CALGARY — Frankfurt-based Deutsche Bank is joining a lengthening list of European lenders and insurance companies that say they won’t back new oilsands projects.
The German bank says its new fossil fuels policy will also prohibit investing in projects that use hydraulic fracturing or fracking in countries with scarce water supplies and all new oil and gas projects in the Arctic region.
It says its ban on oilsands financing, effective immediately, will include exploration, production, transport or processing, seemingly including oilsands pipelines and upgraders or refineries.
It says it will stop financing and capital markets transactions involving coal mining by 2025 at the latest after achieving a goal last year to reduce its loan exposure to coal-fired power plants by 20 per cent. It says it won’t finance any new coal power plants.
Source: Deutsche Bank says it won’t back an new oilsands or coal projects – AirdrieToday.com