Climate activists from Peru to Uganda are descending on Deutsche Bank's headquarters in Frankfurt this week to call on Germany's largest lender to stop financing fossil fuel companies.
headquarters in Frankfurt this week to call on Germany's largest lender to stop financing fossil fuel companies.
Sewing has said sustainability is "at the core of our strategy", but for many activists, the bank isn't doing enough. "We are committed to reducing our own CO2 emissions and in particular those of our loan portfolio to net zero by 2050," it said. Missing that deadline prompted credit agencies to downgrade Petroperu to junk status and sent its bonds tumbling.The bank financing has helped Petroperu modernise a refinery to increase its ability to process more crude oil.
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