This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Commerzbank provides financial services to fossil fuel operators, including lending and underwriting for companies engaged in coal, oil, and gas extraction and infrastructure. According to the 2024 "Banking on Climate Chaos" report, Commerzbank provided over $12 billion in fossil fuel financing between 2016 and 2023. Environmental organizations, including urgewald, have criticized the bank's fossil fuel policy as insufficient and not aligned with the Paris Agreement, noting its continued support for companies expanding fossil fuel operations.
While Commerzbank published a fossil fuel guideline in 2021 with a commitment to end coal financing by 2030, analysis by climate groups indicates its policies contain significant loopholes. The bank has not set absolute financed emission reduction targets for its oil and gas portfolio and continues to finance major fossil fuel expanders. Its current framework is assessed as failing to restrict general corporate financing for clients active in fossil fuels, allowing continued capital flow to the sector.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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