GlobalData offers a comprehensive analysis of Commerzbank, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of Net Zero and associated ESG keywords, GlobalData delivers valuable information on Commerzbank‘s ESG performance. GlobalData’s company profile on Commerzbank offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Commerzbank has set a net-zero target to compensate for all its remaining greenhouse gas emissions after reducing them as much as possible. Commerzbank 's latest filings mentioned the keywords 'CO2' and 'Emissions' most number of times in relation to 'Net Zero'.
The bank is aiming for net zero CO2 emissions from its entire portfolio by 2050 and net zero emissions from its own banking operations by 2040. In 2022, Commerzbank reported Scope 1 emissions at 21,613 tCO2e, Scope 2 emissions (market-based) at 1,2857 tCO2e, Scope 2 emissions (location-based) at 61,916 tCO2e, and Scope 3 emissions at 43,932 tCO2e.
The bank aims to reduce greenhouse gas emissions by 30% by 2025, relative to 2018. It had achieved this goal in 2022, with CO2-equivalent emissions of 78,402 tonnes equating to a decrease of 34.9%. The bank has been offsetting unavoidable CO2 emissions since January 2015 using certificates from CO2 reduction projects.
Commerzbank has taken steps to reduce its emissions, including efficient and sustainable building management, and addressing issues relating to electricity and heat supply, water consumption, materials consumption and waste management, transport logistics, and commuter transport. The bank has also invested in sustainable products, such as wind farms, through klimaVest, hausInvest, ESG Bonds, and sustainable products from third-party providers. In 2020, Commerz Real launched klimaVest, the first openended real asset fund in the renewable energy sector aimed at private investors, with redemption rights in the form of an ELTIF (European Long-Term Investment Fund).
Commerzbank offers sustainable products to its corporate clients, including financing for renewable energies, public funding programs, ESG/sustainability-linked loans and promissory note loans, and green bonds, social bonds, and sustainability bonds. The bank's financing in connection with KfW programs is considered sustainable products. In 2022, Commerzbank participated in 71 ESG/Sustainability linked syndicated loans for companies in Western Europe with a total volume of €103.8bn. As part of its liquidity management activities, Commerzbank is increasingly investing in sustainable bonds and building up its own ESG portfolio. To this end, the Bank plans to invest an increasing proportion of its own assets in green, social and sustainability bonds. By the end of 2022, their volume within the liquidity portfolio had reached €2.2bn.
In conclusion, Commerzbank aims to achieve its net-zero target by compensating for its remaining greenhouse gas emissions through CO2 removal measures, such as making travel activities as environmentally friendly as possible and thus preventing CO2 emissions. The business travel policy therefore envisages rail as the preferred means of transport and subsidizing electric vehicles in its car leasing schemes.