Berlin, Germany – Today Deutsche Bank announced it cut financing for the oil and gas sector in 2022 by 20%. Following months of public pressure, the banking giant has committed $500 billion to Environmental, Social and Governance finance (ESG) and sustainable investment, the bank also committed to cut back on coal finance.
Kate Cahoon, Lead Germany Campaigner, 350.org:
“Given Deutsche Bank’s record as one of the biggest funders of fossil fuels in Europe, we welcome the modest steps announced by the bank today that will tighten lending criteria for coal and commit more money to sustainable investment. However, oil and gas are a glaring omission, particularly in light of the millions in finance provided to fossil fuel companies like Total and RWE.
Deutsche Bank’s new policy does not go far enough and appears hypocritical. It does not exclude companies that continue to plan new coal-fired power plants or mines, such as Glencore. In addition, the thresholds for coal mining for existing customers do not take effect until 2025 – which is too late. Any company aggressively expanding fossil fuel extraction around the world does not have a credible commitment to net zero, based on their own criteria Deutsche Bank should break all ties with all coal, oil and gas companies now.
It is good to see that public pressure and campaigns from 350.org and other climate activists are pushing major banks to change. However, we collectively demand a faster and deeper transition that ends fossil fuel finance for good.”
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Media contact: Mark Raven // Email: [email protected]