Nobel Peace Laureate Professor Muhammad Yunus signed an agreement with BNP Paribas in Paris on March 28 to create a social business company called ClimateSeed.

This is the first independent social business company created by the French international banking group, Yunus Centre in Bangladesh said in a statement yesterday.

“It will combat the adverse effects of climate changes in a social business way,” according to the statement.

The agreement was signed between Grameen Creative Lab of Germany—of which Professor Yunus is a co-founder and chairman—and BNP Paribas.

The agreement marks the launch of a five-year global partnership that will see the Grameen Creative Lab (GCL) and BNP Paribas working together to roll out social businesses within the BNP Paribas Group.

BNP Paribas Securities Services launched ClimateSeed, a marketplace that allows companies seeking to offset their carbon emissions and contribute to the UN sustainable development goals to come into contact with projects offering voluntary carbon credits and seeking financing.

ClimateSeed will reinvest all profits in carbon footprint reduction initiatives and in maximising its positive impact on society and the environment, Yunus Centre said.

The partnership will also build awareness among BNP Paribas employees about social business and will support GCL with pro bono legal advice.

“We are very excited about this collaboration. It is a strong message: one of the world's largest banking groups creating their own social businesses and promoting the concept among its employees,” Yunus said.

“We hope it will inspire many others to do the same.”

“The challenges facing society today require BNP Paribas to strengthen its longstanding commitment to sustainable and equitable growth,” said Antoine Sire, head of corporate engagement and member of the executive committee of BNP Paribas.

“Like Professor Muhammad Yunus, we are convinced that social business is a way to achieve this.”