The Energy Mix

Top Menu

  • About
  • Latest Digest/Archive
  • Partners
  • Which Energy Mix is this?
  • Contact

Main Menu

  • News Archive by Category
    • Climate & Society
      • Carbon Levels & Measurement
      • Carbon-Free Transition
      • Climate Action/”Blockadia”
      • Climate Denial & Greenwashing
      • Climate Policy/Meetings/Negotiations
      • Culture, Curiosities, & Humour
      • Demographics
      • Energy Politics
      • Energy Subsidies
      • Energy/Carbon Pricing & Economics
      • Finance & Investment
      • First Peoples
      • Insurance & Liability
      • International Agencies & Studies
      • Jobs & Training
      • Legal & Regulatory
      • Media, Messaging, & Public Opinion
      • Methane
      • Travel, Leisure & Recreation
    • Climate Impacts & Adaptation
      • Biodiversity & Habitat
      • Drought, Famine & Wildfires
      • Food Security
      • Forests & Deforestation
      • Health & Safety
      • Heat & Temperature
      • Human Rights & Migration
      • Ice Loss & Sea Level Rise
      • International Security & War
      • Severe Storms & Flooding
      • Soil & Natural Sequestration
      • Water
    • Demand & Distribution
      • Air & Marine
      • Auto & Alternative Vehicles
      • Batteries/Storage
      • Buildings
      • Cities
      • Electricity Grid
      • Energy Access & Equity
      • Off-Grid
      • Petrochemicals & Plastics
      • Supply Chains & Consumption
      • Transit
      • Walking & Biking
    • Jurisdictions
      • Africa
      • Arctic & Antarctica
      • Asia
      • Australia
      • Brazil
      • Canada
      • China
      • Europe
      • India
      • International
      • Mexico, Caribbean & Latin America
      • Middle East
      • Oceans
      • Small Island States
      • South & Central America
      • Sub-National Governments
      • United States
    • Non-Renewable Energy
      • CCS & Negative Emissions
      • Coal
      • Nuclear
      • Oil & Gas
      • Pipelines/Rail Transport
      • Shale & Fracking
      • Tar Sands/Oil Sands
    • Opinion & Analysis
    • Renewable Energy
      • Bioenergy
      • Demand & Efficiency
      • General Renewables
      • Geothermal
      • Hydrogen
      • Hydropower
      • Research & Development
      • Solar
      • Wave & Tidal
      • Wind
  • Special Reports
    • Alberta’s Bitumen Pipe Dream
    • Canada’s Drive to Net Zero
    • Carbon Farming
    • City and Sub-National Action
    • Drawdown
    • Drive to 1.5
    • 26-Week Climate Transition Program for Canada
    • America’s Electoral Climate 2020
    • Canada’s Climate Change Election 2019
    • The Energy Mix Yearbook 2018
      • Climate Extremes
      • Fossils Go For Broke
      • Renewables (R)Evolution
      • Electric Vehicles
      • Canada’s Contradiction
      • COP24
      • Pipeline Politics
      • Jobs and Just Transition
      • Cities and Sub-Nationals
      • Finance and Divestment
      • Climate Litigation
  • Webinars & Podcasts
  • About
  • Latest Digest/Archive
  • Partners
  • Which Energy Mix is this?
  • Contact
  • Subscribe
  • Donate

logo

  • News Archive by Category
    • Climate & Society
      • Carbon Levels & Measurement
      • Carbon-Free Transition
      • Climate Action/”Blockadia”
      • Climate Denial & Greenwashing
      • Climate Policy/Meetings/Negotiations
      • Culture, Curiosities, & Humour
      • Demographics
      • Energy Politics
      • Energy Subsidies
      • Energy/Carbon Pricing & Economics
      • Finance & Investment
      • First Peoples
      • Insurance & Liability
      • International Agencies & Studies
      • Jobs & Training
      • Legal & Regulatory
      • Media, Messaging, & Public Opinion
      • Methane
      • Travel, Leisure & Recreation
    • Climate Impacts & Adaptation
      • Biodiversity & Habitat
      • Drought, Famine & Wildfires
      • Food Security
      • Forests & Deforestation
      • Health & Safety
      • Heat & Temperature
      • Human Rights & Migration
      • Ice Loss & Sea Level Rise
      • International Security & War
      • Severe Storms & Flooding
      • Soil & Natural Sequestration
      • Water
    • Demand & Distribution
      • Air & Marine
      • Auto & Alternative Vehicles
      • Batteries/Storage
      • Buildings
      • Cities
      • Electricity Grid
      • Energy Access & Equity
      • Off-Grid
      • Petrochemicals & Plastics
      • Supply Chains & Consumption
      • Transit
      • Walking & Biking
    • Jurisdictions
      • Africa
      • Arctic & Antarctica
      • Asia
      • Australia
      • Brazil
      • Canada
      • China
      • Europe
      • India
      • International
      • Mexico, Caribbean & Latin America
      • Middle East
      • Oceans
      • Small Island States
      • South & Central America
      • Sub-National Governments
      • United States
    • Non-Renewable Energy
      • CCS & Negative Emissions
      • Coal
      • Nuclear
      • Oil & Gas
      • Pipelines/Rail Transport
      • Shale & Fracking
      • Tar Sands/Oil Sands
    • Opinion & Analysis
    • Renewable Energy
      • Bioenergy
      • Demand & Efficiency
      • General Renewables
      • Geothermal
      • Hydrogen
      • Hydropower
      • Research & Development
      • Solar
      • Wave & Tidal
      • Wind
  • Special Reports
    • Alberta’s Bitumen Pipe Dream
    • Canada’s Drive to Net Zero
    • Carbon Farming
    • City and Sub-National Action
    • Drawdown
    • Drive to 1.5
    • 26-Week Climate Transition Program for Canada
    • America’s Electoral Climate 2020
    • Canada’s Climate Change Election 2019
    • The Energy Mix Yearbook 2018
      • Climate Extremes
      • Fossils Go For Broke
      • Renewables (R)Evolution
      • Electric Vehicles
      • Canada’s Contradiction
      • COP24
      • Pipeline Politics
      • Jobs and Just Transition
      • Cities and Sub-Nationals
      • Finance and Divestment
      • Climate Litigation
  • Webinars & Podcasts
Advanced Search
Arctic & AntarcticaCanadaCarbon-Free TransitionClimate & SocietyClimate Policy/Meetings/NegotiationsCoalDemand & DistributionElectricity GridEuropeFinance & InvestmentJurisdictionsNon-Renewable EnergyOil & GasShale & FrackingTar Sands/Oil Sands
Home›Jurisdictions›Arctic & Antarctica›Deutsche Bank Dumps Tar Sands/Oil Sands, Arctic Oil and Gas, Falls Short on Coal Divestment

Deutsche Bank Dumps Tar Sands/Oil Sands, Arctic Oil and Gas, Falls Short on Coal Divestment

July 29, 2020
July 29, 2020
 
Primary Author Compiled by The Energy Mix staff
292
2
Share:
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  Print This Story
Björn Láczay/flickr

Frankfurt-based banking giant Deutsche Bank is immediately cutting off financing for new tar sands/oil sands and Arctic oil and gas projects and will end its involvement with coal mining by 2025, in a move that at least one Canadian climate analyst praised but a European campaign organization cast as just a first step in a longer transformation.

“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,” The Canadian Press reports. “It says its ban on oilsands financing, effective immediately, will include exploration, production, transport, or processing, seemingly including oilsands pipelines and upgraders or refineries.”

Like this story? Subscribe to The Energy Mix and never miss an edition of our free e-digest.

SUBSCRIBE

The bank will also reduce its support for coal-fired power plants by 20%. “Deutsche Bank says the moves are part of a commitment to align its credit portfolios with the greenhouse gas reduction goals of the Paris Agreement,” CP writes.

The new policy “sets us ambitious targets and enables us to help our long-standing clients with their own transformation,” said CEO Christian Sewing.

Greenpeace Canada senior energy strategist Keith Stewart said the announcement puts other decision-makers on notice. “Deutsche Bank’s updated fossil fuel policy is the latest warning shot telling us that doubling down on coal, oil, and gas will sink our economy while destabilizing the climate,” he told CP. “We still have time to protect the workers, communities, and regions currently dependent on oil as we navigate this shift and ensure that all Canadians prosper in the new low-carbon economy.”

But German anti-coal campaigners at the non-profit Urgewald said the “much-needed movement” reflected in Deutsche Bank’s announcement still left the institution a long way from complying with the carbon reduction targets in the 2015 Paris accord.

“The bank intends to drop clients with either a coal share of revenue or a coal share of reserves of more than 50% by 2025,” Urgewald writes in a release. But “big, diversified coal producers such as BHP Billiton, Anglo American, and Glencore will not be affected by the policy, according to Urgewald research. The Norwegian Government Pension Fund recently excluded these companies from its portfolio for their especially climate-damaging practices.”

As for coal-fired power plants, “the bank has not specified any concrete exclusion plans yet,” Urgewald continues. “Instead, the bank announced it would assess coal power companies’ transition plans by the end of this year.” 

But the policy only applies to utilities that produce more than half of the power from coal, meaning that some major offenders are excluded. It also gives companies like Europe’s biggest CO2 emitter, RWE, and Poland’s biggest coal company, PGE, “a chance to convince Deutsche Bank that their transition plans are sufficient to remain in the bank’s portfolio. Although both companies are leading lignite miners, they are regarded as utilities and rarely generate any revenue from selling coal.”

All in all, “Deutsche Bank seeking to limit its fossil businesses is a much-welcomed step forward,” said Urgewald coal campaigner Regina Richter. “From a climate perspective, however, this is still too little, too late. We would have needed significantly more ambition in the year 2020.”

TagsBitumen Bubble Finance & Divestmentbyline-internalEnergy Central - Energy CollectiveWe Don't Have Time
Share:
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  Print This Story

Find more stories about
Arctic & AntarcticaCanadaCarbon-Free TransitionClimate & SocietyClimate Policy/Meetings/NegotiationsCoalDemand & DistributionElectricity GridEuropeFinance & InvestmentJurisdictionsNon-Renewable EnergyOil & GasShale & FrackingTar Sands/Oil Sands

    2 comments

    1. Legislators tell MPCA to reject Enbridge Line 3 pipeline, MN Dept. of Commerce needs to refile Line 3 appeal | 30 July, 2020 at 14:04 Reply

      […] climate change policies. The Energy Mix is reporting that German financing giant Deutsche Bank is ending new financing for tar sands and Arctic oil and gas […]

    2. Don Scott 31 July, 2020 at 16:15 Reply

      A good start by Germany’s very conservative bank. This means one less source of funding for Alberta’s Tar Sands and its Tar Sands dependent pipeline like the now taxpayer owned Kinder Morgan/Trans Mountain pipeline as well as TC Energy’s (no longer a Canadian company) Keystone XL. Looks like stupid Alberta Conservatives committing $7.5 billion toward its construction will shrink the Heritage Fund by half as the investment gets written off, a 50% risk says Alberta Pipelines lawyer James Coleman. https://calgaryherald.com/business/energy/varcoe-risks-rising-on-albertas-multibillion-dollar-pipeline-investment.
      It also illustrates the hypocrisy of BC’s government in opening up new coal mine permits while talking like they understand Climate Change and Alberta’s push to do the same. Not to mention the $40 billion LNG investment by totally foreign owned Canada LNG in Kitimat and the billions going into fracking for the gas to be liquified.

    Leave a reply Cancel reply

    Recent Posts

    • Alberta Calls for $30-Billion Carbon Capture Subsidy in Upcoming Federal Budget
      Alberta Calls for $30-Billion Carbon Capture Subsidy in Upcoming Federal Budget
      March 10, 2021
    • Panicky Messaging on Line 5 Closure Threat Masks Real Issues with Pipeline, Oil by Rail
      Panicky Messaging on Line 5 Closure Threat Masks Real Issues with Pipeline, Oil by Rail
      March 10, 2021
    • Experts Brace for Disaster as Canada, U.S. Increase Oil-by-Rail Shipments
      Experts Brace for Disaster as Canada, U.S. Increase Oil-by-Rail Shipments
      March 10, 2021
    • Quebec LNG Megaproject Will Drive Up Power Rates with $310M Revenue Hit, Analysis Finds
      Quebec LNG Megaproject Will Drive Up Power Rates with $310M Revenue Hit, Analysis Finds
      March 10, 2021
    • Sketchy Carbon Accounting Turns Net-Zero Targets into ‘Weapons-Grade Greenwash’, Scientist Warns
      Sketchy Carbon Accounting Turns Net-Zero Targets into ‘Weapons-Grade Greenwash’, Scientist Warns
      March 10, 2021

    News Feed

    Top News

    • Study Probes Northern Permafrost Loss at 1.5°, 2.0°C Average Warming
      March 9, 2021
    • China Plans Online Carbon Trading Market by Mid-Year
      March 9, 2021

    Read More

    Carbon-Free Transition

    • Electric Motorbikes Fuel Carbon-Free Future for East Africa
      March 9, 2021
    • Volatile Market, Competing Automakers Drive Down Tesla’s Share Price
      March 9, 2021

    Read More

    Canada

    • Yukon Energy Turns to First Nation as Site for Territory’s Biggest Grid Battery
      March 9, 2021
    • Northeastern B.C. First Nation Gets Oilfield Services Training
      March 9, 2021

    Read More

    U.S.

    • Second-Biggest U.S. Coal Mine Heads Toward Closure
      March 9, 2021
    • U.S. Legislator to Target Big Oil for Oversight
      March 9, 2021

    Read More

    International

    • China Plans Online Carbon Trading Market by Mid-Year
      March 9, 2021
    • Pacific Islands Unveil Faster Shift to Renewables
      March 9, 2021

    Read More

    • About the Energy Mix
    • Contact
    • Privacy Policy and Copyright
    Copyright 2020 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.