Sustainability leader UBS doesn’t need NZBA no more

We have seen this story before:

UBS has become the latest major bank to withdraw from the Net-Zero Banking Alliance (NZBA) following its annual assessment of sustainability and climate-related memberships. In a statement, the Swiss banking giant said its ambition to be a leader in sustainability is “unchanged” and that it recognises the importance of an orderly transition to a low-carbon economy. “We remain steadfast in our commitment to be our clients’ bank of choice and support them with offerings that meet their evolving needs,” it added.

From the UBS’s press release:

UBS recognizes the NZBA’s valuable role in helping banks establish initial target-setting frameworks. 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.

That is, “I’m so good at ESG now I don’t need you anymore, so adiós!”

This is what NZBA gets for debasing itself.