UniCredit to Exit Coal Financing
November 26 2019 - 10:36AM
Dow Jones News
By Maitane Sardon
UniCredit SpA (UCG.MI) said Tuesday that it has committed to
fully exit thermal coal mining projects by 2023, as it works toward
aligning its activities with the Paris Agreement on climate
change.
Outlining a new set of sustainability goals, the Milan-based
bank said it will stop financing new projects in thermal coal
mining and coal power generation and impose strict commitments for
coal-reliant customers seeking financing.
The bank also said it is introducing a new oil-and-gas policy
that covers the Arctic area and unconventional oil and gas, which
consists of resources which cannot be explored, developed and
produced by conventional processes. UniCredit will prohibit the
financing of new projects in Arctic oil and offshore Arctic gas as
well as in shale oil-and-gas and related fracking, tar sands oil
and deep sea mining. It will only finance clients if their share of
revenues from these activities is less than 25%.
As part of its aim to be more environmentally responsible,
UniCredit said it will increase its energy efficiency-related loans
to customers and its exposure to the renewable energy sector by 25%
to more than 9 billion euros ($9.91 billion) in loans by 2023.
The company aims to reduce its greenhouse gas emissions by 80%
by 2030 and said it is introducing a new set of targets to reduce
its direct environmental impact. By 2023, UniCredit aims to only
use electricity from renewable energy sources in its buildings in
Italy, Germany and Austria.
Other projects outlined by the bank include working with
associations to launch a diversity and inclusion initiative for the
European banking sector.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
November 26, 2019 11:21 ET (16:21 GMT)
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