UBS has revised its target for achieving net-zero operational emissions, extending the deadline by ten years from 2025 to 2035, according to the bank's 2024 Sustainability Report published on 17 March 2025. The Swiss banking group attributed the delay principally to the expansion of its corporate real estate portfolio that resulted from the acquisition of Credit Suisse, which was completed in 2023.
The bank also cited the latest definition of net-zero targets under the Corporate Sustainability Reporting Directive as a contributing factor in the revision.
INTERIM REDUCTION GOALS MAINTAINED
Despite the delay to the ultimate net-zero date, UBS confirmed it has set an interim target to reduce scope 1 and scope 2 emissions by 57% by 2030, measured against a 2023 baseline year. Scope 1 emissions cover direct greenhouse gas releases from sources owned or controlled by UBS, such as on-site fuel combustion at its facilities, while scope 2 covers indirect emissions arising from purchased energy, primarily electricity used to power offices, data centres, and other facilities.
NZBA MEMBERSHIP RETAINED
UBS confirmed in the sustainability report that it remains a member of the Net-Zero Banking Alliance, the United Nations-convened industry body whose members are committed to aligning their lending and investment portfolios with net-zero emissions pathways consistent with limiting global temperature rise to 1.5 degrees Celsius. Membership of the NZBA carries obligations relating to financed-emissions targets and disclosures.
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