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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

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities in Syria linked to Iranian-backed militia groups was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.

8 hours ago - Health

FDA authorizes Johnson & Johnson's one-shot COVID-19 vaccine for emergency use

Photo: Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration on Saturday issued an emergency use authorization for Johnson & Johnson's one-shot coronavirus vaccine.

Why it matters: The authorization of a third coronavirus vaccine in the U.S. will help speed up the vaccine rollout across the country, especially since the J&J shot only requires one dose as opposed to Moderna and Pfizer-BioNTech's two-shot vaccines.

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios