Deutsche Bank stops financing projects for the extraction of fossil fuels
Deutsche Bank announced Monday that it has adopted a new fossil fuel policy that provides its business units with a strict framework for their coal, oil and gas activities.
With 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 would not support oil and gas projects that use hydraulic fracturing in countries with water scarcity, and announced that by the end of the year it will review all of its existing activities in the oil and gas sector.
As part of its new plan, Deutsche Bank also will complete its global coal mining operations no later than 2025 “to help move towards a sustainable economy.” The bank has also strengthened its commitment not to finance any new coal-fired power plants.
“Our new fossil fuel policy sets us a strict framework for our operations in the oil, gas and coal industries,” Deutsche Bank CEO Christian Schueing said in a statement. who also chairs the Deutsche Bank Sustainability Council.
“In its current form, the policy sets us ambitious goals and allows us to help our long-term clients in their own transformation. This will enable us to play our role in climate protection and help the EU achieve its goal of being climate neutral by 2050. ”
Deutsche Bank's new policy will help fulfill the collective commitment of the German financial sector to the climate action that the bank signed in June this of the year, Deutsche Bank emphasized.
Deutsche Bank is a 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. : ///
Record Deutsche Bank stops funding projects for the extraction of fossil fuels first appeared TEKNOBLOG .
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