Southeast Asian and European organizations in front of the UBS AGM in Lucerne, Switzerland
Southeast Asian climate advocates confronted UBS at its Annual General Meeting, accusing the Swiss bank of financing environmental destruction and locking vulnerable communities into decades of fossil fuel dependence.
Led by Fr. Edwin Gariguez, a Filipino Catholic priest from Oriental Mindoro and the convener of the Protect Verde Island Passage (Protect VIP) network, told UBS board members: “The Verde Island Passage, a marine biodiversity corridor where countless individuals, mostly fisherfolk communities, depend on its rich marine biodiversity for their livelihoods. This very ecosystem is now under threat, and the decisions made within this room directly contribute to this peril.”
“How can you justify your continued investment (in fossil fuels) while also investing in renewable energy?” he asked.
Fr. Edwin Gariguez addressing his speech to the UBS Board members and shareholders
“Fossil gas is neither natural nor clean energy. It is not the answer to a genuine energy transition,” said Angelica Dacanay of Center for Energy, Ecology, and Development, a member of the Southeast Asia Working Group on Fossil Gas and Just Energy Transition. “Gas projects are causing significant harm to our people, our oceans, and our environment. Furthermore, gas is a risky business — a risk that will eventually extend to your own interests.”
UBS has invested over USD 574 million in fossil gas developers operating in the Coral Triangle and Verde Island Passage — global biodiversity hotspots.
Muandao Kongwanarat, a Thai climate advocate, spoke on behalf of affected communities across Asia: “I speak for the children who are forced to leave school… because the land they lived on has been taken over by gas infrastructure.”
“You are financing the fossil gas dependency of some of the most climate-vulnerable countries on Earth. And you are helping to lock them into decades of emissions. That is not a bridge to the future. If anything, it is a bridge to destruction.”
Kongwanarat called on UBS to commit to a fossil gas phase-out.
“What Asia truly needs is renewable energy,” she said. “A different path — one rooted in justice, in sustainability, and also in accountability.”