Well, yes, maybe

Deutsche Bank, the biggest bank in Germany, has said it will stop financing coal projects as part of its commitments under the Paris agreement to tackle global warming.

“Deutsche Bank and its subsidiaries will not grant new financing for greenfield thermal coal mining and new coal-fired power plant construction,” it said in a statement.

Is this a victory for green campaigners or a victory for the market? Given that thermal coal looks like a money sink from now off into the future?

12 comments on “Well, yes, maybe

  1. “Given that thermal coal looks like a money sink from now off into the future?”

    And why is that Tim?

    Because if the “market” has the same interests as the green scum something is badly wrong.

  2. Since it decided to get rid of nuclear power Germany has been renewing its coal power to increase its efficiency. I’d not be surprised if Deutsche Bank have simply run out of coal projects to invest in.

  3. “Deutsche Bank…..as part of its commitments under the Paris agreement”

    Seems to be a conflation of the state and its private businesses. Do we put this down to typical Germany or .typical Guardian?

  4. First hand sources confirm that Germany has ramped up coal imports since the start of their Energiewiener …

  5. Coal mining a money sink? Yes, wait until the new moonbeam generator is unveiled. In the mean time, on planet earth we have a new president in the White House and all the sadsack moanings of the green lobby are steadily being rip-up. Between India and China they are building thousands of coal fired power stations. There is a race between coal and gas power stations being built worldwide.

  6. “Since it decided to get rid of nuclear power Germany has been renewing its coal power to increase its efficiency. I’d not be surprised if Deutsche Bank have simply run out of coal projects to invest in.”

    They may have decided they’ve invested enough in coal because their portfolios are looking unbalanced and the green shit is just opportunist PR.

  7. re: Johannes L Pretorius

    It’s simply cheaper to import coal from United States than to invest in coal mine. They’re virtue signaling, but the real reason is that they cannot expect to turn a profit investing in coal mine in Europe.

  8. Funnily enough just yesterday I was talking to the bank (Aussie owned) about financing the purchase of an asset that will be leased into a mining sector player in Asia. Their main question was how involved in the thermal coal industry the lessee was; on hearing “not involved at all” we were able to continue the discussion.

    So not just Deutsche, it is the wider banking sector. So I very much doubt it has anything at all to do with the Paris Agreement. More like Greenwashing of current business practice!

  9. Are there many places in Europe where greenfield coal mining is even possible or feasible or potentially profitable? I would have thought the viable mines were long since scraped clean and we are into tricky deep mined seams

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