The bank has revised its approach to coal financing and amended its guidelines governing coal power and mining. Deutsche Bank and its subsidiaries will not grant new financing for greenfield thermal coal mining and new coal-fired power plant construction. Moreover, the bank will gradually reduce its existing exposure to the thermal coal mining sector.
By signing the Paris Pledge for Action alongside over 400 private and public organizations, the bank has welcomed the universal climate agreement made at the 2015 Climate Summit in Paris. This emphasizes the bank’s commitment to protect the climate and to contribute to the overall targets set by the Paris Agreement to limit global warming to 2 degrees above pre-industrial levels.