UBS Shareholders Back Climate Strategy

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 [e-mail]

(END) Dow Jones Newswires

April 06, 2022 07:42 ET (11:42 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.