Deutsche Bank announced a set of goals to reduce its financed emissions in several carbon-intensive industries, including oil and gas, power generation, automotive, and steel. Deutsche Bank stated that it intends to significantly reduce the amount of financed emissions, which account for most of the bank’s Scope 3 emissions – those beyond its direct control – by 2030.
According to Deutsche Bank, the new targets for the four sectors account for a significant portion of the bank’s €250 billion loan book.
The new targets include:
- 23% reduction by 2030 in Scope 3 upstream financed emissions
- 90% reduction in the upstream oil and gas sector by 2050
- 69% reduction in the intensity of Scope 1 physical emission by 2030
- Reduction of 100% by 2050 in power generation
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