Founding Member UBS Withdraws From NZBA

Founding Member UBS Withdraws From NZBA

Once a founding member of the Net-Zero Banking Alliance, Swiss giant UBS has also left the climate group.

UBS has withdrawn from the Net-Zero Banking Alliance (NZBA), according to a statement, without citing a reason, noting that this follows the bank's annual review of memberships in the areas of sustainability and climate.

The wave of NZBA exits began last fall around the US, starting with the major Wall Street banks. Among them were J.P. Morgan, Bank of America, Goldman Sachs, Wells Fargo and Citi. Most recently, British bank Barclays also announced its withdrawal.

Leading Role in Sustainability

However, UBS emphasized that it intends to maintain its own climate goals.

«Our ambition to play a leading role in the area of sustainability remains unchanged. We continue to advance our sustainability and impact strategy, based on three strategic pillars: Protect, Grow, and Attract,» the Swiss lender said.

Clients would continue to be supported in their transition to a «low-carbon world». Climate-related risks and opportunities would continue to be considered across the entire bank for the benefit of clients, investors, and all stakeholders. The initiative to integrate sustainability and climate risks into risk management and stress-testing frameworks will also be continued.

Founding Member

UBS’ entry as a founding member in 2021 occurred at a time when the industry was working to develop frameworks for the decarbonization of financed emissions.

The bank acknowledged the valuable role the NZBA played in supporting banks in establishing their initial target-setting frameworks.