Commercial, Energy Efficiency, GHG Emissions  -  April 3, 2023

Commerzbank’s Ambitious Emissions Reduction Targets Validated by SBTi

The SBTi has validated the bank’s near-term emissions reduction targets for 2030.

“Our ambitious emissions reduction targets have been validated by the Science Based Targets initiative, one of the leading international standard setters. This confirmation gives us the impetus to continue on the Net Zero path we have already embarked on,” said Marcus Chromik, Chief Risk Officer at Commerzbank, in a statement.

By 2050, the CO2 emissions of Commerzbank’s entire credit and investment portfolio will be significantly reduced to net zero. The validated SBTi targets represent a core element of Commerzbank’s sustainability strategy and its commitment to achieving net-zero GHG emissions by 2050 in line with a 1.5-degree Celsius scenario.

Currently, the bank’s science-based targets cover about 85% of the financed emissions. It defined specific emissions reduction targets for seven emissions-intensive sectors with a total credit and investment volume of €112 billion, including power generation, retail mortgage financing, commercial real estate financing, automotive manufacturing, aviation, cement, and iron and steel.

In September 2020, Commerzbank became the first German bank to commit to setting science-based targets through the