SINGAPORE (Mar 5): UBS, the world’s largest wealth manager, now has US$488 billion ($676 billion) worth of core sustainable investments under its belt. 

This amounts to some 13.5% of its invested assets as at end-2019, the bank reported on Thursday. This was more than double the figure of 5.6% in the previous year. 

Carbon-related assets on UBS’s balance sheet was slashed by more than 40% to US$1.9 billion, or 0.8% of its total gross banking products exposure.

According to UBS, the firm is also committed to no longer provide financing where the stated use of proceeds is for new offshore oil projects in the Arctic, greenfield thermal coal mines or greenfield oil sands projects. 

“The new standards also include enhanced due diligence for transactions directly related to liquefied natural gas and ultra-deepwater drilling,” adds UBS. 

"As the world's largest truly global wealth manager, we have a responsibility to take a leading role in shaping a positive future for everyone, including future generations," shares UBS Chairman Axel Weber. 

To date, the bank has also directed some US$3.9 billion worth of client assets into impact investments related to the United Nations Sustainable Development Goals (SDGs). 

In recognition of its efforts, UBS has been awarded with the industry leadership position in the Dow Jones Sustainability Indices (DJSI) for the fifth consecutive time.