Rahel Wendelspiess has been in UBS’s environmental and social risk team for almost seven years. They oversee UBS’s climate change strategy and monitor emerging risks in this area. The team members are based in offices in Asia, Europe and North America, so that client requests can be met around the clock. She enjoys the broad mandate of the team: “We identify and manage the risks related to environmental and human rights issues and we make sure that UBS complies with standards of responsible banking.” The mandate also resonates with her values. “I am interested in environmental and societal issues and believe that, in this job, I can contribute to relevant ethical considerations when doing business.”
Many of the world’s key environmental and social challenges – such as population growth, energy security, loss of biodiversity, and access to drinking water and food – are closely intertwined with climate change. UBS’s comprehensive climate change strategy thus focuses on the many ways we can support the transition to a low-carbon economy.
Reducing investment in coal…
For example, we limit our engagement in the coal sector. Coal-fired power plants are no longer financed in some countries and in the others, they are subject to restrictions aimed at reducing emissions and overall a strategy to reduce coal dependency. Also, capital raising and lending to the coal mining sector is severely restricted and mountaintop removal operations are not supported at all.
We will also not engage in certain activities that contribute to deforestation, which is second only to the energy sector as a source of global greenhouse gas emissions. Nor will we do business if there is a risk of hindering the protection of wetlands or the conservation of forests, nor if forest clearing by fire or illegal logging is involved.