As a first among the big conventional banks in Germany, Commerzbank not only commits to ending coal energy by 2030; it also lays down the first more serious exclusion criteria for oil and gas. To a large extent, we can count these developments as a victory for civic engagement. Nevertheless, Commerzbank still misses the chance to put its portfolio on a clear and steady 1.5 °C course today.
In AIIB’s six years of operation, after 142 projects approved and over $28 billion invested, the PPM has yet to receive a single complaint. A new report released by Recourse and Urgewald examines the possible reasons for this.
Since the Paris Agreement, the World Bank has provided $12 billion in direct project finance to fossil fuels, more than any other multilateral development bank.