For Commerzbank, climate protection constitutes an important aspect of its corporate responsibility. On the one hand, this is reflected in the Bank’s core business via, for example, our net zero strategy or our commitment to renewable energy, green and social bonds and emissions trading or to forgoing certain transactions such as coal financing as well as financing projects for any oil and gas extraction projects. On the other hand, it is also shown in our endeavours to continuously reduce our ecological footprint. During the last few years, we have managed to significantly cut carbon-dioxide emissions.
Commerzbank's banking operations in Germany have been climate-neutral since 2015. Since 2021, it has been possible to extend this to the entire Commerzbank AG. Remaining Greenhouse-gas emissions are compensated through the purchase and retirement of high-quality CO2 certificates. As such, Commerzbank is working in a climate-neutral manner in Germany. The climate neutrality of the banking operations also covers carbon-dioxide emissions resulting from the commuter traffic of employees, which contributes to more than a quarter of the total emissions. With respect to the compensation, the integrity of the emission-reduction projects as well as that of the certificates generated by these projects is essential in adequately compensating for carbon-dioxide emission. For this reason, we have defined clear principles for the selection of the projects, referring to the quality of the certificates, the types of technology that are employed in the prevention of CO2 emissions, as well as to the countries in which these projects are located.
In order to achieve the net zero target in banking operations by 2040, we are now working towards the reduction target by 2025. In doing so, greenhouse gas emissoins at Commerzbank AG are to be reduced by 30% compared with 2018.
However, “reduction rather than compensation” will continue to apply in future. After all, the best emissions are those which are not generated in the first place.
