UBS publishes net zero approach – from commitment to action

Zurich/Basel, 11 March 2022 – UBS today published its Sustainability Report and Climate Report providing more information on its Climate Roadmap which will be put to an advisory vote at the AGM on 6 April. This reflects the firm’s commitment to shareholders having their say on the firm’s climate strategy. 

The Climate Roadmap includes areas where UBS is already taking climate action as well as our ambitions for the future.

As a founding member of the Net-Zero Banking Alliance (NZBA), UBS has committed to publish interim financing targets for 2030 with a focus on reducing our greenhouse gas emissions in priority sectors where the bank can have the most significant impact. In line with this commitment, UBS will reduce the carbon footprint of its loan book across three sectors that account for a sizable share (c. 43%) of its credit portfolio and financed emissions: fossil fuels, power generation and real estate.

The Climate Report provides details on the framework, governance, strategy, risk management, targets and metrics to deliver on its net zero commitments by 2050. It will inform every aspect of UBS’s business including reducing its own climate impact, supporting the transition of our financing clients and protecting investing clients’ assets.

Group CEO Ralph Hamers: “We aspire to lead by example in our own transition journey. We know that to reach our long-term goal it’s crucial to identify and deliver on critical targets along the way. These are ambitious plans that will require us to act decisively.”

Suni Harford, UBS Group Executive Board lead for Sustainability and Impact added: “We will turn our words into action by working in partnership with our clients by providing the advice, products and solutions they need to achieve their goals as the world moves toward a low-carbon future.”

The Climate Report, which follows the recommendations of the Task Force on Climate-Related Financial Disclosures, is published annually making transparent the progress toward our ambitions.

For the full Climate Roadmap, please refer to the attached media release.

Earlier this week UBS received a strong rating in the S&P Global Ratings' environmental, social, and governance (ESG) Evaluation. This reflects both UBS’s comprehensive efforts to integrate sustainability across the firm and its commitment to being transparent about its performance.

UBS climate strategy and activities are overseen at the highest level of our firm. The Corporate Culture and Responsibility Committee of UBS Group AG’s Board of Directors oversees UBS’s climate strategy, including our appetite for climate risks, as set by our firm’s Group Executive Board (the GEB).

We have further enhanced the link between ESG and compensation by introducing explicit sustainability objectives for all members of the GEB. These sustainability objectives are linked to our sustainability priorities, and their progress is measured via robust quantitative metrics and qualitative criteria.

Key achievements highlighted in our Sustainability Report include:

Out of nearly 12,000 companies ranked by the global environmental non-profit CDP, we were one of only 200 that were A-listed for environmental transparency and action to cut emissions, mitigate climate risks and develop the low-carbon economy.

UBS Group AG and UBS AG