Renewable energy

In addition to our energy efficiency programs, UBS seeks to achieve the group-wide CO2 emission reduction target of 40% below 2004 levels by 2012 by improving the energy mix we purchase towards a higher proportion of renewable energy. Such renewable energy may include wind energy, solar energy, energy from biomass or waste, hydropower, tidal energy or heat pumps using heat from the surroundings.

Energy type consumed

In 2007 UBS purchased 35,000MwH of Renewable Energy Certificates (RECs) from the Flying Cloud wind farm project in Northern Iowa. UBS's REC purchase supports about 25% of the 2007 annual output of this facility. The 44MWfarm generates pollution free electricity equivalent to about 20'000 Iowa homes in a heavy fossil fuel region.

In 2007 UBS signed a new agreement (roughly 210 GWh per year) under which most of the electricity supply for our buildings in Switzerland now comes from renewable sources. More than 90% of this electricity is produced with water and solar power stations.

In London, a new electricity agreement was signed in 2006 which guarantees a CCL-Free (Climate Change Levy exempt) product backed by 100% renewable sources (such as hydroelectric, wind, biomass and others) until September 2008.

Both these initiatives are a continuation of the renewable energy purchasing that began in 2000 in Switzerland and 2003 in London, and represent an improvement on the previous contracts in terms of the increased volume sourced from renewables.

In addition, we continue to look for opportunities to purchase more renewable energy in other locations apart from the UK and Switzerland as part of our climate change program. For example, in our Sydney office we have recently secured 10% (~400MWh) of our power from Government approved green sources.