Only days after Barclays decision to exit the Net-Zero Banking Alliance, UBS has joined the rush for the door.

In a somewhat less harsh statement, UBS said that it had left following its annual assessment of sustainability and climate related memberships.

UBS joined NZBA as a founding member in 2021 and was kind enough in its press release to recognise “NZBA’s valuable role in helping banks establish initial target-setting frameworks” but added that: “With that work advanced and with our in-house capabilities strengthened, we have decided to withdraw from the NZBA, like a number of our global peers.”

These peers included Citi, BoA, Morgan Stanley, Goldman Sachs, HSBC and Barclays.

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