LONDON: Switzerland-based UBS is the latest big name to join RE100, an ambitious global initiative to engage, support and showcase influential companies committed to 100% renewable power which is convened by The Climate Group in partnership with CDP.
The leading global financial services provider has set itself a target of becoming 100% powered by renewable electricity by 2020 across all its operations, which will reduce its greenhouse gas footprint by 75% compared with 2004 levels.
The company is keen to take a leadership role in increasing demand for renewable energy as the world transitions to a low carbon economy. It also anticipates long-term cost savings as the energy market changes over time.
UBS has a long track record of addressing environmental and energy challenges. It reduced its greenhouse gas footprint by 50% between 2004 and 2014 by implementing energy efficiency measures, increasing its share of renewable energy, and implementing other carbon cutting initiatives.
The company already buys 100% of its electricity in Switzerland and Germany from renewable sources, and sees a global 100% renewable electricity goal as the logical next step.
Caroline Anstey, Head of UBS and Society, said: “We would like to take a leadership role and help create demand for renewable energy production across the globe.”
Mark Kenber, CEO of The Climate Group, welcomed UBS on board the campaign: "UBS has been an early mover in its industry applying environmental standards and ambitious targets to mitigate climate change. Joining RE100 and setting a goal to be 100% powered by renewable energy by 2020 is a win-win - as well as showing clear leadership, it makes sound business sense."
While working to its 100% renewable energy target, UBS also seeks to protect its clients' assets from climate change risk, by providing research and sustainable investment opportunities, and offering financing to companies who support climate change mitigation and adaptation.
Read more about UBS’s climate change commitment and its decision to become 100% powered by renewable electricity.