Arabella Advisors Study Finds Global Funds For Fossil Fuels Are On The Decline
As the Trump administration threatens to withdraw the US from the Paris Agreement and double up on efforts to revive a slowing fossil fuels industry, the rest of the world is pulling out of coal projects and redirecting investment towards renewables in an effort to make good on climate pledges.
Deutsche Bank, Germany’s largest bank, announced that it will cease to finance coal projects in an effort to meet its commitments under the Paris Agreement to limit global warming to 2 degrees above pre-industrial levels.
According to a statement released on Wednesday, Deutsche Bank and its subsidiaries will not grant new financing for greenfield thermal coal mining and new coal-fired plant construction. Additionally, the bank plans to gradually reduce its existing exposure to the thermal coal mining sector...