Commerzbank is “expressly” committed to the Paris Climate Agreement and wants to help drive the sustainable restructuring of the economy.
Like other financial institutions, Commerzbank is increasing the pace of climate and environmental protection.
“It is our common and most urgent goal as Commerzbank to direct capital into the sustainable restructuring of the economy,” said the CEO of the Frankfurt MDax group, Manfred Knof, on Friday.
«We are expressly committed to the Paris Climate Agreement. That is why we have committed ourselves to net zero the CO2 emissions of our entire loan and investment portfolio by 2050 at the latest, ”affirmed Knof. Corporate and private customers are to be supported in the conversion to a greener economy.
The core of the Paris Agreement of 2015 is to limit global warming to well below 2 degrees compared to the pre-industrial level. In the face of advancing climate change, environmentalists and scientists are calling for more efforts to reduce emissions of the greenhouse gas carbon dioxide (CO2), for example.
Commerzbank wants to triple its business volume, defined as sustainable, to 300 billion euros by 2025. With a view to its own operations, the bank is striving to reduce CO2 emissions to net zero by 2040 at the latest: flights for business trips are to be limited, and buildings are to be further refurbished to improve energy efficiency.
There are now numerous efforts in the financial sector on the subject of climate protection. In April 2021, for example, the “Net-Zero Banking Alliance” was launched, in which banks around the world strive to reduce their CO2 emissions as best as possible. Commerzbank and Deutsche Bank from Germany as well as Germany’s largest alternative bank GLS were there from the start.
In May of this year, Deutsche Bank also published its own targets for climate and environmental protection. The savings banks in Germany also want to help ensure that less CO2 is emitted and that overall management is more environmentally friendly. Environmental and climate protectors regularly doubt that such voluntary commitments are sufficient.
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
