UBS hardens energy lending as 'sustainable' investments rise

Switzerland's UBS said the value of its 'sustainable' investments rose by more than 50per cent to nearly US$500 billion in 2019, while lending to the energy and utilities sectors fell by 40per cent as it tightened its rules.

"As the world's largest truly global wealth manager, we have a responsibility to take a leading role in shaping a positive future for everyone, including future generations," UBS Chairman Axel Weber said in a statement. The value of equity and debt capital market deals and financial advisory services linked to climate change mitigation and adaptation hit US$87.2 billion in 2019, up from US$56.5 billion in 2018.

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