UBS has withdrawn from the United Nations-convened Net-Zero Banking Alliance after a review of its sustainability and climate memberships, the Swiss bank said on Thursday, stressing its commitment to low-carbon transition efforts remains unchanged.
Shift Away from Alliance Membership
UBS, which joined the NZBA as a founding member in 2021, said the alliance had played a “valuable role” in helping banks set initial decarbonization targets.
The bank said it now has the internal capacity to manage such frameworks on its own, a decision it said mirrors moves by several global peers.
“With that work advanced and with our in-house capabilities strengthened, we have decided to withdraw from the NZBA,” UBS said.
Sustainability Strategy Unchanged
The lender said it continues to pursue its sustainability and impact strategy built on three pillars – Protect, Grow and Attract – and remains focused on embedding climate risk into its risk management and stress-testing frameworks.
“Clients remain at the heart of what we do as we support them in the transition,” the bank said, adding it would continue to advise customers on the risks and opportunities tied to climate change.
The NZBA, part of the Glasgow Financial Alliance for Net Zero, commits members to align their lending and investment portfolios with net-zero greenhouse gas emissions by 2050 and to set interim 2030 targets.
