Deutsche Bank says it will reduce its exposure to thermal coal mining and power generation in order to honour its commitments to tackling climate change.
Deutsche Bank says it will reduce its exposure to thermal coal mining and power generation in order to honour its commitments to tackling climate change.
The German bank has announced that neither it nor its subsidiaries will grant new financing for green field thermal coal mining and new coal-fired power plant construction.
Deutsche Bank was one of over 400 private and public organizations that signed the Paris Pledge for Action alongside the Paris Agreement on climate change in 2015. It said that its new policy towards coal would emphasise its “commitment to protect the climate and to contribute to the overall targets set by the Paris Agreement to limit global warming to 2 degrees above pre-industrial levels”.
Deutsche Banks is one of several financial organizations to have announced plans to reduce their exposure to coal mining and power generation operations. Others include Morgan Stanley, Bank of America, Citigroup and JP Morgan.