UniCredit are doing their best to avoid facing up to their dirty investments. They’ve poured over $36bn into fossil fuels since 2016, and have avoided taking any real steps to cutting it out fully. Now, they’re going even further. They just had their annual general meeting, and they’ve hidden it behind closed doors, without any in-person shareholders present.

They’re trying to run away from any real scrutiny – so that they can continue funding coal, oil and gas around the world.

UniCredit are Italy’s second biggest bank and they’ve held their AGM behind closed doors to avoid any debate or real oversight from the media. They’re desperately covering up their fossil fuel investments so much, that it’s basically an admission of guilt. It proves that they know they’re cheating. They’re making commitments to reduce their investments in fossil fuels whilst increasing their investments:

“We have a natural commitment to sustainability. We believe in action, not words: – UniCredit Unlocked

The facts tell a different story:

  • UniCredit has increased its coal funding by 28% since last year. Including $226 million to RWE (the most polluting energy company in Europe) and $136 million for Sasol, which is planning major coal expansions.
  • UniCredit is saying they’re thinking about cutting funding to oil and gas projects in the Arctic region or projects exploring new oil. At the same time, they’ve given $12.5 billion to the oil and gas sector.
  • UniCredit are 2nd in the Putin100 – they’ve given $1.6bn to the Russian fossil fuel companies that are filling Putin’s war chest.

This is greenwashing. Plain and simple.

Italian campaigners Recommon said:

“The shareholders’ meeting is an additional opportunity to clarify the facts behind the words: massive funding to the fossil industry is not compatible with what the group publicly declares in terms of sustainability commitments,” said Daniela Finamore, ReCommon’s Finance and Climate Campaigner. “Steps forward in terms of stopping the financing of the fossil industry are being watered down by as many exceptions and loopholes. This is not the right direction to take to meet the challenges required by the urgency of the climate crisis”

Read more here: https://www.recommon.org/en/unicredit-shareholders-meeting-on-climate-ambition-there-is-still-a-long-way-to-go/