Deutsche Bank’s Pledge Against Fossil Fuels
(29 July 2020 – Europe) Deutsche bank have sharpened their policy on fossil fuel financing, vowing to abolish any further investment in the coal mining industry by 2025.
By taking this decision, the bank will support the European Union’s (EU) target of becoming a climate neutral economy within the next 30 years.
In addition, the bank has taken the step to sign the Equator Principle, which is a risk management framework designed to access the environmental and social risks in financing business projects. All projects will now undergo a strict assessment to ensure that environmental and social standards are applied throughout the project’s lifecycle.
Deutsche bank will also review existing clients in Europe and the US with the intent of progressively phasing out existing exposure, if no diversification plans are in place.
“The Policy sets us ambitious targets and enables us to help our long-standing clients with their own transformation. It will allow us to play our part in protecting the climate and helping the EU to achieve its goal of being climate neutral by 2050” commented Deutsche Bank CEO, Christian Sewing.