Swiss multinational investment bank and financials services UBS has become the latest financial institution to withdraw from the Net Zero Banking Alliance (NZBA).
It made the announcement following its annual assessment of sustainability and climate-related memberships, joining Barclays and HSBC.
UBS, which joined the NZBA as a founding member in 2021, said it recognises the alliance’s “valuable role” in helping banks establish initial target-setting frameworks and will support its clients in the low carbon transition as well as consider climate change risks and opportunities.
It added: “Our commitment to sustainability remains unchanged and we recognise the importance of an orderly transition to a low carbon economy.
“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.”
UBS latest bank to exit from Net Zero Banking Alliance appeared first on Energy Live News.