Deutsche Bank does not finance the African oil pipeline, a source said

Deutsche Bank does not finance the African oil pipeline, a source said

“Many major banks and insurers have already pulled out of this devastating project. We’re raising the pressure on Deutsche Bank, as one of the only major banks in Europe that has not yet withdrawn their support for EACOP,” has said ahead of the planned protests.

In recent years, Deutsche Bank has marketed itself as a bank that companies can turn to as they transition to a greener future.

Deutsche Bank has never been involved in the financing of the pipeline, said the person, speaking on condition of anonymity.

“We have placed sustainability at the core of our strategy,” Chief Executive Officer Christian Sewing said last year.

Story Highlights

  • Deutsche has so far not commented on the project despite the pressure increasing ahead of the bank’s annual general meeting on Thursday. The environmental activist group is organising a series of protests in the coming days.

  • The French energy giant Total, which is developing the pipeline with China National Offshore Oil Corporation, has said it was taking steps to mitigate the environmental and human impact of the project.

Deutsche Bank said in a statement that it doesn’t comment on clients, but that it “supports the transition to a low-carbon economy” and its policies prohibit it from knowingly financing projects that clear primary forests, areas of high conservation value and peatlands.