BankTrack News
Deutsche Bank takes first significant step out of coal sector financing
2017 |
BankTrack
Action by urgewald in front of Deutsche Bank headquarters on 24 November 2015. Photo: urgewald
2017 |
BankTrack
Deutsche Bank is not moving out of coal as quickly or as comprehensively as we would like, but the January 2017 commitment from Germany’s biggest bank to reduce its exposure to thermal coal and to no longer grant project financing for greenfield thermal coal mines and new coal-fired power stations confirmed that long-standing campaigning from BankTrack and our German partners urgewald is paying off. Deutsche Bank’s move, however, applies only to project financing for coal projects, and not to corporate loans and investment banking services which provide the bulk of the bank’s support for coal-focused companies.