Deutsche Bank to end global business activities in coal mining by 2025
Part of new fossil fuel policies
NGO says welcome step but "too little, too late"
Updates with details, NGO reaction
FRANKFURT, July 27 (Reuters) - Deutsche Bank DBKGn.DE, in a revamp of its policies for fossil fuels, said on Monday that it would end business activities worldwide related to coal mining by 2025 at the latest.
The German lender also said that, effective immediately, it would not finance new projects in the Arctic or oil sand projects.
The new policies follow announcements earlier this year of new sustainability targets and the issuance of the bank's first green bond.
Urgewald, a non-profit environmental and human rights organisation, said that the announcement was a welcome step forward but "still too little, too late".
"Compared to international competitors the bank is still lagging behind on climate," it said, pointing to BNP Paribas BNPP.PAand Royal Bank of Scotland RBS.Las front runners.
Deutsche Bank said that it would review all of its U.S. and European coal power activities by the end of this year with respect to clients' diversification plans. It will begin a similar review in Asia in 2022.
Deutsche chief executive Christian Sewing said the new policy "sets us ambitious targets and enables us to help our long-standing clients with their own transformation."
(Reporting by Tom Sims Editing by Michelle Martin)
((Tom.Sims@thomsonreuters.com; +49 69 7565 1242;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.