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UBS Bank won't fund new offshore Arctic oil, gas projects
Updated 10:57 pm CST, Saturday, March 7, 2020
KENAI, Alaska (AP) — A multinational investment bank has ended support for offshore drilling in the Arctic amid efforts to tackle climate change, a move that could affect future funding for oil and gas projects in Alaska, a newspaper said.
Switzerland-based UBS Bank joined several other investment companies in pulling funding and support for new offshore projects in the region, the Anchorage Daily News reported Friday.
The firm has “committed to no longer provide financing where the stated use of proceeds is for new offshore oil projects in the Arctic," the bank said in a statement.
Multiple U.S. banks including Wells Fargo & Company, Goldman Sachs and JPMorgan Chase have also announced similar policy shifts stating they were no longer supporting new projects in the region.
More:
https://www.chron.com/news/us/article/UBS-Bank-won-t-fund-new-offshore-Arctic-oil-15113792.php
1 replies
= new reply since forum marked as read
= new reply since forum marked as read
I would love to see all banks make it their policy not to loan money for anything that promotes climate change.