Deutsche Bank , said on Monday it would end business worldwide with the companies most exposed to coal mining by 2025 at the latest, as part of a revamp of its policies on financing the fossil fuel industry.
FILE PHOTO: Christian Sewing, CEO of Deutsche Bank AG, speaks during the bank's annual news conference in Frankfurt, Germany January 30, 2020. REUTERS/Ralph Orlowski/File Photo
The German lender’s policy will cover companies making more than half their revenues from coal mining or, where that data is not available, those that have more than half of their reserves in coal. Effective immediately, Deutsche Bank said it would also cease financing new projects in the Arctic or oil sand projects.
Urgewald, a non-profit environmental and human rights organisation, said the announcement was a step forward but “still too little, too late” and left the bank lagging many of its rivals in terms of ambition.
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