The move comes as pressure builds on banks to support the transition to a more environmentally friendly economy
LONDON, May 13 (Reuters) - German lender Deutsche Bank plans to pump at least 200 billion euros ($216.8 billion) into so-called sustainable financing and investments by 2025, its first formal targets for doing so.
The money will include loans provided by the bank, bonds placed on behalf of its clients and assets managed by its private bank. It does not include assets managed by its fund arm, DWS, it said in a statement late on Tuesday.
The move is the latest by a leading global lender to showcase commitment to sustainable investing, as pressure builds on banks to support the globally agreed transition to a low-carbon and more environmentally friendly economy.
Countries in Europe and elsewhere have also been looking at ensuring that sustainable investment is at the heart of economic recovery plans after the COVID-19 pandemic.
Deutsche Bank said it would base its definition of sustainable activities on a planned European Union framework, known as the sustainable finance taxonomy or use its own "transparent criteria".
The bank said it would report annually on its progress and disclose more details on its definition of sustainable finance by the end of the second quarter of this year.
"We are driven by a very strong conviction to help shape the global change to a sustainable, climate-neutral and social economy," said Chief Executive Christian Sewing, calling the 200 billion euro target "ambitious" relative to those of its rivals.
"However, we are starting from a good base because, as a globally active financing house, we can serve the growing demand of our clients for sustainable investment products by ourselves." ($1 = 0.9223 euros)
(Reporting by Simon Jessop Editing by David Goodman)