UBS did not cite a specific reason for its withdrawal from the Net-Zero Banking Alliance (NZBA) in its statement on Thursday. The move follows the bank's annual review of memberships in the areas of sustainability and climate, it said tersely.

And UBS is not the only global bank to have turned its back on the organization. The wave of exits began last fall around the U.S. election date in November, 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.»

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.

UBS’s 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.