into perspective, as, first and foremost, the underlying activity data are highly volatile due to the sporadic accidental nature of the leaks from building air-conditioning systems. It should also be noted that the level of emissions involved is low: in 2025, they accounted for 0.4% of the Banque de France’s consolidated carbon footprint.

1.2. Data collection and control processes 

The Banque de France’s CSR and Sustainable Development Unit (MRSE) establishes the audit trails for all the information required to prepare the carbon footprint and trajectory. 

The MRSE gathers data relating to the carbon footprint of the Banque de France and the ACPR directly from the data-owning business lines. The data are defined in accordance with methodologies recommended by external consultants that undergo continuous improvement and that are audited internally on a regular basis. Their specifications, scope, format and frequency of submission are set out in interface agreements between the business lines and the MRSE. The data are subject to automated checks in the information system used in their processing and are analysed by the MRSE’s carbon footprint calculation specialists. Data quality is subject to annual review, which may – in the event of partial compliance or non-compliance – result in corrective action. The procedures and information system responsible for collecting, checking and processing data were completely overhauled in 2024. 

Furthermore, the risk of non-compliance with the Banque de France's carbon footprint reduction commitments is included in its overall risk map and is therefore subject to yearly scoring using the internal operational risk rating method, which takes into account the probability of the risk and its maximum impact should it materialise. It is to mitigate this risk that the control strategy described above for carbon footprint-related data was implemented.

1.3. Scope of the carbon footprint for 2025

Temporal scope

The period under review is 2025. The chosen baseline year is 2019.

Functional scope

The GHG emissions concerned are emissions of carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulphur hexafluoride (SF6) and nitrogen trifluoride (NF3), in accordance with version 5 of the French government guide to preparing a Greenhouse Gas Emissions Assessment (GHGEA). 

The functional scope of the carbon footprint of the Banque de France's operational activities covers the following items (according to the categories defined by the GHG Protocol):

-    scope 1: “direct emissions from fixed combustion sources”, “direct emissions from mobile combustion sources”, “direct fugitive emissions”;
-    scope 2: “indirect emissions linked to electricity consumption”, “indirect emissions linked to steam, heat or cooling”;
-    scope 3: “emissions linked to fuel and energy”, “waste generated in operations”, “emissions from business travel”, “emissions from employee commuting”, “emissions from purchased goods and services”, “emissions from capital goods”, “emissions from upstream and downstream freight”.

Organisational scope

The published information is prepared on a consolidated basis and therefore incorporates the Banque de France and its subsidiaries, BDF Gestion, EuropaFi and the Institut d’émission des départements d’outre‑mer (IEDOM – Delegated Central Bank for the French Overseas Departments and Territories). For the IEDOM, the data related to purchased goods and services, capital goods and freight will be integrated over the coming years.

1.4. Methodology used to calculate the carbon footprint 

To calculate the Banque de France’s GHG emissions, the required data are extracted by the CSR and Sustainable Development Unit (MRSE) from the available databases – populated with data submitted or entered by the Banque de France’s branches – and converted into GHG volumes.

Methodological notes are available (in French) on the Banque de France website that detail the approach used to calculate GHG emissions associated with each carbon footprint category (purchases, energy, building and non-building capital goods, freight, employee commuting, business travel, waste, fugitive emissions).

Methodological note purchases
Methodological note energy
Methodological note capital goods – buildings
Methodological note non-building capital goods
Methodological note freight
Methodological note employee commuting
Methodological note business travel
Methodological note waste
Methodological note fugitive emissions

1.5. Carbon trajectory

Baseline year and value 

The baseline year of 2019 is considered representative in terms of the activities covered and influences from external factors. It was a year of normal operations for the Banque de France, prior to the Covid-19 health crisis, and data for the year are widely available and highly reliable. 

Internal and external methodological changes led to a recalculation of the carbon footprint for the 2019 baseline year. The main changes relate to:

• alterations to ensure alignment with the functional and organisational scopes adopted for the 2025 carbon footprint; 
• a breakdown of the 2019 carbon footprint according to the three scopes of the Banque de France’s decarbonisation trajectory: (i) tertiary activities excluding purchases, (ii) tertiary purchases, and (iii) industrial activities; 
• data source changes or data-reliability improvements, notably including updates to data on industrial raw materials; 
• updates to ADEME emission factors or the identification of more suitable factors.

GHG emissions reduction target – 2025

The 2025 target outlined at the beginning of this supplement aimed to reduce overall GHG emissions by at least 25% by the end of 2025 compared with 2019. This target was significantly exceeded, as the Banque de France’s GHG emissions fell by 35% over the 2019-25 period.  This ambition and these achievements accord with the Science Based Target initiative (SBTi) methodology, which recommends a 4.2% annual reduction in order to limit global warming to 1.5 °C compared with pre-industrial levels by 2100 (therefore a total reduction of 25% between 2019 and 2025).

GHG emissions reduction target – 2028

Having met its GHG emissions reduction target for the end of 2025, the Banque de France is now building on that achievement by structuring its transition plan around three areas that provide a more precise and comprehensive coverage of its operational activities. The Banque de France’s 2028 decarbonisation targets draw on the recommendations of the SBTi methodology for developing a short-term trajectory. The Banque de France’s objectives are also in line with the requirements of France’s national low-carbon strategy currently in force and the European Commission's “Fit for 55” package. 

The three strategic pillars of the Banque de France’s carbon transition plan cover the exact same scope as its current footprint:

•    Tertiary activities excluding purchases

As discussed above, the SBTi recommends a 4.2% annual reduction in Scope 1, 2 and 3 GHG emissions in order to limit global warming to 1.5 °C compared with pre-industrial levels by 2100. This equates to a total reduction of 37.8% by 2028 compared with the 2019 baseline year. 

The Banque de France’s target of a 40% reduction over the period is therefore consistent with this ambition.

•   Tertiary purchases

The Banque de France is committed to identifying those among its main suppliers that are committed to a process of decarbonisation. This step fits in with its efforts to develop a framework for engagement with stakeholders along the length of its value chain. A constructive and ongoing dialogue will help to improve the carbon footprint of our purchases.

•    Industrial activities

The Banque de France has set a target of reducing the carbon intensity of its banknotes by at least 25% by 2028 compared with 2019. As total emission volumes are directly linked to production levels, this target is expressed in terms of GHG emissions per standard banknote. The entire industrial production of the paper mill and printing works has been converted into quantities of standard banknotes in order to construct a unique indicator covering all types of manufactured banknotes. The indicator was chosen with the goal of monitoring industrial activity carbon performance over time and of steering its improvement.

Methodology used to define the carbon trajectory

The projected carbon trajectory has been defined by consolidating the Banque de France’s planned operational actions and exploring additional levers for reducing GHG emissions in order to strengthen its decarbonisation ambitions. 

The data and assumptions relating to forward-looking information are agreed upon by the Banque de France’s CSR and Sustainable Development Unit (MRSE) and its operational business lines.
 

2.1. The Banque de France's biodiversity footprint 

The Banque de France carried out an initial assessment of its biodiversity footprint in 2023 using the Global Biodiversity Score (GBS) tool. 

The Banque de France conducted a further assessment of its biodiversity footprint in 2025, based on its impacts in 2024. The results of this second assessment were published in the 2024 Sustainability Report and are also detailed below. 

The Banque de France's footprint has since been calculated by members of the MRSE who have been trained in the GBS method. This benchmark method is based on the Globio model, which is itself based on simulations of the pressures exerted by humans on ecosystems (land use changes, GHG emissions, exploitation of natural resources, pollution), in accordance with the recommendations of the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES). 

The GBS quantifies the impacts of economic activities in MSA.km² (Mean Species Abundance per km2), a standardised metric used to express biodiversity loss relative to an “intact” benchmark state. The measurement distinguishes between two types of impact:

• the static footprint, which corresponds to a stock of impacts at a given date, reflects all the cumulative historical pressures over time that are still present on that date;
• the dynamic footprint, which corresponds to a flow of impacts over a given period, measures the annual change in this stock of impacts (i.e. new negative impacts generated, as well as any gains in biodiversity linked to changes in the pressures exerted).

The analysis covers Scopes 1, 2, and upstream Scope 3 as a whole, applying the same logic as for the carbon footprint, and encompasses the Banque de France's operational activities as an organisation (see 2.3 Scope of the biodiversity footprint for 2024). 

The Banque de France’s biodiversity footprint in 2024 was largely determined by its upstream value chain. The dynamic terrestrial footprint, which measures pressures generated during the year, stood at 0.93 MSA.km², equivalent to the surface area of Paris’s 2nd arrondissement, while the static terrestrial footprint, reflecting the accumulation of impacts over time, amounted to 89.1 MSA.km², or approximately 85% of the surface area of Paris. The static aquatic footprint was estimated at 4.7 MSA.km² (approximately 18% of the surface area of Lake Annecy). The structure of the footprint is extremely skewed with 95.6% of the dynamic footprint stemming from Scope 3, compared with 4.2% for Scope 2 and just 0.2% for Scope 1 (direct impacts). This confirms that the bulk of the pressures on biodiversity lie upstream in the value chain, particularly through purchases, capital goods, energy, freight, and waste. 

An analysis of the largest contributing categories and of the environmental pressures reinforces this finding. The main driver is purchases – including cotton – which accounts for 69% of the terrestrial footprint and 88% of the aquatic footprint, followed by capital goods (13% and 11%, respectively). The pressures exerted on ecosystems are dominated by climate change (76.7% of the dynamic footprint), and land use and artificialisation (79% of the static terrestrial footprint). Other pressures include human encroachment (17%), the fragmentation of natural environments (3%) and certain types of pollution. For aquatic ecosystems, the impacts are mainly linked to land use in catchment areas (55%), water use (24%) and wetland conversion (12%). 

Biodiversity footprint of the Banque de France’s operational activities in 2024

Furthermore, the Banque de France has identified several natural resource dependencies, notably on their availability – such as access to water and raw materials, soil quality and the proper functioning of ecosystems – which determine the resilience of its infrastructure and the continuity of its tertiary and industrial operations. 

As part of its process of continuous improvement, the Banque de France is gradually strengthening the integration of nature-related issues into its corporate social and environmental responsibility (CSR) approach. The actions undertaken focus in particular on sobriety in terms of resource use, waste reduction and recovery, the rationalisation and modernisation of its properties, and the disclosure of its nature-related impacts and dependencies. This initial assessment of the Banque de France’s biodiversity footprint is a key milestone, which will be further developed to better manage its reduction of pressures exerted on ecosystems.

2.2. Data collection and control processes 

The majority of the data related to the biodiversity footprint of the Banque de France and the ACPR is identical to the data used in the carbon footprint and are therefore submitted to the same processes of collection and control. They are processed in the information system and according to the GBS method developed by CDC Biodiversité.

2.3. Scope of the biodiversity footprint for 2024 

Temporal scope

The period under review for the biodiversity footprint is 2024.

Functional scope

The assessment covers all of the Banque de France's operational activities, broken down according to the Scopes defined by the GHG Protocol and adapted to the GBS:

-    Scope 1: direct impacts resulting from an organisation's activities;
-    Scope 2: indirect impacts related to non-fuel energy purchases;
-    Scope 3 upstream³:  indirect impacts related to activities upstream in the supply chain.

Organisational scope

The information disclosed is prepared on a consolidated basis. It therefore incorporates the Banque de France’s subsidiaries BDF Gestion and EuropaFi but excludes the subsidiary IEDOM.

2.4. Data used in determining the biodiversity footprint 

The calculation of the 2024 biodiversity footprint relied on a set of specific assumptions, derived from both methodological constraints and limitations in the available data. The data used require the following precisions:

-    All occupied premises were identified with their location, surface area (in m² or ha) and type of land use (according to Globio categories), and an inventory of their green spaces and changes to the properties, distinguishing between active, sold or newly occupied sites.

-    Energy data were consolidated for each use-type (electricity, gas, petrol, fuel oil), as were water consumption and withdrawal volumes in m³, net of volumes returned to the ecosystems. GHG emissions were also analysed for the indirect impact of global warming on biodiversity. The impact of electricity use was estimated based on a generic Our World in Data global electricity mix as the factor specific to the French electricity mix within the GBS framework was unavailable.

-    The analysis incorporated purchases-related financial flows broken down by EXIOBASE sector and by region, based on correspondences established between the Banque de France's internal classifications and the industries in the EXIOBASE database. Where the data allowed, physical flows of commodities and processed products were used to refine the calculation. The modelling was based almost exclusively on financial data, as the Ecoinvent database was not available for certain items such as consumables, fibres or chemicals. The physical quantities available were used only marginally.

-    With regard to specific material modelling, proxies were used when the precise compositions of certain products were unavailable, such as attributions to the Mining data’s “rare earth elements concentrate” category.

-    The modelling of capital goods only included vehicles purchased in 2024 as the data for previous years is unavailable and modelling vehicles in the GBS Products database is currently impossible. Investments were allocated between industry and the “non-industry” scope in accordance with the recommendations of business-line experts and attributed to France and the “other business activity” EXIOBASE sector. The running of premises has not been modelled separately as it is already included through purchases.

The subsidiaries BDF Gestion and EuropaFi have been consolidated via data on the carbon footprint, properties and recorded purchased goods and services.

Lastly, ecotoxicity pressure on biodiversity has been excluded from scope, in accordance with CDC Biodiversité recommendations, given the scientific uncertainty with regard to the correlations between chemical emissions and biodiversity loss.

2.5. Scope of the sustainable water use policy

The Banque de France is currently developing a policy designed to ensure sustainable water use for all its activities. It covers both its tertiary and industrial activities, including those of its banknote-paper manufacturing subsidiary, EuropaFi.

¹ Within the scope of the CSR policy for 2025, which covers emissions relating to energy consumption, employee commuting, business travel, waste and direct fugitive emissions. The scope includes the Banque de France and its subsidiaries BDF Gestion and EuropaFi but excludes the subsidiary IEDOM.

² The Global Biodiversity Score (GBS) is a leading tool for measuring biodiversity footprints. It was developed by CDC Biodiversité, a Caisse des Dépôts group subsidiary, for use by companies and financial institutions.

³ The impacts associated with downstream freight and the processing of banknotes at the end of their useful life (energy consumption and waste) are partially taken into account, particularly for the pressure related to climate change.