More good news for our global finance campaign – this week Swiss banking giant UBS issued a public statement highlighting the regulatory and reputational concerns around mountaintop removal (MTR) coal mining in Appalachia.
UBS is the eighth bank to do this! Significantly, UBS has been the biggest funder of MTR coal mining, including the worst of the worst, Massey Energy (rumored to be in such terrible difficulty that its up for sale).
UBS says that “regulations around MTR mining are becoming increasingly stringent, also reflecting public unease about this mining practice.”
They go on to say “As part of this review, UBS assesses to what extent companies rely on MTR mining for their revenue generation, and UBS needs to be satisfied that the client is committed to reduce over time its exposure to this form of mining.”
While a statement like this is a step in the right direction, there is still no clear commitment from UBS to stop funding any of the MTR coal companies. This is a stark contrast to the position recently announced by another Swiss banking giant, Credit Suisse.
Thanks to everyone who contacted UBS to get them to take this step. Clearly, we must keep up the pressure and urge them to go all the way and stop financing the destruction of the Appalachian Mountains.