Deutsche Bank sets emissions targets for coal mining, cement and shipping clients

A key funder to polluting sectors, Germany’s biggest lender is under increasing pressure from policy-makers and investors to push clients to curb climate-damaging emissions

Deutsche Bank has set emissions reduction targets for loans to clients in the coal mining, cement and shipping sectors and now has a net-zero plan for 55 per cent of its financed emissions, its chief sustainability officer told Reuters.

Reasons for initially rejecting a transaction could include a company having a weak net-zero plan, for example by not including reporting of Scope 3 emissions, which are those tied to a company’s value chain. For cement, it wants to reduce the intensity of emissions linked to the operations and energy use of clients by 29 per cent by 2030 and 98 per cent by 2050; while targets for shipping will follow the industry agreed “Poseidon Principles” methodology.

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