Once it has fulfilled its pledge, UBS will have reduced the emissions of damaging greenhouse gases by 75 percent, compared with 2004, the company said in a statement on Tuesday.

As part of its pledge, UBS joined the socalled RE100 initiative, a project aimed at an economy producing less carbon dioxide in cooperation with companies and investors. The Swiss bank already cut emissions by 50 percent over the past decade.

Increased Energy Efficiency

Electricity consumed by UBS in Switzerland, Germany and the UK today stems 100 percent from renewable sources. And in Switzerland, the largest bank of the country has increased the energy efficiency by more than 30 percent since 2000.

The reduction of its emissions of greenhouse gases formed an important part of the banks strategy to mitigate climate change, UBS said. Other goals are to protect its clients and the banks own assets from climate change risks. It provides investment opportunities to the field of climate change, renewable energy and sustainable real estate.