Dive Brief:
- Deutsche Bank is partnering with Lufthansa Group to support the deployment of approximately 1,600 metric tons of sustainable aviation fuel (SAF).
- This initiative is projected to reduce emissions by 5,500 metric tons of carbon dioxide compared to traditional jet fuel or fossil-derived kerosene.
- Deutsche Bank aims to lower its carbon footprint from business travel, striving for net-zero emissions across all categories by 2050.
Dive Insight:
- The carbon emissions avoided through this deal are roughly equal to the emissions from 520 flights between Frankfurt and London.
- SAF can potentially reduce lifecycle carbon emissions by up to 80% when compared to conventional fossil fuels, but current usage remains low, at just 0.6% of global jet fuel in 2025, and projected to rise to 0.8% this year.
- Deutsche Bank’s investment aligns with its sustainability strategy and commitment to achieving net-zero emissions, even as other banks reconsider their sustainability messaging amid political scrutiny.
Key Statements:
- Jörg Eigendorf, Chief Sustainability Officer at Deutsche Bank, emphasized the need for reliable demand to encourage SAF production, as the bank works to halve its CO₂ emissions along its supply chain by 2030 compared to 2019.
- Since 2019, Deutsche Bank has achieved significant reductions in its emissions: 66% for scope 1, 84% for market-based scope 2, and 45% for scope 3 by the end of 2024.
Commitment to Decarbonization:
- The bank aims to meet decarbonization targets for the eight most carbon-intensive sectors in its corporate loan portfolio by 2030 and 2050. These sectors include oil and gas, power generation, automotives, steel, coal mining, cement, shipping, and commercial aviation.
