EMEA News
Deutsche Bank Sets Emissions Targets for Shipping Clients
Deutsche Bank has set emissions reduction targets for loans to clients in the coal mining, cement and shipping sectors and now has a net-zero plan for 55% of its financed emissions, its chief sustainability officer has said.
The bank's corporate loan book stood at EUR 107 billion ($112.72 billion) at the end of 2022.
"Once we have pathways, we can start to really manage it down," chief sustainability officer Jörg Eigendorf was quoted as saying by Reuters as the bank published its initial transition plan.
Targets for shipping will follow the industry agreed 'Poseidon Principles' methodology, the report said.
Ship finance houses using the methodology "measure the carbon intensity of their shipping portfolios on an annual basis and assess their climate alignment relative to established decarbonization trajectories," according to the Poseidon Principles website.
