UBS Exits Net-Zero Banking Alliance

By Adria Calatayud

UBS Group said it left the Net-Zero Banking Alliance, becoming the latest big bank to exit the industry climate group.

The Swiss bank follows in the footsteps of peers like JPMorgan, Citigroup, HSBC Holdings and Barclays in dropping out the alliance, an organization sponsored by the United Nations that sought to keep the industry on track to reach net zero by 2050.

UBS joined the group as one of the founding members in 2021 and its decision to withdraw followed an annual assessment of sustainability and climate-related memberships, it said. The bank said work on establishing initial target-setting frameworks was advanced and its in-house capabilities strengthened, but acknowledged the alliance's role in helping the industry get started.

"Our commitment to sustainability remains unchanged and we recognize the importance of an orderly transition to a low-carbon economy," UBS said.

Write to Adria Calatayud at adria.calatayud@wsj.com