Deutsche Bank disengages from coal sector

German banking giant Deutsche Bank is pulling back from the  coal sector, another sign of the increasing risks for banks that finance industries that contribute to climate change.

Last week, six senior members of Deutsche Bank’s metals and mining investment banking team announced their departure – a move that analysts said was linked to the bank’s decision on coal.

Following criticism from environmental groups like the Rainforest Action Network, Deutsche Bank has announced it will no longer finance so-called mountaintop removal projects.

But it has stopped short of following other large banks, including JPMorgan Chase and Bank of America, which have committed to a broader retreat from coal mining.