Deutsche Bank hauls out of coal activities

Deutsche bank has announced that it will stop financing coal projects to tackle global warming to fulfill its commitments under the Paris agreement .

Paris Agreement is an accord signed by 192 countries, is the world’s first universal, legally binding climate deal. It sets out a plan to limit global warming to below 2C (3.6F) over pre-industrial levels.

“Deutsche Bank and its subsidiaries will not grant new financing for greenfield thermal coal mining and new coal-fired power plant construction and existing exposure to such projects will be gradually reduced” it said in a statement.

The lender said the decision was due to the pledges it made at last year’s Paris climate conference, along with 400 other public and private companies, to help fight global warming.

Green groups has claimed  that Deutsche Bank had bowed to public pressure after 180,000 Germans signed a petition urging the bank not to fund the expansion at Abbot Point in Queensland.

Arabella Advisors, last month study found that global funds were increasingly signalling plans to pull out of fossil fuel investments, one year on from the Paris climate agreement.