Number of the week 136 banks join climate alliance

SDA

1.2.2025 - 07:30

UBS is one of the banks from 44 countries that have joined forces in the UN initiative Net-Zero Banking Alliance. (archive picture)
UBS is one of the banks from 44 countries that have joined forces in the UN initiative Net-Zero Banking Alliance. (archive picture)
Keystone

Currently, 136 banks have joined the climate organization Net-Zero Banking Alliance. They have committed to reducing all their CO2 emissions to net zero by 2050. However, the alliance has recently lost members.

Keystone-SDA

Banks from a total of 44 countries have joined the Net-Zero Banking Alliance (NZBA). Five of them are from Switzerland: in addition to UBS, Raiffeisen, Basellandschaftliche, Berner Kantonalbank and Zürcher Kantonalbank are also part of the climate alliance.

Recently, however, major US banks have turned their backs on the organization. In recent weeks, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo have terminated their membership.

The NZBA is under great pressure in the USA: Republican politicians accuse participating institutions of weakening fossil fuels and violating antitrust law through their membership.

The Net-Zero Banking Alliance is a UN initiative. In Switzerland, it is supported by the Swiss Bankers Association.