Overnight we published this ad about @DeutscheBank’s #coal funding in @DIEZEIT, one of Germany’s most read newspapers. Deutsche Bank must not arrange finance for Whitehaven Coal, a company that is planning THREE new or expanded coal mines. #Thread 🧵 
Deutsche Bank claims to support the #ParisAgreement and #NetZero2050. Last year the @IEA concluded that #NetZero2050 means “no new coal mines or mine extensions”. More recently, the @IPCC warned yet again that limiting global warming to 1.5ºC means urgently phasing out coal.
Since 2013, Deutsche Bank has loaned to Whitehaven Coal, the largest #pureplay coal mining corporation listed on the #ASX. In February 2020, Deutsche Bank was part of a group of banks that loaned a combined $1 billion to Whitehaven.
Late last year it was reported Deutsche Bank is preparing to arrange further finance for Whitehaven, via a bond issue. Whitehaven’s CFO suggested to the @FinancialReview’s Peter Ker the company could seek to raise up to $1 billion on bond markets.
Whitehaven is planning to spend around $2 billion on three new or expanded coal mines (#Narrabri Stage 3, #Vickery and Winchester South). The company has doubled its coal production in the last decade, and could double it again by 2030 if these mines proceed.
Deutsche Bank’s coal policy states the bank “will not provide any financing for greenfield thermal coal mining” and is committed to “phase out coal exposure by 2025 worldwide”. Arranging finance for Whitehaven would reveal this policy to be utterly meaningless.
In the words of UN Sec-Gen @antonioguterres, is Deutsche Bank “saying one thing, but doing another”? To have any credibility, @DeutscheBank must ensure it is not providing any finance to companies expanding the coal industry, like Whitehaven Coal.
P.s. Thanks to our friends at @urgewald for delivering the message in person to Deutsche Bank yesterday!
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