Deutsche Banks won’t finance any new Arctic oil and gas projects

[Jay McKinsey + 1,489]

With immediate effect, the bank, which is the world’s 17th largest, says it «will no longer finance any new projects in the Arctic region.»

Deutsche Bank adds that it by the end of 2020 will review all its existing business activities in the oil and gas sector.

The game-changing move by the German bank is a big blow to the remaining part of the petroleum businesses that still look north for explorations of new fields.

“This is just the beginning of the end for the fossil fuel industry,” says Frederic Hauge, head of the Bellona Foundation in Norway.

Hauge says the decision by Deutsche Bank is “a signal to all investors that conversion to clean energy can’t start soon enough.”

Additional to backing out of Arctic oil, Deutsche Bank has decided to end its global business activities in coal mining by 2025 at the latest. By the end of 2020, the bank will review all its existing business activities in Europe and the US with regards to clients’ diversification plans involving coal power. For Asia, a similar review will begin in 2022.

https://thebarentsobserver.com/en/industry-and-energy/2020/07/deutche-banks-wont-finance-any-new-arctic-oil-and-gas-projects