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