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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.

Signage for Deutsche Bank AG at a branch in the financial district of Frankfurt, Germany, on Friday, May 6, 2022. European banks are counting the rising costs of Russia’s invasion of Ukraine as the war pushes up commodity prices and disrupts corporate supply chains.
Signage for Deutsche Bank AG at a branch in the financial district of Frankfurt, Germany, on Friday, May 6, 2022. European banks are counting the rising costs of Russia’s invasion of Ukraine as the war pushes up commodity prices and disrupts corporate supply chains.Photographer: Alex Kraus/Bloomberg

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.”