UBS announced in a Corporate Responsibility announcement at the end of 2010 thatthey want to identify, manage, and control environmental and social risks in their business transaction, while also acknowledging that all risks are different. In regards to coal miners that use Mountain Top Removal (MTR), UBS will analyze how heavily the company relies on MTR for revenue generation as well as what the company is doing to minimize their reliance on MTR over the long term.
It appears that after coming under public scrutiny, UBS made an official statement of policy change regarding the funding of companies involved in mountain top removal. Still, the bank turned around and continued to fund one of the world’s largest mountain top removals, according to a report from the Rainforest Action Network and the Sierra Club (see first link below).
In February of 2011, The Understory published a piece claiming that, despite UBS’s new policies, the bank still finances environmentally dangerous mining operations (see second link below).
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