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 carried out an internal analysis of 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. This study found that Bnp Paribas' business model is resilient to these risks, with a focus on identifying and assessing the impact of climate change changes on its portfolio, as well as external specialists.