UBS has withdrawn from the Net-Zero Banking Alliance. UBS joined NZBA as a founding member in 2021, at a time when the industry was working to develop decarbonisation frameworks for financed emissions.
“UBS recognises the NZBA’s valuable role in helping banks establish initial target-setting frameworks. With that work advanced and with our in-house capabilities strengthened, we have decided to withdraw from the NZBA, like a number of our global peers.
“Our commitment to sustainability remains unchanged, and we recognise the importance of an orderly transition to a low-carbon economy,” said the bank.
UBS noted in a recent statement that clients “remain at the heart of what we do as we support them” in the transition.
“We remain steadfast in our commitment to be our clients’ bank of choice and support them with offerings that meet their evolving needs.
“We remain focused on supporting our clients in understanding the impact of climate change in their business models and their investments, including both risks and opportunities.
“We continue advancing our multi-year initiative to embed sustainability and climate risk into our risk management and stress-testing frameworks,” said the UBS statement.
