Over the next five years, Deutsche Bank has committed to reduce its global carbon footprint by 20 percentage points every year compared to its 2007 base year in order to neutralize CO2 emissions of its worldwide operations by 2012. The Bank plans to reduce its carbon emissions through sustainable improvements in the energy efficiency of its buildings and technology infrastructure, greater use of renewable energy sources as well as the purchase of emission certificates to offset any remaining CO2 emissions.
Dr. Josef Ackermann, Chairman of the Management Board, said: “As good corporate citizens we have an obligation to operate sustainably and responsibly and do what we can to create a healthy environment and stable economic and social conditions to pass on to coming generations. Neutralizing CO2 emissions will help us extend our lead in the field of sustainable economic activity.”
The Bank’s climate strategy is coordinated by an Environmental Steering Committee (ESC) headed by the Bank’s Vice Chairman, Caio Koch-Weser. All Group divisions are represented on the committee. “Carbon neutrality by 2012 is a clear objective, which we are firmly committed to achieving. So far we are right on target,” reports Caio Koch-Weser.
The statements came at the conclusion of a two day conference in London of the ESC with the Bank’s recently established Climate Change Advisory Board. The Board (see attached list of members) is comprised of eminent climate change leaders from business, policy-making and science representing both developed and emerging markets. The Board assists Deutsche Bank in shaping and implementing its climate change strategy vis-à-vis its employees, its clients, and other stakeholder drawing on the long-standing experience of its members in this area.
At the conference, ESC and Climate Change Advisory Board of Deutsche Bank agreed that during the current environment of economic stress and uncertainty, it was especially important for governments to stay the course on climate change action. In fact, participants concluded that fiscal stimulus programs directed at infrastructure investments improve energy efficiency in buildings, the electric power grid, renewable power or public transport not only will deliver significant abatement potential but also create jobs and lift the economy faster out of recession. Such programs would also facilitate the continued flow of much needed private finance into these crucial investment areas.
Deutsche Bank considers achieving carbon neutrality as an essential building block of its overall climate change strategy. The Bank’s Greenhouse Gas (GHG) inventory for its 2007 ‘base year’ was calculated to be approximately 650,000 tonnes CO2 worldwide. This total is based on the methodology set out in the “Greenhouse Gas Protocol” and includes primarily emissions associated with energy use, travel, and air conditioning. The inventory process has been independently reviewed by ERM Certification & Verification Services, London (ERM CVS) covering the Bank`s GHG accounting approach, data gathering methods, and data quality checks.
Roughly half of the greenhouse gases the Bank produces result from energy consumption. Consequently, the Bank will continue to improve the energy efficiency of its buildings over the next few years. At the Bank’s head office in Frankfurt, for instance, which is currently being converted into one of the most environmentally-friendly office towers in Europe, carbon emissions will be cut by more than 50%. The Bank is on target to achieve the first worldwide “Leadership in Energy and Environmental Design” Platinum Certification for a high-rise refurbishment.
To further reduce the CO2 emissions caused by business and air travel, employees will be asked to make greater use of train services for short distance travel. In addition, modern teleconference technologies, including desktop videoconferencing, are being expanded. In 2007, the number of video conferences held across the Bank grew by a substantial 30% over the previous year, and global carbon emissions from business flights fell by 9.2%.
In future, Deutsche Bank will also increase its use of renewable energy sources from certified suppliers. Today, regenerative energy sources already cover the Bank’s entire power needs in Germany, Italy and Switzerland representing over 50% of global energy consumption. Other countries are due to follow. The Bank’s office rental policy will require future lessors to meet strict “green lease” ecological standards.
The Bank intends to set aside € 22 million up to 2012 to neutralize unavoidable carbon emissions. It will purchase high quality emission certificates such as CERs (Certified Emission Reductions) and ERUs (Emission Reduction Units) issued by the UN in line with the requirements of the Kyoto Protocol.
Since June 2008 the Bank has also been raising environmental awareness among its 80,000 employees around the world, providing them with regular information on energy, water and paper conservation and environmentally sound methods of waste disposal.
Deutsche Bank Climate Change Advisory Board
Lord Browne, Managing Director and Managing Partner (Europe) of Riverstone Holdings LLC and former CEO of BP
John Coomber, Member of the Board of Directors Swiss Re and Chairman of The Climate Group, UK
Fabio Feldmann, CEO, Fabio Feldmann Consultores and former Executive Secretary, Brazilian Forum on Climate Change
Amory B. Lovins, Chairman and CEO of Rocky Mountain Institute
Lord Oxburgh, Member of the Advisory Board Climate Change Capital and Former Chairman Shell, UK
Dr. R K Pachauri, Chairman of IPCC
Professor Hans Joachim Schellnhuber CBE, Director of Potsdam Institute for Climate Impact Research (PIK)
Robert Socolow, Co-Director The Carbon Mitigation Initiative and Professor Princeton University
Klaus Töpfer, Former Minister for Environment
Zhang Hongren, Former President International Union of Geological Science and former Vice Minister of Geology and Mineral Resources
For further information, please contact:
Dr. Klaus Winker
Phone: ++49 69 910 32249
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 81,308 employees in 75 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank’s goal is to be the leading global provider of financial solutions for demanding clients, creating exceptional value for its shareholders and people.
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