Bnp Paribas conducted two studies in 2019 to evaluate the resilience of its loan books to transition risks and physical risks. The Industry Research Department conducted an internal analysis on five-year energy and climate-related risks, physical risks, and transition risks, which is part of the Group Risk Department's analysis of systemic risks in economic sectors. This comprehensive study found that Bnp Paribas' business model is resilient to these risks, regardless of its businesses or the sector or geographic classifications.