UBS Shareholders Back Climate Strategy
April 06 2022 - 7:57AM
Dow Jones News
By Maitane Sardon
UBS Group AG shareholders on Wednesday backed the bank's climate
plans and its commitment to net-zero after the company decided to
submit the emission-reductions targets it set out in March to a
vote at its annual general meeting.
The Swiss bank said its climate proposal, presented as a
say-on-climate initiative, received 77.74% of votes in favor at the
meeting of its shareholders, which was held virtually.
The climate transition plan outlined the long and mid-term
targets UBS set in early March and the actions planned to meet such
targets. By 2030, UBS aims to cut the emissions associated with its
loans to fossil fuel companies by 71% from 2020 levels. It also
aims to reach net-zero across its business activities by
mid-century.
UBS said the targets align with scientific recommendations to
limit global warming to 1.5 degrees Celsius. It said it plans to
continue refining its climate roadmap and report on its progress
annually.
The approval rate was the lowest of all the proposals UBS had
put forward to shareholders.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
April 06, 2022 07:42 ET (11:42 GMT)
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