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UBS Sets Fossil Fuel Emissions-Cutting Goals

John Wanguba by John Wanguba
March 11, 2022
in FX Industry
Reading Time: 4min read
UBS Sets Fossil Fuel Emissions-Cutting Goals
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UBS has announced that it wants to minimize its financing of fossil fuel emissions by over two-thirds by 2030. Switzerland’s largest bank said on March 11 that it would join other lenders that are setting targets for the first time in 2022.

Over 100 banks have already pledged to reach net-zero carbon emissions by 2050 and they are under massive pressure to offer extensive details on the deep near-term cuts required in case they are to have a realistic chance of meeting their goal.

UBS introduced plans on Friday to slash its loan book financing of emissions caused by the gas and oil industry by 71% through 2030 from a baseline of 3.781 million tonnes of carbon dioxide emissions equivalent in 2021. This move amounted to a larger cut than those announced by the competitors, but off a significantly smaller lending book.

The bank stated that its aim was to register a reduction in absolute emissions, as opposed to the more flexible ‘carbon intensity’ metrics that are used by some of its rivals, which link emissions to the quantity of gas or oil that is produced.

Swiss rival Credit Suisse said on March 10 that it planned to slash its exposure to “financed emissions” in the coal, gas, and oil industry by 49% through 2030 from a notable baseline of 37.1 million tonnes of CO2 equivalent in 2021. It is evident that UBS’ plan does not feature coal, which it said was a marginal area for the financial institution.

Swiss bank UBS in Zurich

In February, HSBC highlighted its aims to cut emissions linked with loans to oil and gas clients by up to 34% this decade. On its part, Citigroup in January promised to reduce its energy-sector emissions by 29% over the same period.

The other lenders, including JPMorgan, Goldman Sachs, Standard Chartered, and Natwest have also set their goals. UBS’ lending volume to the fossil fuels sector dropped to $0.7 billion in 2021. Its general lending exposure to any carbon-related assets was $45.6 billion, or 9.9% of its cumulative customer lending.

UBS also strives to reduce the emissions intensity of its lending power generation companies and to the commercial real estate and residential lending. Adding onto the fossil fuels, they accounted for a huge share of the emissions that it finances, which made all of them significant priority sectors.

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Tags: BankingBankscarbon emissionsCO2emissionsGoldman SachsJPMorganNatWestnet zeroStandard CharteredUBS

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