UBS NO LONGER INVESTING IN CANADIAN OIL SANDS

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UBS NO LONGER INVESTING IN CANADIAN OIL SANDS

Switzerland’s largest bank will no longer finance new oil sands projects, part of a public effort to chop more carbon-intensive assets off its balance sheet, trim its own greenhouse gas emissions and boost sustainable investments. “We aim to be the financial provider of choice for clients who want to engage toward the achievement of the United Nations sustainable development goals, while helping achieve an orderly transition to a low-carbon economy,” said UBS chairman, Axel Weber.

The Swiss bank’s new policy is the latest in a long line of banks and other financial services firms making new pronouncements on restrictions on unconventional oil and gas regions like the oil sands. Alberta is home to the world’s third-largest reserves of crude oil after Saudi Arabia and Venezuela.

www.nationalobserver.com/2020/03/06/news/switzerlands-biggest-bank-backs-away-oilsands