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Deutsche Bank to Quit Coal Project Funding by 2025

Coal News - Published on Tue, 28 Jul 2020

Image Source: Deutsche Bank Quit Coal
Deutsche Bank announced that it would end global business activities in coal mining by 2025, including capital markets and financing work, and will review all of its current work in the oil and gas sector by the end of this year. Chief Executive Christian Sewing said “Our new Fossil Fuels Policy sets us a strict framework for our business activities in the oil, gas and coal sector. 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.”

The move follows a report by lobby group Europe Beyond Coal on 15 July, which found that some large European banks had funnelled EUR 8 billionn into the sector, despite similar environmental pledges. UniCredit, BNP Paribas, Barclays and Societe Generale were all singled out in the report, which unveiled investments in eight coal companies that combined contribute half of all Europe’s coal-based CO2 emissions.

Large banks face pressure to cut their financing activities to fossil fuel companies, potentially facing conflicts with investors and protests from environmental groups for failing to do so.

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Posted By : Yogender Pancholi on Tue, 28 Jul 2020
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