Mubasher: Deutsche Bank has tightened its policy on fossil fuels, saying that it will end its business activities regarding coal mining worldwide by 2025 at the latest in a bid to support the transformation to a sustainable economy.
The German bank will also review all of its current business activities in the US and Europe by the end of 2020 with regard to diversification plans of customers, according to a statement on Monday.
A similar review will start in Asia in 2022.
In addition, the lender will no longer finance new projects in the Arctic region or oil sand projects.
Moreover, the bank signed the equator principles for evaluating environmental and social risks of financing projects.
This move follows an announcement of the bank’s new sustainability targets in May and the issuance of its first green bond in June.