Deutsche Bank – Responsibility
June 10, 2013

Deutsche Bank comments on International Energy Agency's publishing of the World Energy Outlook Special report

The energy sector is the single largest source of climate-changing greenhouse-gas emissions and limiting these is an essential focus of action. This Special Report seeks to bring it right back on top by showing that the dilemma can be tackled at no net economic cost.

Commenting on the publication of the International Energy Agency's special report "Redrawing the Energy-Climate Map", Deutsche Bank Vice Chairman Caio Koch-Weser said:

“This timely report highlights the increasing risks that society, investors and companies are facing from insufficiently strong climate policies. Governments and the private sector need to strengthen their action and cooperation to create the necessary green infrastructure investment that will reduce climate risks like flooding, while also contributing to economic growth."

On the report: The energy sector is the single largest source of climate-changing greenhouse-gas emissions and limiting these is an essential focus of action. The World Energy Outlook has published detailed analysis of the energy contribution to climate change for many years. But, amid major international economic preoccupations, there are worrying signs that the issue of climate change has slipped down the policy agenda. This Special Report seeks to bring it right back on top by showing that the dilemma can be tackled at no net economic cost.

The report:

  • Maps out the current status and expectations of global climate and energy policy – what is happening and what (more) is needed?
  • Sets out four specific measures for the energy sector that can be quickly and effectively implemented, at no net economic cost, to help keep the 2 °C target alive while international negotiations continue.
  • Indicates elements of action to achieve further reductions, after 2020.

Demonstrates that the energy sector, in its own interest, needs to address now the risks implicit in climate change – whether they be the physical impacts of climate change or the consequences of more drastic action later by governments as the need to curb emissions becomes imperative.

“This timely report highlights the increasing risks that society, investors and companies are facing from insufficiently strong climate policies. Governments and the private sector need to strengthen their action and cooperation to create the necessary green infrastructure investment that will reduce climate risks like flooding, while also contributing to economic growth.”

Caio Koch-Weser Deutsche Bank Vice Chairman