Deutsche Bank has unveiled an estimate today that its revenues from ESG business will grow to around €1.4bn per year, ahead of €800bn secured last year.
IN BREIF:
- According to ESG Today, the estimate was unveiled at the bank’s ‘Sustainability Deep Dive 2023’ last week.
- The bank also outlined a series of initiatives it will pursue in order to reach the new 2025 goal. These include measures to link supply chain financing to environmental and social criteria, providing more financing for energy-efficient construction and renovation in Germany and grow its ESG financing in development economies and emerging markets.
- Deutsche also set a series of new sustainable finance goals, including an ambition to enable a total of €500bn in sustainable financing and investments between 2020 and 2025. There are also financed emissions commitments and updates to its policies for financing emissions-intensive sectors.
What does this mean?
Deutsche Bank CEO Christian Sewing said, “Despite the present political and economic challenges, we have no time to lose regarding the sustainable transformation of our society. We want to support our clients as a strong partner on their path to a more climate friendly economy.”
“In most cases we can contribute more to reducing greenhouse gas emissions by working with our clients. But in cases where we saw no willingness on the part of a client to embark on a credible transition, we would not shy away from exiting a relationship.”
