Major national bank shocks finance world by turning its back on US company

The Swiss National Bank has sold its ownership interest in the U.S. oil company Chevron.

As Net Zero Investor reported, the prominent bank no longer has a stake in the oil giant, which has been linked to shady business dealings and misleading greenwashing campaigns.

There has been growing pressure on central banks to divest from dirty energy and polluting companies. The Swiss National Bank is a major U.S. stock market investor, so its move away from Chevron caught the investment community's attention.

Per bank policy, a Swiss National Bank representative declined to comment on the stock decision. However, they did share: "The National Bank feels obliged to take into account the fundamental norms and values of Switzerland within the framework of its investment policy. Therefore, it does not invest in stocks or bonds of companies whose products or production processes significantly violate broadly accepted societal values."

Campaign groups have published reports revealing banks' investments in dirty energy companies. This public exposure has called out financial institutions such as the European Central Bank for endorsing pollution-heavy industries despite their supposed sustainability goals.

These financial shifts are encouraging for the planet because they signal a transition away from fossil fuels and movement toward a cleaner, greener economy. Despite public misinformation and federal funding cuts, the clean energy economy still has significant long-term momentum.

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It's encouraging to see banks make good financial decisions based on the values of their communities and humankind.

If you want to make personal investments that align with your sustainability values, GreenPortfolio is a great place to start. GreenPortfolio can connect you with a financial advisor who can simplify the process of making climate-positive investments. It's a free online service that empowers you to take climate action through your finances while still earning profitable returns.

You can also upgrade your financial life with a cleaner bank and invest in clean economy stocks to do your part in advancing sustainability initiatives.

The news of the Swiss National Bank's divestment in Chevron follows activists' protesting and holding banners with messages including "No financial stability without a stable climate."