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For the environmental organization, the two big Swiss banks are still on the wrong track regarding their investments in oil and gas.
Between the intentions displayed by the banks and the reality of their activities, there is still a long way to go according to Greenpeace.
Greenpeace
The environmental organization Greenpeace denounces Tuesday in a statement the investments made by Credit Suisse and UBS in fossil fuels: “In 2021, the major Swiss banks Credit Suisse and UBS financed the extraction and production of fossil fuels such as oil, gas and coal for about $13 billion. Nearly 3.4 billion dollars have even been invested in the expansion of the production capacities of these fossil fuels”.
For the organization’s financial specialist, Peter Haberstich: “Supporting companies that exploit new oil and gas deposits and build new coal-fired power plants is in no way compatible with the objectives of the Paris Agreement on the climate”.
Incomplete guidelines
Greenpeace notes that on the one hand the banks have validated the Paris Agreement which aims to reduce greenhouse gas emissions by 2050, but on the other it is pursuing a strategy aimed at supporting the energies which should be dispensed with and speaks of “inconsistency”: “The directives of the big banks concerning the financing of fossil fuels which are particularly harmful to the climate and the environment, such as coal and the oil sands, are still far too imprecise and too incomplete”.
Halve current investments
The organization therefore demands that these two establishments stop investing in new fossil energy projects and halve their current investments: “The two banks must finally show how they intend to concretely achieve the objective of net zero emissions. by 2050. These financial institutions must set concrete milestones for financial markets and wealth management. If banks do not want to miss the 2050 climate targets, they must halve the greenhouse gas emissions they finance through their activities.”