<
https://www.reuters.com/business/sustainable-business/deutsche-bank-tightens-coal-finance-policy-not-oil-gas-2023-03-02/>
'FRANKFURT, March 2 (Reuters) - Deutsche Bank (DBKGn.DE) on Thursday tightened
its coal financing policies but has yet to change its criteria for the oil and
gas industries, drawing criticism from climate activists.
Financial firms are under pressure from policymakers and investors to reduce
the scale of climate-damaging carbon emissions linked to their lending and
underwriting.
Germany's largest bank said it would not take as new clients corporations that
generate more than 30% of revenue from coal and that do not provide a "credible
diversification plan".
The level is down from a previous 50% and is more in line with industry
standards.
The bank said it will give existing clients until 2025 to convince it of their
ability to shift to lower carbon business models, and that, after that date, it
will stop financing clients who do not meet its criteria.
"Parting with a client after a transition dialogue can only ever be a last
resort," CEO Christian Sewing said. "But in cases where we saw no willingness
on the part of a client to embark on a credible transition, we would not shy
away from exiting a relationship."
The bank said it already does not provide project financing for thermal coal
and that its exposure to the sector at the end of 2022 accounted for 0.09% of
its corporate loan book or 321 million euros ($340 million).
Shareholders and activists had called on Deutsche to introduce similar
restrictions for oil and gas, but the bank only said it "plans to update its
oil and gas policy" without giving a timeframe.'
Via
Future Crunch:
<
https://futurecrunch.com/good-news-maternal-mortality-high-seas-atlantic-forest/>
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
