Monday , April 6 2020
Home / le News / Swiss private bank Pictet to drop fossil fuel investments

Swiss private bank Pictet to drop fossil fuel investments

Summary:
Recently, the private bank Pictet, based in Geneva, announced plans to eliminate all of its investments in companies actively associated with the production and extraction of fossil fuels, according to a press release. © Kent Johansson | Dreamstime.comThe bank defines companies actively associated with the production and extraction of fossil fuels as those generating more than 25% of their revenue from activities with high carbon emissions. At the end on December 2019 the bank had investments in fossil fuels of CHF 250 million. it is giving itself until the end of 2020 to reduce this balance to zero. The motivation for the move is twofold. To show an example to clients and to send a signal to such companies that if they don’t change they will run into difficulty finding

Topics:
Investec considers the following as important: , , , ,

This could be interesting, too:

Investec writes Coronavirus: loss of smell indicates “very high likelihood” of infection

Investec writes Coronavirus: deciding who gets a ventilator

Investec writes Coronavirus: Swiss tourism expected to lose 6.4 billion francs

Investec writes Coronavirus: Swiss test rate now higher than South Korea’s

Recently, the private bank Pictet, based in Geneva, announced plans to eliminate all of its investments in companies actively associated with the production and extraction of fossil fuels, according to a press release.

Swiss private bank Pictet to drop fossil fuel investments
© Kent Johansson | Dreamstime.com

The bank defines companies actively associated with the production and extraction of fossil fuels as those generating more than 25% of their revenue from activities with high carbon emissions.

At the end on December 2019 the bank had investments in fossil fuels of CHF 250 million. it is giving itself until the end of 2020 to reduce this balance to zero.

The motivation for the move is twofold. To show an example to clients and to send a signal to such companies that if they don’t change they will run into difficulty finding investors.

Renaud Planta, a senior associate at Pictet, said that they are convinced that companies in the private sector must contribute to a transition to a low carbon future and that the bank’s investment decisions allow them to move things in this direction.

More on this:
Pictet press release (in French) – Take a 5 minute French test now

For more stories like this on Switzerland follow us on Facebook and Twitter.

About Investec
Investec
Investec is a distinctive Specialist Bank and Asset Manager. We provide a diverse range of financial products and services to our niche client base.

Leave a Reply

Your email address will not be published. Required fields are marked *