BANKS DODGY DEALS CAMPAIGNS
About BankTrack
20 years of BankTrack – Our history
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
BankTrack in the media
Our privacy policy
Donate
2023-09-18 00:00:00
New report and blog: Barclays' bond with Adani
2023-08-23 00:00:00
Decarbonization: steel not making the cut
2023-07-27 00:00:00
Two months ago 62 organizations and 3 Goldman Environmental Prize winners wrote an Open Letter to the TNFD: No one responded
2023-07-13 00:00:00
The Sustainable Steel Principles: One step forward when leaps are needed
2023-09-15 17:34:10
The number of major banks refusing to support EACOP reaches 24
2023-07-31 14:30:01
Equator Principles recognise projects’ risk to climate for the first time
2023-05-17 14:30:30
EACOP Financial Advisor SMBC is no longer involved with the project
2023-03-28 13:43:00
French bank Société Générale withdraws from Rio Grande LNG
Connect
2023-09-18 00:00:00
Barclays' bond with Adani
2023-06-26 00:00:00
How should financiers align with the Global Biodiversity Framework? Five Key Principles
2023-04-13 00:00:00
Banking on Climate Chaos 2023
2023-04-12 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 4
See all publications
Sections
Banks Dodgy Deals Campaigns
Our campaigns
Banks and Climate
Banks and Human Rights
Banks and Nature
Banks and Pandemics
Our projects
Tracking the NZBA
End Coal Finance
Banks and Putin's war in Ukraine
Banks and steel
Tracking the Equator Principles
Tracking the PRBs
Find a Better Bank
Banks and the OECD Guidelines
Media
News Publications
Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack 20 years of BankTrack – Our history Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances BankTrack in the media Our privacy policy Donate
Successes Contact BankTrack
Donate Mailing list Facebook Twitter Login
Home › Partner news ›
Partner News

A tale of two Swiss banks

2010-10-20 | San Fransisco, US
By: Rainforest Action Network
Contact:

Amanda Starbuck

2010-10-20 | San Fransisco, US
By: Rainforest Action Network
Contact:

Amanda Starbuck

We've been keeping our eyes on the Swiss alps as we fight to stop the destruction of Appalachia's beautiful mountains.

The reason? International banking giants provide major finance to some of the coal companies who blow up mountains to mine coal and the biggest global funder of mountaintop removal (MTR) is the largest Swiss bank, UBS.

Today we heard some good news from the other major Swiss bank, Credit Suisse, who has published summaries of their lending guidelines.

The exciting part for me is in the section "Excluded Activities Involving Mining Companies".Specifically, Credit Suisse says:

"iii. Mountaintop removal mining. Credit Suisse will not finance or provide advice on operations to extract coal or other resources where mountaintop removal mining practices are used."

This is a full-sector exclusion and the best-yet published policy on MTR by any bank that we have seen. We already knew that this was Credit Suisse's position - they confirmed this to us in writing when we did our report card on MTR earlier this year. However, making this - and all their environmental lending policies - truly public is a major step forward in transparency for the bank.

All eyes are now on UBS to see whether they will keep up with their banking competitor. UBSrecently commented, on Swiss radio station WRS, that "we are currently reviewing our risk management approach involving transactions with MTR companies and are in discussions with stakeholder groups."

Credit Suisse's full list of summaries is available here. This includes policies on oil & gas, hydropower, forestry& forest products and palm oil.

Banks

Credit Suisse

Switzerland
Active

UBS

Switzerland
Active
Dodgy Deals
There are no active project profiles for this item now.

Mountain top removal coal mining

United States
Project
On record
Coal Mining

Mountain top removal coal mining

United States
Sections
Banks Policies Dodgy Deals Campaigns
Our campaigns
Banks and Climate Banks and Human Rights Banks and Nature Banks and Pandemics
Our projects
Tracking the NZBA End Coal Finance Banks and Putin's war in Ukraine Banks and steel Tracking the Equator Principles Tracking the PRBs Find a Better Bank Banks and the OECD Guidelines
Media
News Publications
Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack 20 years of BankTrack – Our history Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances BankTrack in the media Our privacy policy Donate
Successes Contact BankTrack
Vismarkt 15
6511 VJ Nijmegen
The Netherlands
Contact@banktrack.org
Donate Mailing list Facebook Twitter
©2023 BankTrack
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