California AB 1305 Disclosure
Deutsche Bank has set 2030 goals for decarbonizing own operations and actively managing carbon emissions across our supply chain. Levers to reduce emissions include reducing energy consumption, sourcing more electricity from renewables, reducing business travel, and addressing residual emissions through the purchase of offsets.
Deutsche Bank has been compensating its carbon footprint from the scopes mentioned above since 2012 and the below table is the 2023 offset portfolio to achieve this.
Offsetting residual CO₂ emissions
One of Deutsche Bank’s most important environmental commitments is to reduce and compensate CO₂e emissions for own operations and business travel. This is achieved by consuming less energy, travelling less, and purchasing more renewable electricity, and then finally by offsetting Deutsche Bank’s residual Scope 1 and 2 emissions as well as those associated with Deutsche Bank group’s business travel.
Having reduced energy consumption and travel and purchased renewable electricity for 97% of all electricity consumption, in 2023, Deutsche Bank continued to offset the residual emissions by purchasing and retiring certificates that fulfil that bank’s quality criteria, such as Verified Emission Reduction (VER) certificates. The certificates purchased in 2023 fund investments in a diversified portfolio of projects that promote climate protection and economic development in Africa, Latin America, and Asia. All projects are certified by the Gold Standard, a not-for-profit organization established by WWF and other international Non-Governmental Organizations which, according to that organization, aims to ensure that carbon reduction projects follow highest levels of environmental integrity and contribute to sustainable development.
The projects supported by the VER certificates (purchased and retired along with the emissions they offset) are shown in the table below:
| Project Name |
Project | Offset Type | Project Type | Country | Standard | Provider | Registry |
|---|---|---|---|---|---|---|---|
| 300 MW Wind Power Project in Gujarat | GS 7745 | Avoidance | Renewable Energy | India | Gold Standard | ClimatePartner GmbH | Gold Standard Impact Registry |
| Cururos Wind Farm Project | GS 3567 | Avoidance | Renewable Energy | Chile | Gold Standard | ClimatePartner GmbH | Gold Standard Impact Registry |
| Guttigoli Solar Power Project in Karnataka | GS 6760 | Avoidance | Renewable Energy | India | Gold Standard | ClimatePartner GmbH | Gold Standard Impact Registry |
| Improved Cookstoves for Social Impact in Ugandan Communities | GS 447 | Avoidance | Cooking Stoves | Uganda | Gold Standard | First Climate Markets AG | Gold Standard Impact Registry |
| Microenergy Credits – Microfinance for Clean Energy Product Lines | GS 2684 | Avoidance | Energy Efficiency | Mongolia | Gold Standard | First Climate Markets AG | Gold Standard Impact Registry |
| 20 MW Wind Power project in the State of Tamil Nadu | GS 6290 | Avoidance | Renewable Energy | India | Gold Standard | Climate Neutral Group, Utrecht | Gold Standard Impact Registry |
Note:
- 2023 offsetting claims have been externally validated and independently assured. For further details, please refer to the 2023 Non-Financial Report.
- Offset information is available back to 2012, please contact Deutsche Bank for further details.
- Statements on Deutsche Bank websites concerning carbon dioxide or greenhouse gases are determined to be accurate or accomplished, and how interim progress toward such goals is measured can be accessed within Deutsche Bank’s Transition Plan and 2023 Non-Financial Report.