Deutsche Bank announced Monday that it has adopted a new fossil fuels policy which provides its business divisions with a strict framework for their activities involving coal, oil and gas.
Under the new policy, the bank will no longer finance any new oil and gas projects in the Arctic region or any new oil sands projects. The bank said it won’t support oil and gas projects that use hydraulic fracturing in countries with scarce water supplies either and revealed that, by the end of the year, it will review all its existing business activities in the oil and gas sector.
As part of its new plan, Deutsche Bank will also end its global business activities in coal mining by 2025 at the latest “in order to help drive the transformation to a sustainable economy”. The bank has also reinforced its commitment to not finance any new coal-fired power plants.
“Our new fossil fuels policy sets us a strict framework for our business activities in the oil, gas and coal sector,” Deutsche Bank Chief Executive Officer Christian Sewing, who also chairs Deutsche Bank’s Sustainability Council, said in a company statement.
“In its current form, 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,” he added.
Deutsche Bank’s new policy will help fulfil the German financial sector’s collective commitment to climate action which the bank signed in June this year, Deutsche Bank outlined.
Deutsche Bank is the leading German bank with strong European roots and a global network, according to its website. Founded in 1870, the bank is based in Frankfurt, Germany.
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