• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 1 hour U.S. Presidential Elections Status - Electoral Votes
  • 2 hours 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows
  • 1 hour *****5 STAR Article by Irina Slav - "The Ugly Truth About Renewable Power"
  • 2 days Americans are not agreement capable.
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 hours How US Capitalism Uses Nationalism
  • 1 hour Сryptocurrency predictions
  • 1 hour Forecasts for Natural Gas
  • 20 hours Joe Biden's Presidency
  • 3 days Battery storage 30% cheaper than new gas peaker plants, Australian study finds
  • 11 hours The Painful Death of Coal
The Mystery Of Dark Energy

The Mystery Of Dark Energy

More than two decades after…

Deutsche Bank Immediately Ends Funding For Oil Sands And Arctic Oil Projects

Deutsche Bank is ending financing for new oil and gas projects in the oil sands and the Arctic region effective immediately, becoming the latest major bank to reconsider lending money to fossil fuel projects in sensitive areas.

Deutsche Bank will no longer finance any new projects in the Arctic or the oil sands and will review all its existing business in the oil and gas industry, the bank said in a statement on Monday.   

Deutsche Bank unveiled an updated Fossil Fuels Policy to set new limits on financing business activities that involve oil, gas, or coal, and pledged to end its global business activities in coal mining by 2025 at the latest “in order to help drive the transformation to a sustainable economy.”

“In its current form, the Policy sets us ambitious targets and enables us to help our long-standing clients with their own transformation. It will allow us to play our part in protecting the climate and helping the EU to achieve its goal of being climate neutral by 2050,” CEO Christian Sewing, who also chairs Deutsche Bank’s Sustainability Council, said.

Last year, Deutsche Bank and 129 other banks – representing a third of the world’s banks, worth a total of US$47 trillion in assets, committed to align ing their business to the Paris Climate Agreement, in the biggest pledge to climate sustainability from the banking sector yet.

Many banks, especially in Europe, have faced in recent years increased public and activist pressure to stop funding fossil fuel projects. Some of them have said they would stop providing project-specific financing for coal-fired power plants or exploration and production of oil sands and oil in the Arctic. 

In the United States, Goldman Sachs said in December 2019 that it would decline to finance new Arctic oil exploration and production and new thermal coal mine development or strip mining. Wells Fargo and JPMorgan have also said they would stop financing new oil and gas projects in the Arctic.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News