Less CO2: Deutsche Bank halts loans for coal

The German Bank is the latest Finance 2025 no projects for the mining of more coal. A new internal Directive encompasses both the stop of credits to coal-fired

Less CO2: Deutsche Bank halts loans for coal

The German Bank is the latest Finance 2025 no projects for the mining of more coal. A new internal Directive encompasses both the stop of credits to coal-fired power plants as well as capital market transactions, such as the placement of bonds, said Deutsche Bank on Monday. Also for the Oil and Gas industry has committed Germany's largest credit institution to more stringent rules. "We will make our contribution to climate protection and the objective of the EU support to economies until 2050 CO2-neutral," said chief Executive, Christian Sewing.

Hanno Mußler

editor in the economy.

F. A. Z.

Currently, Deutsche Bank has, according to its annual report, in 2019, around 8.4 billion euros, or 2 percent of its total loans to companies in the Oil and gas industry will be awarded.

now, the Bank will Finance now Fracking projects in countries with extreme scarcity of water, new Oil and Gas projects in the Arctic and new oil Sands projects. Energy companies, which are measured in terms of the existing energy production capacity or the actual power generation to more than 50 percent dependent on coal, wants to support the German Bank only if a credible diversification plans.

Until the end of this year you want to review your customer relationships in Europe and the United States, then in Asia in 2022. The environmental and human rights organisation Urgewald, said the plans were a good start, but went far enough. Deutsche Bank-'m falling behind their competitors.

Updated Date: 27 July 2020, 11:19

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