Deutsche Bank announced Jan. 31 that it intends to stop financing coal projects as it commits to the global shift away from the controversial fossil fuel, Agence France-Presse reported.

"Deutsche Bank and its subsidiaries will not grant new financing for greenfield thermal coal mining and new coal-fired power plant construction," AFP quoted the company as stating.

The move is part of its pledge under the Paris climate pact, along with 400 other public and private companies, to limit global warming to below 2 degrees Celsius and as close to 1.5 degrees Celsius as possible.

The German global banking and financial services firm also aims to gradually reduce its existing exposure to related projects, the report said.