Deutsche Bank discloses loan book issuance ahead of targets

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A Deutsche Bank logo adorns a wall at the company’s headquarters in Frankfurt, Germany June 9, 2015. REUTERS/Ralph Orlowski

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FRANKFURT, March 4 (Reuters) – Deutsche Bank (DBKGn.DE) presented on Friday the scale of emissions related to its loan portfolio in several carbon-intensive sectors before publishing official reduction targets later this year .

Deutsche Bank, under Chief Executive Christian Sewing, is making a big push to help companies finance their efforts to become more sustainable.

Germany’s biggest lender said the majority of its financed greenhouse gas emissions were grouped into three sectors: oil and gas, utilities and steel, metals and mining.

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At the end of 2021, loans to these sectors amounted to 17 billion euros ($18.67 billion), 16% of its business loan portfolio and 3.5% of total loans, said German.

Banks are increasingly committing to net zero carbon emissions by 2050 and now need to come up with shorter-term goals that will get them there.

Deutsche said it would publish targets by the end of this year.

Other banks have already started to offer firm targets, including HSBC. Read more

A United Nations climate panel in a major report released on Monday called for drastic large-scale action, noting that almost half of the world’s population was already vulnerable to increasingly dangerous climate impacts. Read more

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Reporting by Tom Sims, Frank Siebelt and Simon Jessop Editing by Miranda Murray

Our standards: The Thomson Reuters Trust Principles.

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