UBS Bank won't fund new offshore Arctic oil, gas projects
multinational investment bank has ended support for offshore drilling in the Arctic amid efforts to tackle climate change, a move that could affect future funding for oil and gas projects in Alaska, a newspaper said.
Switzerland-based UBS Bank joined several other investment companies in pulling funding and support for new offshore projects in the region, the Anchorage Daily News reported Friday.
The firm has "committed to no longer provide financing where the stated use of proceeds is for new offshore oil projects in the Arctic," the bank said in a statement.
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