Deutsche Bank is ending financing for new oil and gas projects in the oil sands and the Arctic region effective immediately, becoming the latest major bank to reconsider lending money to fossil fuel projects in sensitive areas. Deutsche Bank will no longer finance any new projects in the Arctic or the oil sands and will review all its existing business in the oil and gas industry, the bank said in a statement on Monday. Deutsche Bank unveiled an updated Fossil Fuels Policy to set new limits on financing business activities that involve oil, gas, or coal, and pledged to end its global business activities in coal mining by 2025 at the latest “in order to help drive the transformation to a sustainable economy.” “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,” CEO Christian Sewing, who also chairs Deutsche Bank’s Sustainability Council, said. Last year, Deutsche Bank and 129 other banks – representing a third of the world’s banks, worth […]
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