UBS Publishes Net-Zero Strategy, Outlining Its Path from Commitment to Implementation
UBS Group AG
The UBS Climate Roadmap outlines key milestones for meeting our net zero commitments by 2050. The UBS AGM on April 6, 2022, will include an advisory vote on our Climate Roadmap. UBS establishes decarbonization targets for reducing greenhouse gas emissions in three priority sectors by 2030: fossil fuels, power generation, and real estate.
UBS published its Sustainability Report and Climate Report today, providing more details on its Climate Roadmap, which will be put to an advisory vote at the AGM on April 6. This reflects the company's commitment to giving shareholders a say in the company's climate strategy.
The Climate Roadmap outlines areas where UBS is already taking climate action as well as our future goals.
As a founding member of the Net-Zero Banking Alliance (NZBA), UBS has committed to publishing interim financing targets for 2030, with a focus on lowering greenhouse gas emissions in priority sectors where the bank can have the greatest impact. In accordance with this commitment, UBS will reduce the carbon footprint of its loan book in three sectors that account for a significant portion of its credit portfolio and financed emissions (c. 43%): fossil fuels, power generation, and real estate.
The Climate Report details the framework, governance, strategy, risk management, targets, and metrics that will be used to meet the organization's net zero commitments by 2050. It will inform every aspect of UBS's business, including reducing its own climate impact, assisting our financing clients' transition, and protecting the assets of our investing clients.
"We aspire to lead by example in our own transition journey,"
says Group CEO Ralph Hamers.
"We understand that identifying and delivering on critical targets along the way is critical to achieving our long-term goal. These are ambitious plans that will necessitate swift action."
"We will turn our words into action by working in partnership with our clients to provide the advice, products, and solutions they need to achieve their goals as the world moves toward a low-carbon future,"
Suni Harford, UBS Group Executive Board lead for Sustainability and Impact, added.
The Climate Report, which adheres to the recommendations of the Task Force on Climate-Related Financial Disclosures, is published annually to make our progress toward our goals transparent.
Please see the attached media release for the complete Climate Roadmap.
UBS received a strong rating in the S&P Global Ratings' environmental, social, and governance (ESG) Evaluation earlier this week. This reflects both UBS's broad efforts to integrate sustainability throughout the firm and its commitment to being open about its performance.
Our firm's climate strategy and activities are overseen at the highest level. The UBS Group AG Board of Directors' Corporate Culture and Responsibility Committee oversees UBS's climate strategy, including our appetite for climate risks, as determined by our firm's Group Executive Board (the GEB).
We have strengthened the link between ESG and compensation even further by introducing explicit sustainability objectives for all GEB members. These sustainability goals are linked to our sustainability priorities, and their progress is tracked using both quantitative and qualitative metrics.
Source: UBS news
