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UBS: to cease financing certain oil and mine projects

( - UBS on Thursday committed itself to no longer funding new offshore oil projects in the Arctic region, thermal coal mines or oil sands projects.

On the presentation of its sustainability report for 2019, UBS said that it has reduced carbon-related assets in its balance sheet to 1.9 billion dollars last year, down more than 40% from 2018.

On the other hand, UBS has increased its sustainable investments by more than 56% to 488 billion dollars, the Swiss wealth manager said.

This represents a rate that has more than doubled to 13.5% of total invested assets, from 5.6% in 2017, surpassing its goal one year ahead of schedule, UBS said.

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