One week ahead of its annual general meeting, Deutsche Bank has released a statement on ESG (environmental, social and governance) topics. Regine Richter, Finance Campaigner at Urgewald, commented on the bank's announcement.
More than five years after the Paris Agreement, the UK financial sector is actively undermining Government efforts to phase out coal, according to a new report from NGO Reclaim Finance (1). The group’s research, undertaken in collaboration with German NGO Urgewald, has found that five leading UK banks provided $56 billion of support to companies on the Global Coal Exit List (GCEL) between October 2018 and October 2020 (2). Investors led by Legal & General (L&G) likewise held $47bn in GCEL companies in January 2021. Worse still, the report unveils widespread support for companies planning on expanding coal among UK banks and investors.