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Commerzbank announces to become a net zero Bank
Joining the Net-Zero Banking Alliance of UNEP FI emphasises commitment to sustainability
Greenhouse gas emissions from lending and investment portfolio will be reduced and neutralised by 2050
Own banking operations to be at net zero by 2040
Today Commerzbank has joined the Net-Zero Banking Alliance of UNEP FI, the United Nations Environment Programme Finance Initiative. As one of the first financial institutions worldwide, Commerzbank is committed to reducing its CO2 emissions in the best possible way. The aim is to reduce the CO2 balance sheet of its entire lending and investment portfolio to net zero by 2050 at the latest. For its own banking operations, the Bank aims to reduce CO2 emissions to zero by 2040. "By voluntarily committing ourselves to net zero we underline our decisiveness to actively contribute to the sustainable transformation of society and the economy. In the run-up to this year's World Climate Conference in Glasgow, where the realisation of the Paris Climate Agreement will be a headline topic, we're sending a clear signal," says Manfred Knof, CEO of Commerzbank.
In 2019, Commerzbank singed the Principles for Responsible Banking initiated by UNEP FI and committed itself to support the real economy in its transformation. "With our commitment to net zero, we're taking an important and consistent step forward," says Knof. Commerzbank's CO2 emissions have already been reduced by more than 70% since 2007and its own banking operations have been climate neutral since 2015.
The net zero commitment demands comprehensible actions with which Commerzbank proves support for its clients' efforts to reduce their greenhouse gas emissions. Firstly the focus is laid on CO2 intensive sectors. The Bank will regularly report on its progress in accordance with UNEP FI guidelines. In managing its portfolio, Commerzbank will use the scientific approach of the Science- Based Targets Initiative, which it joined as the first German Bank in 2020.
About Net-Zero Banking Alliance
The Net-Zero Banking Alliance of UNEP FI brings together representatives from international banks to coordinate efforts and promote a smooth but rapid decarbonisation of the economy. The Net-Zero Banking Alliance is part of the Glasgow Financial Alliance for Net Zero (GFANZ) which is open to asset owners, asset managers, banks and insurance underwriters. Members will include all those that are, or will be, part of the Race to Zero.
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