By Dieter Holger, The Wall Street Journal
UBS Group, one of the world’s largest banks and previously Europe’s fourth-biggest coal-mining financier, announced it will no longer finance new offshore oil projects in the Arctic, thermal coal mines or oil sands on undeveloped land after pressure from investors and environmentalists.
- Outside of investor pressures, UBS says its investments in carbon-related industries are falling
- UBS hit its three-year sustainable-investment goal one year ahead of schedule, which is based on the United Nations 17 Sustainable Development Goals
- The bank’s sustainable investments rose to $488 billion last year, becoming 13.5% of its invested assets
- Around 115 banks and insurers have placed restrictions on thermal coal and other big banks are divesting from companies that are not planning to meet Paris Agreement standards
- However, UBS’ policy doesn’t exclude onshore oil or gas projects in the Arctic