UBS Quits Net Zero Banking Club After Wall Street, UK Exits

(Bloomberg) — UBS Group AG is the latest bank to announce it’s leaving the world’s biggest climate group for the industry, following a string of departures by Wall Street and UK banks.

Following its annual review of memberships in the area of sustainability and climate, UBS has withdrawn from the Net-Zero Banking Alliance, according to a company statement on Thursday.

“Our commitment to sustainability remains unchanged and we recognize the importance of an orderly transition to a low-carbon economy,” said UBS, which was a founding member of NZBA in 2021. Last year, the Swiss lender extended its timeframe to reach net zero in its own operations to 2035, citing the acquisition of Credit Suisse and fresh regulatory guidance.

UBS’s departure comes shortly after similar moves from Barclays Plc and HSBC Holdings Plc, which were the first banks in the UK to leave. What started late last year as a wave of defections from Wall Street lenders seeking cover from a new presidential administration with a clear anti-climate agenda in the US, has since spilled over into Canada, Australia and Japan.

Until HSBC quit in July, banks in Europe had remained committed to the alliance and had broadly endorsed its new strategy.

A spokesperson for NZBA said the group “remains focused on supporting the many committed banks” that are driving forward the net zero transition.

UBS said that it took the decision after strengthening its own “in-house capabilities” in the area.

©2025 Bloomberg L.P.