UniCredit: a falling star

Reclaim Finance criticizes UniCredit for participating in a billion euro loan to EPH, a company that continues to acquire coal assets and generate significant revenue from coal. This action is presented as a contradiction of UniCredit's September 2020 coal policy, which committed to a coal phase-out by 2028 and the exclusion of coal expansionists. The document highlights EPH's acquisition of the Schkopau lignite coal plant as a critical test of the bank's policy adherence and warns against the use of 'green financing' loopholes for coal companies.

• UniCredit established a coal policy in September 2020 with a commitment to phase out coal by 2028 and a requirement for coal companies to provide compatible phase-out plans by the end of 2021.
• Despite its policy, UniCredit participated in a billion euro loan for EPH, a company that continues to acquire coal assets and derives over 20% of its revenue from coal-related activities, with 46% of its power production being coal-based.
• EPH is in the process of acquiring the remaining 58% of the Schkopau lignite coal plant from Uniper, which is expected to operate until 2034 and is slated for finalization in October 2021.
• The document argues that UniCredit's consideration of limiting services to 'green financing' for non-compliant coal companies is a loophole unless it is restricted to project financing for sustainable renewable energy and applied only to non-expanding clients with a 2028 phase-out date.

APA

admin (2021). UniCredit: a falling star. Reclaim Finance. https://reclaimfinance.org/site/en/2021/06/01/unicredit-a-falling-star/

Chicago

admin. UniCredit: a falling star. Reclaim Finance, 2021. https://reclaimfinance.org/site/en/2021/06/01/unicredit-a-falling-star/.

Wikipedia

{{cite press release |last1=admin |title=UniCredit: a falling star |publisher=Reclaim Finance |date=1 June 2021 |url=https://reclaimfinance.org/site/en/2021/06/01/unicredit-a-falling-star/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2021unicredit, author = {admin}, title = {{UniCredit: a falling star}}, publisher = {Reclaim Finance}, year = {2021}, month = jun, url = {https://reclaimfinance.org/site/en/2021/06/01/unicredit-a-falling-star/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }