UBS Quits Net Zero Banking Club After Wall Street, UK Exits (1)

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Following its annual review of memberships in the area of sustainability and climate, UBS has withdrawn from the Net-Zero Banking Alliance, according to a company statement on Thursday.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