Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

From Peru to Uganda, activists call on Deutsche Bank to drop fossil finance

Stock Markets Jun 28, 2022 12:01
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
4/4 © Reuters. Ankuash Mitiap Kapuchak and Shapiom Noningo Sesen, indigenous leaders from Peru and Ricardo Perez of the environmental activist group Amazon Watch pose in front of Deutsche Bank headquarters in Frankfurt, Germany, June 27, 2022. Picture taken June 27, 202 2/4

By Tom Sims and Marta Orosz

FRANKFURT (Reuters) - Climate activists from Peru to Uganda are descending on Deutsche Bank (ETR:DBKGn)'s headquarters in Frankfurt this week to call on Germany's largest lender to stop financing fossil fuel companies.

The demand comes as Deutsche Bank markets itself as a lender that firms can turn to as they transition to a greener future, a strategy it views as key to delivering its own turnaround and boosting profits.

On Monday, two leaders of indigenous Peruvians and several climate activists met with Deutsche Bank staff in the sustainability department to demand it stop working with Peruvian state oil company Petroperu, which they say is harming wildlife and waterways in the Amazon (NASDAQ:AMZN).

On Tuesday, Fridays for Future activist Luisa Neubauer from Germany and Evelyn Acham from the Rise Up Movement in Uganda will also meet with Deutsche Bank CEO Christian Sewing to insist he distance the bank from an oil pipeline plan in Africa.

Sewing has said sustainability is "at the core of our strategy", but for many activists, the bank isn't doing enough.

In a blow to its green credentials, Deutsche Bank's fund unit DWS is facing allegations of so-called "greenwashing" for allegedly misleading investors over how sustainable its investments are. DWS has denied the allegations.

Deutsche Bank declined to discuss the meetings or its dealings with Petroperu, but said it understood and appreciated demands and views of activists.

"We are committed to reducing our own CO2 emissions and in particular those of our loan portfolio to net zero by 2050," it said.

In Peru, the government wants to ramp up oil production in some of its dormant Amazonian fields as global crude prices soar on supply fears linked to Russia's invasion of Ukraine.

Deutsche is a lead bank for a $1.3 billion loan for Petroperu and played a key role in recent talks with creditors to extend a deadline for the energy firm to provide its 2021 audited financial statements, according to Petroperu.

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.

Shapiom Noningo Sesen, an indigenous leader of the Wampis Nation and part of Monday's meetings, said he asked Deutsche to reevaluate its role, and that activists would keep the pressure on the bank until it drops Petroperu.

He said locals couldn't eat fish anymore due to pollution and toxins were ending up in their blood.

"These companies are just playing with our lives, our culture and our history," he said through an interpreter.

Petroperu didn't respond to a request for comment. It said this month it was "committed to caring for the environment through responsible practices".

Ricardo Perez, an official with Amazon Watch, said he would also visit other banks to pressure them to end dealings with Petroperu.

But for now his focus was on Deutsche, which Perez said "has invested in the biggest driver of new oil production in the Amazon for the next decade".

From Peru to Uganda, activists call on Deutsche Bank to drop fossil finance
 

Related Articles

S&P 500 Gives Up Gains as Nvidia Drags Down Tech
S&P 500 Gives Up Gains as Nvidia Drags Down Tech By Investing.com - Aug 08, 2022

By Yasin Ebrahim Investing.com -- The S&P 500 gave up gains Monday, as investors weighed up a climb in consumer stocks and an Nvidia-led slump in tech after the chipmaker cut its...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email