Deutsche Bank ends coal mining operations

Deutsche Bank, in revising its fossil fuel policy, said it would end coal-mining business worldwide no later than 2025.

The German lender also said that, with immediate effect, it will not finance new projects in the Arctic or oil projects.

The new policy follows the announcement earlier this year of new sustainability targets and the bank's first green bond.

Urgewald, a nonprofit environmental and human rights organization, said the announcement was a welcome step forward, but "still too little, too late."

"Compared to international competitors, the bank still lags behind in terms of climate," the report said, citing BNP Paribas and Royal Bank of Scotland as leaders.

Deutsche Bank said it will review all of its coal energy operations in the US and Europe in terms of client diversification plans by the end of this year. A similar survey will begin in Asia in 2022.

Deutsche Christian Sewing CEO said the new policy "sets ambitious goals for us and allows us to help our longtime clients in their own transformations."