Deutsche Bank today announced net zero aligned targets for 2030 and 2050 in four carbon-intensive sectors. The bank’s goal is to reduce the amount of financed emissions (Scope 3) significantly by 2030. The targets represent a core element of Deutsche Bank’s sustainability strategy and reflect the bank’s commitments as a founding member of the Net Zero Banking Alliance (NZBA).
Deutsche Bank’s methodology, which is designed to be in line with emerging best practice, aims to support a progressive and orderly phase-out of fossil fuel usage while incentivizing the financing of lower carbon-intensity technologies and clients with credible transition plans.
Deutsche Bank’s targets cover sectors accounting for a significant proportion of financed emissions of its € 250 billion corporate loan book1 as well as key sources of global Scope 3 emissions of clients. Targets for each sector are as follows:
- Oil & Gas (Upstream): 23% reduction in Scope 3 upstream financed emissions by 2030, and 90% reduction by 2050, in millions of tonnes of CO2
- Power generation: 69% reduction in Scope 1 physical emission intensity by 2030 and 100% reduction by 2050, in kilogrammes of CO2 equivalent per megawatt hour
- Automotive (light duty vehicles): 59% reduction in tailpipe emission intensity by 2030 and 100% reduction by 2050, in grammes of CO2 per vehicle kilometre
- Steel: 33% reduction in Scope 1 and 2 physical emission intensity by 2030 and 90% reduction by 2050, in kilogrammes of CO2 equivalent per tonne
Deutsche Bank publishes targets for carbon footprint reduction
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