At the request of finews.com, UBS said: “With its ambitious climate strategy, UBS is supporting a controlled transition to an economy that consumes little carbon dioxide, as envisaged in the Paris agreement. UBS clients increased their sustainable investments by more than 56% last year to nearly $490 billion. In addition, we continued to reduce our investment in fossil fuel companies to less than 1% of total credit activity. While the United States did not have a federal representative at the summit after exiting the 2017 Paris climate accord under President Donald Trump, newly elected President Joe Biden said the world`s largest economy would join the deal as soon as he entered the White House. It also intends to set a net zero target for 2050. Credit Suisse said the bank, as a global financial firm, had acknowledged its share of responsibility in the fight against climate change. The company is aware that the funding flow must be aligned with the objectives of the Paris Agreement, he added. 2. A binding agreement requiring all financial actors to stick to a climate-friendly economic model. The group said the analysis was proof that the application of the Swiss financial market to the Paris agreement should become a major political priority. “Politicians and regulators need to present and apply clear guidelines in this regard,” said Greenpeace.
Greenpeace Switzerland says UBS and Credit Suisse are violating the Paris climate agreement, citing an analysis it compiled and published on Wednesday. Despite their demands for support for a cleaner economy, they are still investing billions in the fossil fuel sector and are not even hesitating to engage in particularly harmful activities, such as oil sands extraction, hydraulic fracturing and coal-fired power plants. The table below summarizes the progress made in the commitment`s priority list: in 2019, we met several times with the company`s chairman and the sustainability director to discuss the impact of the latest regulatory developments on the exit from coal-fired power plants and the company`s macro-economic strategy to combat climate change. Topics discussed include: Ten Investor Questions for Climate Risk Management Indexes This report is based on the Banking on Climate Change: Fossil Fuel Finance Report Card 2018, produced by Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Sierra Club and Honor The Earth, and supported by more than 50 organizations around the world, including Greenpe-Usaace. Source: For an illustration. UBS Asset Management, June 2020. Imposing mitigation or regulatory and process management policies Through their financing, Credit Suisse and UBS not only harm the climate, but also take great risks. The new report analysed the extent to which 34 of the 47 companies are exposed to physical climate-related risks – such as extreme weather events such as heavy rains, storms and heat waves – and how quickly these risks can occur. Among other things, Credit Suisse is channelling more resources in companies exposed to high weather risks in the short term compared to UBS. 2. See the 2018 report “Swiss banks at the end of the fossil fuel era” Finally, the results of a comprehensive review of climate change lobbying activities will be shared with the market before the next general meeting in 2020. The future dialogue will focus on the definition of a coal exit plan in accordance with the Paris Agreement.
As a result of this engagement dialogue, we have increased engagement with this company through some of our active action strategies. To continue, please confirm that you are a client/qualified/institutional and an investor. Two years after the signing of the Paris climate agreement, Credit Suisse and UBS caused the most significant climate damage in 2017 caused by the financed emissions of 93.9 million tonnes of greenhouse gases from the 47 companies studied.