UBS Ditches Credit Suisse Plan to Phase Out Coal Financing
- UBS also dispensing with some Credit Suisse climate targets
- Credit Suisse takeover is first major merger of net zero era
The example is just one in a list of climate finance decisions due to be made public later this month.
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UBS Group AG is set to scrap a planned phaseout of coal financing that Credit Suisse had backed, as the global wealth manager prepares to unveil how the merged bank will tackle climate change.
After months of internal debate on how to treat Credit Suisse’s climate strategy, UBS executives now intend to stick with their own policy on coal funding meaning the bank will have no end date for financing the dirtiest fossil fuel, people familiar with the matter said.