Commerzbank is one of the founding signatories of the new Principles for Responsible Banking. These have been developed by the United Nations Environment Programme Finance Initiative (UNEP FI) in collaboration with several international financial institutions, and were officially launched at the start of the UN General Assembly in New York yesterday. Under these principles, 130 banks worldwide have undertaken a voluntary commitment to make the financial system as a whole more sustainable and develop the global economy in alignment with the UN sustainable development goals.
“In signing the principles, we are reiterating our commitment to the Paris Climate Agreement from 2015,” said Martin Zielke, Chief Executive Officer of Commerzbank. “As a bank, it is our responsibility to support the transformation of the economy towards sustainability. And this is exactly what the Principles for Responsible Banking demand.”
Sustainability has been an integral part of Commerzbank’s corporate management for many years. For example, the Bank has committed to the Green and Sustainable Finance Cluster Germany, which was established in Frankfurt in 2018 and advances the sustainability of the financial industry in Germany.
“We are all responsible for our actions regarding sustainability. This is why we have been climate-neutral since 2015 and have significantly lowered our CO2 emissions,” Zielke added. “But we can achieve the greatest progress in climate protection and sustainability together with our clients and investors.”
In 2018, Commerzbank issued its first green bond with a volume of €500 million. In addition, the Bank continues to maintain its leading position in the field of renewable energies with a current credit amount of €4.9 billion in project financing and €0.9 billion in corporate financing. The sustainable focus also includes binding rules for business transactions involving coal - with the objective of gradually reducing financing in the field of coal-fired power generation.