Mar 5, 2020 - Economy & Business

UBS adds new fossil fuel lending restrictions

Photo: Peter Klaunzer/AFP via Getty Images

UBS said Thursday it will not finance new Arctic offshore oil projects, new coal mines or new oil sands projects.

The big picture: The Swiss banking giant is the latest in a string of banks to announce wider restrictions on fossil fuel finance as investor and activist pressure grows.

  • A number of major banks have tightened finance criteria in recent months and years. But climate activists say some of the policies, including JPMorgan Chase's new guidelines, have major gaps.

The bank said it would apply enhanced environmental guidelines for ultra-deepwater drilling and liquefied natural gas projects.

  • For LNG, that means "considering relevant factors such as management of methane leaks, and the company's past and present environmental and social performance."

Go deeper: Why big banks are breaking up with some fossil fuels

Go deeper

Interior Dept. moves to sell oil drilling rights in Alaska wildlife refuge

A polar bear cub in 2014 in the Arctic National Wildlife Refuge in North Slope, Alaska. Photo: Steven Kazlowski/Barcroft Medi via Getty Images

Interior Secretary David Bernhardt said Saturday that the Trump administration is "about to finalize a leasing plan" to sell rights for oil drilling in Alaska's Arctic National Wildlife Refuge, Bloomberg reports.

The intrigue: Some of America's biggest banks are cutting off financing for Arctic oil and gas projects.

Why the gap between offshore wind and oil-and-gas might narrow over the 2020s

Reproduced from Wood Mackenzie; Chart: Axios Visuals

A Wood Mackenzie analyst note shows that the gap in global investment between offshore wind and offshore oil-and-gas is expected to narrow as the 2020s progress.

The intrigue: The brief report explores why investors should be interested in a sector in which projects typically offer lower returns than oil-and-gas projects.

Exclusive: Civil rights leaders oppose swift move off natural gas

Photo Illustration: Eniola Odetunde/Axios

Top American civil rights activists are opposing an abrupt move away from natural gas, putting them at odds with environmentalists and progressive Democrats who want to ban fracking.

Driving the news: In recent interviews, Revs. Al Sharpton and Jesse Jackson and National Urban League President Marc Morial said energy costs are hitting people of color unfairly hard. These concerns, expressed before the coronavirus pandemic, are poised to expand as paychecks shrink across America.