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Days before the UBS Annual General Meeting, a civil society alliance is drawing attention to the major Swiss bank's investment policy in the Philippines. UBS is one of the biggest institutional investors in the Philippine conglomerate San Miguel. The group plans to significantly expand the capacity of its domestic coal and gas-fired power plants. In doing so, it is hindering the Philippines’ energy transition, a country with remarkable renewable energy potential. 

Because Greenpeace USA showed solidarity with protests against the highly controversial Dakota Access Pipeline, the oil company behind the project, Energy Transfer (ET), sued the environmental organization. As a result, a North Dakota jury reached a verdict and a judge in the first instance found Greenpeace USA liable for $660 million worth of damages. The case is obviously a SLAPP suit (“Strategic Lawsuit against Public Participation”) which ET filed to silence a strong voice critical of its climate-wrecking business.

Extensive financial research by NGOs Urgewald and Facing Finance has uncovered massive greenwashing in European ESG funds, also known as Article 8 and Article 9 funds. More than 14,000 ESG funds traded in European markets were analyzed. Well over one-third (4,792 funds) invested more than EUR 123 billion in companies actively pushing fossil fuel expansion projects or lacking a credible Paris-aligned coal phase-out plan.

Today, Urgewald and 10 NGO partners published the first Metallurgical Coal Exit List (MCEL), a public database of coal companies which are expanding their met coal mining activities. “Hundreds of financial institutions are already using our Global Coal Exit List (GCEL) to restrict their financial flows to the thermal coal sector. The MCEL is a new sister database that focuses exclusively on metallurgical coal and highlights which companies are planning new met coal mines or extensions. Financial institutions need to wake up and stop bankrolling the reckless expansion of this industry,” says Heffa Schuecking, Director of Urgewald. 

Not one of the financial backers of the highly controversial Mozambique LNG project has agreed to publicly call for an independent international investigation into an alleged massacre of civilians, reportedly committed near TotalEnergies' premises in mid-2021 by Mozambican public security forces.

Today, EU foreign ministers approved new sanctions against Russia at their meeting in Brussels. These include the sanctioning of 52 ships that transport or have transported Russian oil, liquefied natural gas (LNG) or looted Ukrainian grain.