deutsche bank_commitment to climate change
TRANSCRIPT
Deutsche Bank’scommitment to addressing
climate
Executive: Woojin ChungPhone: 58858E-Mail: [email protected]: Global Banking - TMTCost centre: 0840741100 Job number: 9eLD0613_Cover1CD/Image No: CD05 134002.jpgCost to Purchase: Nil
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Foreword
Overview of Deutsche Bank’s activities in climate changeBuilding on its more than a decade-long engagement on sustainability issues, Deutsche Bank has over the past two years placed added focus on climate change. In order to answer the question of what it can contribute to the issue as one of the leading financial services providers, the bank set up an Environmental Steering Committee (ESC). The ESC is a bank-wide committee with representatives from all businesses as well as infrastructure functions.
Recognising the broad-based nature of the climate change puzzle, we pursue a three-pronged approach and act as a:1. Climate change ambassador: Building on our well-recognised research platform and policy experience, we
engage with regulators and policymakers in many of the 75 countries in which we operate. Similarly, we have participated in some of the most influential fora that provide input to the Copenhagen climate negotiations process.
2. Financial intermediary: As an asset manager we can steer investments into low-carbon companies, as a trader we provide liquidity in the carbon market, and as a capital markets participant we can raise debt and equity capital to fund clean tech companies and projects and provide solutions to all clients who face the inevitable impact of climate change.
3. Eco-efficiency manager: Leadership demands responsibility. By reducing our carbon footprint, we not only make a positive contribution to the climate, but also challenge ourselves to find energy efficiency solutions that have a positive impact on our bottom line.
Despite the challenging global economic and financial outlook, we believe that climate change remains a growth area. In fact, climate change-related activity is likely to be a key driver of a global recovery scenario in a 2-3 year timeframe, led initially by government action around green infrastructure investment, as reflected in the stimulus packages that have been adopted by a number of countries including the United States, China and South Korea. Therefore, investments in climate change should be carried out in a counter-cyclical fashion over the next few years, and firms should be ready to act in markets with large catch-up potential such as the United States. We also see significantpotential in Brazil, China, India and the Middle East, where climate change will trigger immense business opportunities.
Over the past 18 months, Deutsche Bank has remained committed to its strategic vision to become one of the global leaders in the space, and has delivered tangible results:
Rapid product development and strong distribution push in Asset Management
Near-doubling of income from renewables (wind, solar, etc.) within Global Banking
Commitment to build up a private equity position in green assets
Increasing recognition of Deutsche Bank by governments, clients and public policy groups as a major player and key counterpart for regulatory dialogue, building on our demonstrated thought leadership through our various research teams
Creation of an external Climate Change Advisory Board (CCAB) and the exciting potential this offers the bank in terms of a very high profile and powerful network of individuals who value the bank’s efforts
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Foreword (continued)
Climate change ambassadorAny discussion of the Bank’s thought leadership must start with our research and policy role and the realisation that markets for climate change related products are entirely created by policy, regulation and standards (see Deutsche Bank’s Thought Leadership in Climate Change, June 2009). The ongoing climate change negotiations are thus crucial for business as they will create the framework within which business will have to operate. At the same time, the business community can play an important role in this process by demanding that a meaningful policy framework should be:
Market-based and favour cap and trade regimes
Long-term and provide continuity, stability and certainty for investors
Comprehensive and address all greenhouse gases and relevant sectors
Equitable and recognise that all current and future major emitting countries have common responsibilities, but differentiated circumstances
The challenges that policymakers face are formidable. The world’s carbon stock needs to be limited to 450 ppm by 2100 if we want to limit global warming to 2 degrees Celsius. This requires a reduction in green house gases by nearly one third by 2020 relative to business as usual, or 17 Gt of CO2e, according to the McKinsey cost curve. Given emission profiles, technologies and sectoral composition, about two thirds of this reduction will have to take place in the developing world (roughly one half of that in China, Brazil and India). These mitigation efforts by developing countries will require an average of about €55-80 billion in incremental funding per annum between 2010 and 2020. Beyond 2020, subject to appropriate levels of carbon prices, many critical technologies such as CCS will become commercially viable, delivering a greater impetus on the overall mitigation effort.
While these facts underscore the magnitude of the challenge, they also illustrate how vast a business opportunity for Deutsche Bank and for many of our clients the climate change represents on the journey to a sustainable low-carbon economic system.
Financial IntermediaryAs a financial institution, Deutsche Bank is clearly focused on, and driven by, anticipating and responding to our clients’needs. Accordingly, thought leadership requires us to strengthen awareness of climate change issues with all our clientsand advise them on strategic opportunities and challenges. In addition to this strategic advisory function and our normalactivities as a capital markets participant, we have identified the following four areas which are particularly relevant fortransformational change:
1. Clean technology: Building on our experience in the German market, our solar and wind engagement has quickly spread to other geographies in Europe, Asia and the Americas. Beyond solar and wind, we see growing opportunities in second and third generation biofuels as well as battery technology.
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Foreword (continued)
2. Carbon market activities: For several years, carbon trading has been an important and growing business as a result of very active engagement in the offset project market (Clean Development Mechanism under the Kyoto Protocol) as well as the European emissions trading scheme. The experience we have gained not only facilitates our policy work (for instance by articulating and promoting emerging best practice carbon market design elements), but also our position in new markets such as the United States, New Zealand and elsewhere. As an important complement to our carbon trading operations, our transaction bank introduced last year a suite of carbon products that comprise, among others, an escrow service for small counterparties and a clearing and settlement service for spot trading exchanges. These products will become an important part of market infrastructure as carbon markets reach a critical size.
3. Energy efficiency in buildings: Globally, energy efficiency represents about one third of the abatement potential between now and 2020. While considered the low hanging fruit for tackling climate change, there are a number of important barriers including up front capital requirements to realise energy-savings potential over time, lack of common valuation methodology and misaligned incentives between owners and tenants. We are developing financial solutions that can support energy efficiency projects at scale, making it easier for companies to pursue these projects.
4. Green infrastructure: This initiative is likely to come into greater focus this year as green infrastructure investment will feature in economic recovery programs in the United States and the United Kingdom. In the United States, Deutsche Bank is establishing thought leadership around the topic of green infrastructure through recent publications by Asset Management as well as active policy dialogue. This will be followed by products and services to facilitate these developments.
Eco-efficiency managerOur role as an eco-efficiency manager and corporate citizen constitutes the third leg of our overall environmentalstrategy. At Deutsche Bank, we accept the need to reduce our carbon footprint. The management Board committedlast year to reduce the bank’s global carbon footprint by 20 percentage points every year compared to its 2007 baseyear in order to neutralise the CO2 emissions of its worldwide operations by 2012. The bank plans to reduce itscarbon emissions through sustainable improvements in the energy efficiency of its buildings and technologyinfrastructure, greater use of renewable energy sources as well as the purchase of emission certificates to offset anyremaining CO2 emissions.
Key initiatives include:
1. Renewable energy: As of 2008 Deutsche Bank is purchasing 100 percent of its electricity needs in Germany, Italy, UK and Switzerland from renewable sources. In January 2009, we added the United States to this list. On a global basis approximately 67% of our total electricity requirements will be met by renewable electricity this year.
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Foreword (continued)
2. Building efficiency: Our Frankfurt headquarters is undergoing a significant renovation. We have incorporated into this €300+ million programme a significant investment in greening our towers to set a new standard both within Deutsche Bank and more broadly for the real estate industry in terms of large scale green refurbishment.
3. Staff education: We launched last year an internal website “Passion for the Planet” that is designed as an outreach to all staff, providing advice on how they can affect our carbon footprint through their own behaviour. It also offers information on what people can do in their own homes. Going forward, we are planning to make this site increasingly more interactive to benefit from the many ideas staff have on energy and eco-efficiency.
4. Information technology: We recently announced a global 4-year commitment to deliver eco-efficient IT by 2012. This 8 point plan includes a commitment to realise a 4-fold increase in energy efficiency in our data centres as well a halving the IT energy consumption per head in our corporate offices. In addition we will be rolling out industry leading initiatives to further reduce travel and paper while introducing eco-supplier management into our purchasing processes including end-of-life recycling.
5. Creative solutions: We believe break-through innovation is critical to solving the challenge of climate change. Our support of the Solar Impulse, a plane which is expected to fly around the globe in 2011 fuelled only by the sun, is an example of our commitment to supporting creative solutions which allow all of us to envision a new world powered by renewable energy.
Caio Koch-WeserVice Chairman, Deutsche Bank
Chairman, Environmental Steering Committee
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Underlining Deutsche Bank’s strong commitment and stature in the climate change sector
Top Financial Advisor to the Acquirer 2008
Deutsche Bank
Leading global ECM franchise with strong track record– No 1 Bookrunner for global renewable energy ECM issuance with 7 transactions since 2008
and 19 transactions since 2005– Joint Bookrunner on the €362m SMA IPO, the largest solar IPO in 2008 and the Euromoney
Renewables IPO of the year 2008– 2009 equity/equity-linked transactions have included SunPower (US, $460m),
Suntech (China, $250m) and NorSun (Norway, $75m)
Equity Capital Markets
Global equity research team providing top-rated carbon market research and sector analysis on a number of climate change related sectors and companies, including automotive, real estate and renewable energyRecognised as an investment industry thought-leader on a broad range of climate change dynamics– Research and white papers produced by Asset Management’s DB Climate Change Advisors,
frequently featured and cited by third parties– Research on green building trends and infrastructure from RREEFLeading trader of renewable energy equities, with No 1 market share in many stocks worldwide
Research, Sales and Trading
M&A
Global team with dedicated professionals across Europe, US and Asia covering each climate change sub-groupRecent large-scale, landmark transactions demonstrate Deutsche Bank’s strong franchise credentials– Financial advisor to Babcock & Brown Wind Partners on the sale of selected wind assets in
Spain, Portugal and Greece– Sole Financial Adviser to Bosch on the €1.2bn acquisition of ersol Solar Energy, the largest
Solar M&A transaction of 2008
No 1 Research in Emissions
In-house project development, construction financing and long-term project financing adviceCo-investing (equity, mezzanine) with experienced developers in construction projectsDevelopment of 28 wind parks so far with a total capacity of 623MW and 5 solar parks with a total capacity of 58MW
Asset Finance and Leasing
Solaris European Renewables Deal of the Year 2007
Euromoney E&Y Renewables IPO of the Year 2008
SMA Solar Technology
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Underlining Deutsche Bank’s strong commitment and stature in the climate change sector (continued)
Deutsche Asset Management
Proven track record and significant experience in the origination of emissions reductions certificates– Involved in over 60 CDM & JI projects in 16 countries with total expected reductions to 2012 of
over 300m tonnes– Project Participant status in 14 registered CDM projects and listed as buyer in 27 CDM projectsActive in the secondary global emissions reductions markets transaction structuringFull suite of climate change associated commodity products, notably around energy trading
Carbon Trading and Commodities
Fully committed to our own sustainability with a full time team of professionals dedicated to thisOur commitment to sustainability has been rewarded with ISO 14001 – one of the first banks to receive the certification in 1999Deutsche Bank is continuing to lead by example with– Greentowers: to make Deutsche Bank building the first LEED Platinum certified building– Eco-efficient IT to reduce carbon footprint and energy consumption
Sustainability
No 1 Dealer in primary and secondary CERs
ISO 14001 certified
In January 2008, DeAM consolidated under one roof all climate change businesses and rebranded it as DB Climate Change AdvisorsDeAM created the first dedicated climate change platform of any full service asset manager and has achieved a market leading position in climate change mutual fundsDBCCA is exploring strategies for various asset classes in response to client interests
Structuring and arranging of non-recourse and corporate-level senior and mezzanine debt and equity capitalFinancial advisory services for developers of new projects Recent transactions include– Placement Agent for mezzanine debt and preferred stock for agri.capital, a leading European
developer of biogas projects– Placement Agent for preferred stock for VREC, a Brazilian ethanol developer– Bond offering for 20MW photovoltaic solar energy park (Solaris)
Debt Capital Markets
Best Fund Management Group 2008
Best Debt Bank in Western Europe 2009
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Sale of Babcock & Brown wind assets: Complex simultaneous global M&A process
B&B and BBW assets were sold at the upper end of the range of recent comparable renewable energy transactions
– Both Spanish and Portuguese asset portfolio were sold at circa €1.9m/MW multiple, placing them at the top end
of Spanish and Portuguese renewable energy transactions and at a considerable premium to the level at which
B&B acquired these assets
Complicated and intensive process of managing multiple sell-side process in different countries simultaneously
The process designed as a wide auction process using Deutsche Bank’s network to facilitate interest among
various participants ranging from strategic players to infrastructure funds
Transaction highlights
Babcock & Brown Wind Partners Ltd
EUR830 millionSale of Spanish wind assets portfolio to FCC
Joint Financial Advisor
August 2008
Babcock & Brown Ltd and Babcock & Brown Wind Partners Ltd
EUR1.2 billionSale of Portuguese wind assets portfolio to Magnum Capital led consortium
Joint Financial Advisor
November 2008
Babcock & Brown Wind Partners Ltd
UndisclosedSale of Greek wind assets portfolio to RF Energy
Joint Financial Advisor
December 2008
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Bosch acquisition of ersol Solar Energy: Industrial blue chip expansion into solar
Deutsche Bank acted as sole Financial Advisor and Tender Agent to Bosch on its €1.2 billion public takeover of ersol Solar Energy AG
Bosch’s acquisition of ersol was an industry-transforming transaction and the first transaction with an established industry conglomerate acquiring a sizeable solar company
Bosch had been already active in the renewable energy market with wind power and maritime energy and had the aim of expanding its new energy technology business unit with the acquisition of ersol
Alongside the acquisition of ersol, Bosch also acquired the thin-film technology subsidiary ersol Thin Film (ETF) from the former majority shareholder Ventizz Funds
Transaction highlights
Robert Bosch GmbH
EUR1.2 billionAcquisition of ersol Solar Energy AG
Sole Financial Advisor and Tender Agent for the public tender offer
August 2008
Demonstrating Deutsche Bank’s
ability to deliver a landmark
transaction, defining the next
phase of development in the global
solar sector
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Suntech Power Holdings: US$250m equity follow-on offering
Deutsche Bank acted as Joint Bookrunner on Suntech Power Holdings’ US$250m equity follow-on offering on 21 May 2009
Offer was designed to strengthen Suntech’s balance sheet
Gross order book was well-covered including strong demand from dedicated tech funds alongside new investors
The offer price was at a 7.2% discount to the last trade
Deutsche Bank has been a Bookrunner on more solar equity offerings than any other firm since 2008, raising the greatest amount of proceeds (approximately US$1.7bn) for its clients
Offering summary
Transaction highlights
Global Solar equity offerings since 2008
1,707
1,4871,407
914
588450
186 108
0200400600800
1,0001,2001,4001,6001,800
UBS CS MS Citi GS Piper JPM
Tota
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Pricing date: May 21, 2009
Offering size: $250 million
Execution method: 1-day marketed
# of shares offered: 20.0 million / 100% primary
Overallotment option: 3.0 million shares / 30 days
Offer price: $12.50
% of pre-deal mkt. cap: 12.8%
Mult. of ADTV: 3.9x
Role: Joint Bookrunner
Source: Dealogic, full credit given
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SunPower Corporation: Concurrent issuance of US$230m convertible (with call spread) and US$228m equity
In addition to its Bookrunner role on both the convert and equity offerings, Deutsche Bank acted as lead counterparty on SunPower’s call spread transaction
Deutsche Bank's pre-marketing efforts resulted in several key fundamental orders and significant oversubscription of more than 3x for the convertible offering
Upsized convertible offering priced at the midpoint of the aggressive range with a 4.75% coupon and 20.0% conversion premium
Company entered into a call spread transaction with Deutsche Bank and other counterparties to increase the effective conversion premium to 75%
Equity priced at a discount of 2.7% to last trade
Company intends to use proceeds to repay outstanding convertible debt and general corporate purposes
Offering summary
Transaction highlights
Issue date: April 28, 2009Ranking: SeniorSize: $230 millionMaturity: 5 yearsCoupon (s.a.): 4.75%Conversion premium: 20.0%Conversion price: $26.40Effective premium: 75.0%Effective conversion price: $38.50Conversion ratio: 37.8788Call feature: NC-lifePut feature: NoneRole: Left Bookrunner
Senior Convertible Debentures due 2014
Pricing date: April 28, 2009Offering size: $228 millionShares offered: 10.35mOffer price: $22.00% of pre-deal mkt. cap: 12.0%Mult. of ADTV: 4.4xDiscount to last sale: (2.7%)File/offer discount: (8.5%)Offer to 1 st close: +13.9%Role: Joint Bookrunner
1-Day Accelerated Bookbuild
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SMA Solar Technology: Largest solar IPO in 2008
Deutsche Bank acted as the Joint Global Co-ordinator and Joint Bookrunner
The IPO of SMA represented the largest solar IPO in 2008 and the only sizeable IPO in Germany in 2008
The book of demand was multiple times oversubscribed from a broad range of high-quality investors covering specialised renewable energy funds as well as leading German and European institutions
Through the momentum in the book, Deutsche Bank managed to push pricing through the mid-point
The IPO was executed in very challenging market conditions. The decoupled pricing structure facilitated the IPO to be successfully executed despite broader market volatility
Transaction highlights
Offering summary
Trading date 27 June 2008
Offer price €47.00
Bookbuilding range €40.00 – €52.00
Primary/secondary split 35%/65% (incl greenshoe)
Offer size (incl greenshoe) €362m
Market cap at offer price €1,631m
Free float 25%
Listing Frankfurt Stock Exchange
SMA Solar Technology AG
EUR362 millionInitial Public Offering
Joint Global Co-ordinator and Joint Bookrunner
June 2008Germany
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30 MW photovoltaic park in Extremadura, Spain: One of the largest of solar parks in the world to date
30MW photovoltaic park (137 ha) located in the region of Extremadura in the Southwest of Spain
Roughly 180,000 mono- and poly-crystalline modules installed on 1,875 movers, each expected to generate 32,000kWh of electricity pa
The whole park will generate enough electricity to supply 16,000households (assuming 3,800 kWh average consumption pa)
Project description
Transaction summary
Deutsche Bank's Asset Finance & Leasing business, in a 50/50 joint venture with its Spanish partner ecoEnergías, developed the project, with SolarWorld AG as an industrial partner
The total investment cost amounted to €250m
Deutsche Bank provided all of the construction equity and part of the construction debt
Deutsche Bank’s role
Deutsche Bank acted as sponsor and co-developer to its Spanish JV-partner ecoEnergías
Deutsche Bank arranged the construction financing and is currently arranging a large part of the long-term debt
The transaction represents one of an entire series of investments in renewable energy projects facilitated by Deutsche Bank and emphasises that the efficient combination of banking with hands-on project development skills is highly beneficial for successful implementation of renewable energy projects
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European Renewables Deal of the Year 2007
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Solaris: Innovative financing structure awarded Euromoney Renewables Deal of the Year
Development of photovoltaic solar power facility with total capacity of 16 MW with potential additional capacity of 4MW
First capital markets solution of its kind in Europe for this asset class. Solaris is a milestone in hybrid project finance and, in particular, portfolio aggregation, as it provides private client investors with the benefits of the international capital markets
Transaction designed to benefit from regulated tariffs under which generators under 100kW are eligible for favourable tariffs
Project description
Transaction summary
The financing totalled €217 million and included €185 million senior notes
Maturity of a total of 24.5 yrs was, at the time, the longest in the market for renewable projects
€33 million (in aggregate by the 200 borrowers) provided in the form of equity and quasi-equity instruments
Electricity generated will be purchased by Iberdrola under an off-take agreement prescribed by the Spanish government
Deutsche Bank’s role
Deutsche Bank acted as sole Financial Adviser, Arranger and Underwriter
Deutsche Bank placed the project equity to Spanish private investors through its Private Wealth Management network in Spain
This transaction further consolidates Deutsche Bank's position of developing innovative and pioneering transactions combining its equity distribution power in the Private Wealth Management business with its structuring and advisory capacity and pre-eminent capital markets, securitisation and derivative financing capabilities
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DB Climate Change Advisors: Excellence in fund management
Asset Management awarded "Best Fund Management Group" in the inaugural Climate Change Awards in 2008 by Incisive Media and the advisory firm Holden & Partners
The DWS Invest New Resources fund was awarded as the “Best Fund over the past One Year, Equity Global” by the Lipper Fund Awards, Gulf 2008
Nicolas Huber ranked #13 among top 100 fund managers in Europe, for the DWS Zukunftsressourcen, DWS Invest New Resources LC, DWS Invest Climate Change LC, DWS Klimawandel funds
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Emission trading and carbon credit procurement: Undisputed leadership across all products
No 1 Overall Emissions Rankings
No 2 Primary and Secondary CERs
No 3 EUAs
No 2 EUA Options
No 3 US VERs
Emissions Research (2009)
Emissions (2009)
Emissions trading (2008)
No 1 Research in Emissions
No 1 Research in Power and Gas
No 1 Research in Freight
No 2 Research in Oil
No 1 Dealer in Primary and Secondary CERs
No 1 Dealer in UK ROCs
No 2 Dealer in CCX VERs
No 3 Dealer in Primary and Secondary ERUs
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ISO 14001: Deutsche Bank setting the standard for the banking industry
ISO 14001 is an environmental management standard focused on total quality management (TQM)
ISO 14001 helps to improve the sustainability impact of companies, especially in the field of ESG (environmental, social, governance) issues
Deutsche Bank was one of the first banks worldwide to receive an ISO 14001 certification in 1999
Currently, we are in a process of recertification to receive a certificate for the period 2008-2011, being assessed by division, products/services, infrastructure
Certification is relevant for rating agencies – good results in ratings lead to integration in business-relevant Sustainability Indices
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Sustainability management: Ongoing monitoring and improvement
Sustainability strategy
1. 2.
3.
5. 4.
Ongoing
Improvement(TQM)
6.Monitoring and corrective measures
Performance indicators
Audits
Management review
Implementation of the sustainability program
Implementation, training, communication, refinement of the sustainability management system
Analysis of ecological and social impact
Organisation specialist bodies committees
Sustainability programAnnual targets and initiatives
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Greentowers: Setting a new global standard
Deutsche Bank’s “Greentowers” will be the world’s first renovated skyscraper with a LEED Platinum certification and will serve as a benchmark for future projects
It also demonstrates the potential for optimisation and sustainable energy efficiency for existing buildings as well as how a “green building” approach can be worthwhile in a wide variety of ways, even as an investment in existing properties
‘Greentowers’ – a project that sets new benchmarks
Perspective on 2010Perspective on 2010
Efficient use of daylight forworkplace lighting
Electricity savings through intelligent lighting and green IT solutions
Natural ventilation through windows that can be opened
More than 850m² new space thanks to compact technology and optimised space planning
Reduced energy consumption thanks to heat recovery and heat-cold coupling systems
Recycling and reuse of raw materials and construction elements
Lower ingress of heat thanks to new triple-pane windows
Use of rainwater & grey water and on-site water treatment
Hot water heating through solar energy
Electricity generated and fed back into the grid thanks to
the latest elevator technology
Higher occupancy throughinnovative workplace concepts
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IT: Eight commitments to eco-efficient IT by 2012
We will neutralise the carbon footprint of IT used at Deutsche Bank managed locations in line with the overall Group’s carbon neutrality commitment
We will create an eco-supplier programme to assess the total eco-impact for our major IT purchase categories
We will track the disposal of our IT assets and ensure they are recycled in an environmentally responsible manner wherever possible
Eco responsibility
Technology usage
Energy efficiency
We will use technology to reduce our business and commuter travel
We will use technology to halve the amount of paper used in our offices
We will double the utilisation of our next-generation hardware
We will make a four-fold increase in energy efficiency in our major corporate data centres
We will halve the IT energy consumption per head in our corporate offices
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Eco-efficiency: Our contribution to a sustainable environment
Recycling of 30,500 tons plus reuse of construction elements for 15,000 m² of office spaceResources
Recycling: 98%
67% savings per year = heating energy for approximately 750 householdsHeating Energy
Reduction: 67 %
Savings of 55% power = annual consumption of approximately 1,900 householdsElectrical Power
Reduction: 55 %
43% saved water per year = filling of 13 Olympic-sized poolsWater
Reduction: 43 %
Reduction of 55% per year = 3,700 cars driving 12,000 kmCO2 Emissions
Reduction: 55 %
Up to 600 additional employees will benefit from the new upgraded work environmentUtilisation ratio
Increase: 20 %
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Primary Deutsche Bank climate change contacts
Sabine MiltnerOffice of the Vice ChairmanE-mail: [email protected]: +44(20)754-77006
Climate change policy and diplomacy
Caio Koch-Weser Vice ChairmanE-mail: [email protected]: +44(20)754-77703
Charles BryantGlobal Head of Renewable EnergyE-mail: [email protected]: +44(20)754-57461
Investment banking
Thomas Rueschen Global Head of Asset Finance & LeasingE-mail: [email protected]: +49(69)910-31280
Mark FultonGlobal Head of DBCCA ClimateChange Investment ResearchE-mail: [email protected]: +1(212)454-7881
DB Climate Change Advisors
Thomas CurtisGlobal Co-Head of DBCCAE-mail: [email protected]: +1(212)454-7170
Christopher BurnhamGlobal Co-Head of DBCCAE-mail: [email protected]: +1(212)454-4999
Martin LawlessGlobal Head of Environmental ProductsE-mail: [email protected]: +44(20)754-73347
Carbon markets
Mark LewisGlobal Head of Carbon ResearchE-mail: [email protected]: +33(1)449-56761