Deutsche Bank:20 Billion Marks to Climate Loss

[The.Greenbase@gb.greenpeace.org]

>> DEUTSCHE BANK: 20 BILLION MARKS INTO THE CLIMATE CHAOS


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                    GREENPEACE PRESS RELEASE
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>> DEUTSCHE BANK: 20 BILLION MARKS INTO THE CLIMATE CHAOS
 
FRANKFURT, March 3, 1995 (GP) The Deutsche Bank is responsible
for Climate Change: The largest German Bank is involved in
projects of financing coal mines and oil exploration worth  at
least 20 billion marks. This is the result of a Greenpeace report
published today in Frankfurt. 
 
Every drop of oil and every piece of coal will be burnt one of
these days and release carbondioxide (CO2) emissions that
worsen the global warming effect. The consequences are more
floods, tornados and droughts. The Deutsche Bank profits not only
from oil business but also from climate change.
 
One example of Deutsche Bank investment can be seen in
Azarbeijan. Western companies like British Petroleum
(Britain), Statoil (Norway), Arco (USA) and others plan to invest
10.5 billion Marks in oil drilling. To do this they
must pump deep into the ground highly-toxic softening agents. The
finance advisor of this project is Grenfell Group plc in London,
which is owned by the Deutsche Bank.
 
The Deutsche Bank and 20 other Banks signed at the Earth
Summit in Rio in 1992 a declaration stressing that economic
growth is linked to a healthy environment. They promised to apply
ecological rules when investing in projects all over the world.
 
"The daily investment policy of the Deutsche Bank contradicts the
spirit of this policy," says Dr. Oliver Worm, Greenpeace Climate
Campaigner.
 
"Insurance Companies are registering heavy losses due to a rising
number of disasters. The worldwide finance sector is endangered
by this development. Therefore it is in the
interest of the Deutsche Bank and of all other Banks to invest in
ecologically sound projects, like solar energy and energy
efficiency, "says Worm.
 
ENDS
 
For more information please contact: Dr. Oliver Worm, Climate
Campaigner, and spokesman Fouad Hamdan ++161-2447005.