Deutsche Bank stops financing fossil fuel projects

Deutsche Bank has announced that it has adopted a new fossil fuel policy that provides its business units with a strict framework for their coal, oil and gas activities. This was reported by Еenergy.media.

Under the new policy, the bank will no longer finance any new oil and gas projects in the Arctic region or any new oil sands projects. It also said it would not support oil and gas projects that use hydraulic fracturing in countries with scarce water supplies, and said it would review all existing activities in the oil and gas sector by the end of the year.

As part of its new plan, Deutsche Bank will also complete its global coal mining activities no later than 2025, "to help in the transition to a sustainable economy." The bank has enforced its commitment not to finance any new coal-fired power plants.

"Our new fossil fuel policy sets a strict framework for our activities in the oil and gas and coal industries," said Christian Schuing, CEO of Deutsche Bank, who also chairs Deutsche Bank's Sustainable Development Board.

Deutsche Bank's new policy will help fulfill the German financial sector's collective commitment to climate action, which the bank signed in June this year, Deutsche Bank said.

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