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Today, Allianz Global Investors (AllianzGI) released its first coal policy.[1] While implementing a coal policy was an important first step for the asset manager, the policy does not meet the standards needed for effective coal exclusion.

This week, festivities in Kemerovo, Russia, celebrate the 300th birthday of Kuzbass as a mining region. Meanwhile, most of the residents have nothing to cheer about. Kuzbass is a pollution hot spot. Tom River, where the first coal deposit was found 1721, is the most polluted water body in the area. “Black Sky” events, and with it black snow, are getting more common every year. Under those conditions it is no surprise that Kuzbass is a region with high cancer rates and is leading the country in infectious diseases.

Today, the World Bank Group released its new Climate Change Action Plan (CCAP) for 2021-2025.

The CCAP represents a colossal failure to end the Bank’s long-standing support for fossil fuels.

The Bank has also rejected requests from civil society and World Bank shareholders for a public consultation on a full draft of the plan. The World Bank’s press release notes the Bank, “will regularly update its Board on the implementation of the Action Plan,” without providing further details of what aspects of the plan it will report on.

• Exxon and Equinor announce $8 billion investment in Brazil’s pre-salt oil fields
• World Bank provided assistance to market investments in Brazil’s pre-salt oil fields
• First field in the pre-salt area to be developed by international oil companies
• World Bank-proposed new Climate Change Action Plan fails to end Bank policy-based lending that drives new fossil fuel investments

• Bank is a leading financier of global coal, oil and gas expansion
• ESG announcement lacks crucial steps to reduce bank’s fossil finance
• Bank will arrange IPO of German oil and gas company Wintershall DEA

One week ahead of its annual general meeting, Deutsche Bank has released a statement on ESG (environmental, social and governance) topics. Regine Richter, Finance Campaigner at Urgewald, commented on the bank's announcement.