Banks| Policies| Dodgy Deals| Campaigns
About us| Blog| Publications| Successes| Contact us| Donate
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2023-02-07 00:00:00
What COP15 means for banks: meeting the Global Biodiversity Framework requires protecting Indigenous rights and divesting from harmful industries
2023-01-23 00:00:00
Berta Cáceres: new rules for banks could help stop defender killings
2023-01-16 00:00:00
In the balance: Why European due diligence legislation must cover financial services
2022-12-08 00:00:00
Exposed: Western banks funding Qatar’s carbon bombs
2022-12-14 11:08:26
HSBC announces it will no longer finance new oil and gas fields
2022-10-13 15:56:39
More major banks and insurers refuse to support EACOP
2022-09-16 10:38:48
European Parliament passes emergency resolution against human rights violations & environmental threats linked to EACOP
2022-06-27 09:49:16
Crédit Agricole takes first step to phase out from the oil and gas sector
Connect
2022-11-22 00:00:00
Banking on Thin Ice: Two years in the heat
2022-11-17 00:00:00
BankTrack Global Human Rights Benchmark 2022
2022-10-21 00:00:00
Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
2022-06-28 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
2022-04-05 00:00:00
The BankTrack Human Rights Benchmark Asia
2022-03-30 00:00:00
Banking on Climate Chaos 2022
See all publications
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Home › News
UniCredit - A ticking bomb on climate mitigation
Start
Banks

By: European Coal Finance Campaign
2012-04-05
Brussels

Contact:

Mel Denes – European Coal Finance Campaign


Share this page:

Go to:
Start
Related Banks

Environmental groups that attempt to prevent environmental devastation caused by the Šoštanj coal project in Slovenia, financed by the Italian UniCredit banking group, are taken aback when the bank announced its next in line PR exercise to promote its green credentials by endorsing the Natural Capital Declaration, in the run up to Rio+20.

UniCredit, one of the largest banking groups in the world, operates in 22 countries and holds the `largest investment banking operation in Central Eastern Europe` title. This bank has also been identified in the recent Bankrolling Climate Change report as one of the major investors in the coal industry. UniCredit takes its place on the Top 20 Coal Investing Banks` League Table and also as one of the highest ranking European bank that provide financing for the coal industry, coal plants, mines and utility companies.

UniCredit is one of the private banks that provide the 100 million euros loan for the development of the Šoštanj coal plant. This project alone will lock in tonnes of CO2 emission that potentially nils the bank`s good intensions when investing in German wind farms.

Lidija Živčič, senior expert at Focus, Slovenia said:

`UniCredit is investing millions of euros of its account holders` money in the Šoštanj coal plant in Slovenia that will devastate our environment, drive climate change, and impact the health of the local population for the next four decades. UniCredit claims to `have engaged in a number of initiatives aiming at reducing direct and indirect impacts of `their` operations` - investing in Šoštanj coal project is clearly not one of those initiatives and we hence call the bank to withdraw from this project immediately.`

UniCredit is a ticking bomb on the environment and the European economy. The bank was recently brought to its knees by the global economic turmoil and by its own unsustainable investment behaviour.

UniCredit is also a major investor in the coal industry; in the past five years the bank provided millions of Euros for Enel, the Italian utility company that pushes the renaissance of coal in Europe.

The bank is facing an increased and unified opposition from local communities, the general public and civil society. UniCredit proved so far nothing of its green credential but to be an obstacle in the fight to tackle climate change.

Its latest move to endorse the Natural Capital Declaration in the run up to `Rio +20` is seen as mere PR exercise to shield against growing opposition against the bank`s irresponsible and environmentally unsustainable operational and investment manoeuvres.

 


    Partner organizations of the European Coal Finance Campaign (www.stopcoalfinance.org) work closely with Focus to stop environmentally devastating projects, such as TES6 block at the Šoštanj coal plant in Slovenia.

    http://www.stopcoalfinance.org/sostanj-thermal-power-plant-an-ongoing-battle-to-stop-investments-flowing-for-coal-projects/

    http://www.naturalcapitaldeclaration.org/ a voluntary measure endorsed by the financial sector

    http://www.stopcoalfinance.org/wp-content/uploads/2012/01/bankrolling-cliamte-change.pdf

    http://www.stopcoalfinance.org/the-campaign/banks/

    Focus is an environmental organization in Slovenia that takes leadership in the civil society resistance against the development of environmentally destructive projects in Slovenia. http://www.focus.si/ Focus is a partner organization and works closely with the European Coal Finanace Campaign

Go to:
Start
Related Banks

Related banks

UniCredit Italy

active
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Vismarkt 15
6511 VJ Nijmegen
The Netherlands

Tel: +31 24 324 9220
Contact@banktrack.org
©2016 BankTrack                Webdesign by BankTrack and EASYmind
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted