Deutsche Bank Pledges to Cut Emissions From Loans to Oil and Gas
In the oil and gas sector, the bank plans a 23% reduction in financed emissions by 2030 and a 90% decrease by 2050.
Deutsche Bank AG has given its clearest indication yet of how it plans to deliver on the commitment it made last year to reach net-zero financed emissions by 2050.
Germany’s biggest bank said in a statement Friday that it will “significantly” reduce its so-called Scope 3 emissions, which are also known as financed emissions, by 2030 and announced a set of emissions reductions targets for its 250 billion-euro ($244 billion) corporate loan book. The bank said it “aims to support a progressive and orderly phasing out of fossil-fuel usage, while incentivizing the financing of lower carbon-intensity technologies and clients with credible transition plans.”