UBS joins peers to track how lending affects environment, jobs

 UBS joins peers to track how lending affects environment, jobs

Swiss bank UBS branch in Zurich, Switzerland. REUTERS/Arnd Wiegmann

  • Banking for Impact includes ABN Amro, Danske Bank
  • To work with Harvard Business School
  • Group to create new metrics quantifying impact
  • ‘Dollar value’ measure to help to guide financing

ZURICH/LONDON, June 30 (Reuters) – A group of banks, including UBS (UBSG.S) and Singapore’s DBS (DBSM.SI), on Wednesday announced plans to create a new way of measuring the environmental and social impact of their financing.

The group, called Banking for Impact, which also includes ABN Amro (ABNd.AS) and Danske Bank (DANSKE.CO), will team up with Harvard Business School for the project, which aims to help promote a transition to a sustainable economy.

The new reporting standards will mark the first time such measurements will have been attempted on this scale in the financial sector.

Harvard launched its Impact-Weighted Accounts Initiative in 2019 and it has analysed more than 1,800 public…

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