Frankfurt, 8:30 a.m. – Numerous washing machines are piled up in front of Deutsche Bank’s headquarters. Foam is pouring out of the machines, spreading to the forecourt of Deutsche Bank. Green washed clothes dripping with slime hang out of the washing machines. Remnants of oil-smeared laundry pile up on the floor. In the background, the “beep – beep – beep” of a heart monitor can be heard. The sound gets faster and faster until it culminates in a shrill alarm signal – flatlined.
On the occasion of Deutsche Bank’s Annual General Meeting, we from the KoalaKollektiv denounce Deutsche Bank’s greenwashing and call on one of the largest financiers of fossil industries to make a sustainable U-turn.
“Deutsche Bank is irresponsibly greenwashing under the hashtag ‘positiveimpact’. It is actively choosing, even in 2022, to finance coal, oil and gas that are harmful to life, instead of using this money to make a genuine positive impact to the necessary socio-ecological transformation.”
says Rika von Gierke, a spokeswoman for the KoalaKollektiv.
The latest assessment report from the Intergovernmental Panel on Climate Change (IPCC) warns that half of humanity is already at risk from the climate crisis and the window of opportunity to act is closing fast.
However, Deutsche Bank has provided fossil fuel companies with more than 80 billion euros since the Paris Agreement. The financial institution’s projects include coal expansion in Germany, fracking in Argentina and liquefied natural gas in Mozambique. According to a Reuters article, Deutsche Bank is now, after continued protests, ruling out direct financing of the controversial East African Crude Oil Pipeline (EACOP). However, the company responsible, TotalEnergies, continues to receive funds from Deutsche Bank.
Omar Elmawi, Coordinator of Stop EACOP
“The funding for this project is insane, and we’re glad that the Deutsche Bank has finally acknowledged this. However, it is still involved in financing TotalEnergies’ operations and could indirectly finance the pipeline and associated oil fields in Uganda. Deutsche Bank must see this project for what it is: a crime against people, nature and the climate. It must not give Total a single cent for it.”
“Deutsche Bank provides funds to some of the world’s most destructive companies including Shell, Total, RWE and Saudi Aramco. Specifically, Deutsche Bank is funding weapons for Russia and Saudi Arabia, funding the oppression of local communities in East Africa and Argentina, and funding deaths worldwide from air pollution, heat disasters, and water shortages. We call on Deutsche Bank to stop funding anti-life industries immediately! Instead of shamelessly greenwashing, it must live up to its responsibility as Germany’s largest financial institution.”
says Rika von Gierke, KoalaKollektiv.
Sources and further information
- https://www.urgewald.org/deutsche-bank
- https://www.bankingonclimatechaos.org/wp-content/themes/bocc-2021/inc/bcc-data-2022/BOCC_2022_vSPREAD.pdf
- https://oilgaspolicytracker.org/
- https://positiveimpact.db.com/sustainability/
- https://www.ft.com/content/564fef87-ed45-494e-a8df-bb49ccd91883
- https://www.db.com/files/documents/db-es-policy-framework-english.pdf
- https://www.ipcc.ch/report/ar6/wg2/downloads/report
- IPCC_AR6_WGII_SummaryForPolicymakers.pdf
- https://www.weforum.org/agenda/2021/08/ipcc-report-what-why-matters/
- https://www.banktrack.org/article/who_will_finance_the_east_african_crude_oil_pipeline
- https://350.org/de/totals-eacop-pipeline-ist-einen-schritt-naeher-an-der-realisierung/
- https://www.marketscreener.com/quote/stock/DEUTSCHE-BANK-AG-56358396/news/Liquefied-Natural-Gas-Limited-LNG-Ltd-Appoints-Deutsche-Bank-AG-for-its-Sponsored-Level-I-America-38843329/
- https://www.urgewald.org/medien/deutsche-bank-gruene-rhetorik-feigenblatt-fuer-fossile-finanzen
- https://www.stopeacop.net/banks-checklist
- https://www.reuters.com/business/sustainable-business/deutsche-bank-is-not-financing-controversial-african-pipeline-source-2022-05-15/