Switzerland’s UBS says it no longer will finance new coal-fired plants

first_imgSwitzerland’s UBS says it no longer will finance new coal-fired plants FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):UBS Group AG said it will no longer provide project-level finance to new coal-fired power plants around the world, as it outlined tighter rules on funding such transactions.Switzerland-based UBS noted it will only finance existing coal-fired operators — defined as being more than 30% reliant on coal — that have a transition strategy that supports the Paris climate agreement, or transactions that are related to renewable energy.The bank also intends to source 100% of its electricity from renewable sources by 2020.UBS said its carbon-related assets amounted to $2.7 billion in 2018, down from $6.6 billion a year before. Climate-related sustainable investments totaled $87.5 billion, up from $74 billion in 2017.Additionally, UBS disclosed that its total sustainable investment assets and core sustainable investment assets stood at $1.11 trillion and $313 billion, as of Dec. 31, 2018, respectively, representing 35.8% and 10.1% of the banking group’s total invested assets.More ($): UBS further tightens rules on coal financinglast_img read more