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UBS is the latest to leave climate banking alliance

UBS, a Swiss bank, will withdraw from the Net-Zero Banking Alliance following the departures of Barclays and HSBC. This is part of a review of the sustainability and climate related memberships of the alliance.

The departure raises concerns about the future NZBA initiative, which was established in 2021 with the aim of helping banks align themselves with global climate goals by funding environmentally-friendly activities and setting emission targets.

UBS stated that while the alliance provided valuable frameworks to set initial targets, it has developed its own capabilities. The bank decided to leave.

JPMorgan, Citigroup, Morgan Stanley Macquarie, and Bank of Montreal, global peers, have all left the group in the past year, as the U.S. increased its scrutiny of institutions that are deemed to support pro-climate policy.

The group was created in 2021 with the aim of aligning the sector to the global goal to limit global warming. This included mobilizing more funds for environmentally-friendly activities and setting members targets to reduce emissions related to their business.

Barclays announced last week that it was leaving the NZBA group due to the departure of global lenders

No longer fit

Support the green transformation of the bank.

UBS stated that while the group played an important role in assisting banks in establishing initial frameworks for setting targets in the beginning, it had now decided to depart as the work was advanced and Swiss lender had bolstered its internal capabilities.

In an email, a spokesperson for NZBA said that the strength of the NZBA lies in its member banks' commitment to leading the net zero transformation. This long-term project requires courage, consistency, and true leadership in order to remain on track.

In an effort to retain members, NZBA relaxed some of its stricter membership rules earlier this year. The group claimed that the move reflected the

Slow pace of Change

In order to appeal to emerging markets lenders and the real economy, it is important to use this information.

UBS announced last month that it would replace Michael Baldinger as its chief sustainability officer. Baldinger had been in his role as chief sustainability officer since July 2025.

Christian Leitz has replaced Baldinger as CSO. He also holds the title of head of corporate history and responsibility. Beatriz Martin Jimenez oversees UBS Group’s sustainability strategy and its impact. She also sits on UBS Group’s board, which includes the bank’s philanthropic work.

(source: Reuters)