Deutsche Bank to quit coal mining projects by 2025

Deutsche Bank said on Monday that it will wind down its worldwide coal mining operations by 2025 at the latest.

The German lender also said that it would not be financing new projects in the Arctic or oil sand projects.

By the end of 2020, the bank will review all its existing business activities in the oil and gas sector and the existing business activities in Europe and the US in regard to clients' diversification plans in coal power.

The plan is part of a move by major banks to shift towards investments in up and coming, profitable green projects and to fight the pollution from fossil fuel projects that was keeping them from hitting the emission targets set by governments and by companies themselves.

The announcement follows the launch of initiatives such as the Center for Climate-Aligned Finance in the US earlier in July.

The Rocky Mountain Institute (RMI) is banking on banks to get society over the carbon-neutral finish line by 2050.

Earlier in the month, the non-profit announced that it’s partnering with four of the world’s largest financial institutions — Wells Fargo, Goldman Sachs, JPMorgan Chase and Bank of America.

The centre will serve as a hub for cross-sector collaboration, bringing traditional financial instruments to innovative ideas to decarbonize the planet.