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 CEO 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.
German Deutsche Bank joins Goldman Sachs, Wells Fargo, Citi, JPMorgan Chase, and Morgan Stanley - 5 of the biggest American banks - in banning Arctic drilling from its company. Bank of America is currently the last of the largest banks in the U.S. to issue an anti-Arctic drilling policy or statement. Globally, about two dozen banks have adopted these policies.
Climate activists are celebrating Deutsche Bank's new energy policy banning financial support of drilling in the Arctic. Many banks, especially in Europe, have faced in recent years increased public and activist pressure to stop funding fossil fuel project.
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