UBS cuts funding for new Arctic offshore oil projects

Pedro Gonçalves
clock • 2 min read

UBS has committed to no longer providing finance for new offshore oil projects in the Arctic, amid efforts to tackle climate change. "The firm also committed to no longer provide financing where the stated use of proceeds is for new offshore oil projects in the Arctic, greenfield thermal coal mines or greenfield oil sands projects," the bank said in a statement, the Anchorage Daily News reported. UBS invested about $300m into Arctic oil and gas projects between 2016 and 2018, according to an analysis of banks by the Rainforest Action Network, an environmental group. As part o...

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