Our goal has to be to eliminate fossil fuels, but an exit from one day to the next simply isn't possible. The global economy would collapse without this source of energy. That's why it's important to keep financing it, but those sources of funding need to be transparent and with environmental requirements. For me, it gets hypocritical when companies attempt to conceal transactions like these.

The sustainability expert says UBS and others don't need to be overly worried about working with coal and oil?  

No, but I'd rather that a western bank like UBS conducts this business, and does so in a transparent way. It's the age-old conundrum of engagement vs divestment: a well-known foundation as a shareholder in a big oil company can do more for sustainability than an opaque Middle Eastern sovereign wealth fund.

And that can be reconciled ethically?

A good way to look at it is to ask yourself: are my views and behavior universalizable? That means, what would happen if everyone conducted themselves as I do? The question for major banks is: what would happen if all companies were to drop coal and petroleum clients at once?

«Today, my views are more nuanced»

The lights would go out if that happened. So it's not carte blanche for investing in fossil fuels – it's only credible for major investors with a clearly defined engagement approach towards more sustainability, with measurable goals.

Switzerland would like to become a hub for sustainable investments. Competing for sustainability – isn't that odd?

From an academic point of view, you would have to say: you shouldn't make money with sustainability and ethics? Today, I see it with a bit more nuance.

How?

To make money with ethics isn't automatically objectionable. That would only be the case if the sole purpose of sustainability is to make financial gains. But I would welcome is a win-win situation between sustainability and home field advantage.

Climate change is uncontrollable and been with us for decades. Is it naive to base long-term investments on it?

What's the alternative? Thirty years from now, I want to live in a world where my pension is being paid out and I don't have to live in a 12-square-meter space because our country is flooded with migrants because of droughts and catastrophes...

...that's a horror scenario.

What I'm trying to say is: climate change is the phenomenon which threatens our quality of life the most. Thus, it has to be a benchmark for pension funds to direct their investment policies. 


Dorothea Baur is an independent adviser for ethics, focused on the financial and technology sectors. She earned her Ph.D. at the University of St. Gallen in business ethics and researched and taught at several European universities. She has had her own firm to advise companies and organizations on sustainability and responsibility since 2016.