Deutsche Bank and its subsidiaries will not grant new financing for greenfield thermal coal mining and new coal-fired power plant construction, the bank announced on Tuesday.
According to the statement, Deutsche Bank revised its approach to coal financing and amended its guidelines governing coal power and mining.
Additionally, the bank will gradually reduce its existing exposure to the thermal coal mining sector, it noted.
The bank explained that it welcomed the universal climate agreement made at the 2015 Climate Summit in Paris, by signing the Paris Pledge for Action alongside over 400 private and public organizations.
"This emphasizes the bank鈥檚 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," it added.
By Dilara Zengin
Anadolu Agency
dilara.zengin@aa.com.tr
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