UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: March 17, 2025
UBS AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
(Address of principal executive offices)
Commission File Number: 1-15060
Indicate by check mark whether the registrant files or will file annual reports under cover of
Form 20-F or Form 40-F.
Form 20-F
☒
☐
This Form 6-K consists of UBS AG Sustainability Statement 2024 and related disclosures prepared pursuant to the
EU Taxonomy Regulation, which appears immediately following this page.
Annual Report 2024 |
Sustainability Statement 1
Sustainability Statement
Management report
The following disclosures are required for UBS AG by the German law implementing EU directive 2014/95 (CSR Richtlinie-
Umsetzungsgesetz / CSR-RUG) (nichtfinanzieller Konzernbericht) (the EU Non-Financial Reporting Directive) and the EU
Taxonomy Regulation.
This Sustainability Statement has been prepared with reference to the Global Reporting Initiative (GRI) and in accordance
with our Basis of preparation.
›
Refer to the Basis of preparation document, available at
ubs.com/sustainability-reporting
, for more information on the metrics
definitions, approaches and scope
›
Refer to the GRI Content index, available at
ubs.com/sustainability-reporting
, for more information on the metrics with references
to GRI standards
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General information
Our business model
UBS – who we are
UBS is the largest truly global wealth manager and the leading bank in Switzerland. These key pillars of our strategy are
enhanced by focused and competitive investment bank and asset management capabilities. Staying close to our clients,
whether they are individuals, institutions or businesses, and providing financial advice and solutions to help them to
achieve their goals is of the upmost importance to us. We have a capital-generative and well-diversified business model
with strong competitive positions in our target markets. Our business model, our strong and risk-aware culture and our
superior client service, as well as our respected brand with over 160 years of history and our capital prudence, have made
it possible to consistently and sustainably both grow profits and deliver a high return on equity over the long term. The
acquisition of the Credit Suisse Group has further accelerated our growth strategy by providing our client franchises with
additional scale, complementary capabilities and talent in line with our ambition to position UBS for sustainable, high-
quality returns and long-term growth.
We are focused on driving sustainable long-term growth while maintaining risk and cost discipline
Our objective is to generate value for our shareholders and clients by driving sustainable long-term structural growth and
attractive capital returns. To accomplish this, we are building on our scale, content and solutions, while remaining
disciplined on capital, risk and costs. Maintaining a balance sheet for all seasons remains the foundation of our success.
This gives us the capacity to invest strategically and will enable us to deliver against our financial targets and ambitions,
which are outlined in the “Targets, capital guidance and ambitions” section of this report.
Our growth plans are rooted in an attractive business mix that is also a source of our competitive strength. Our asset-
gathering businesses are characterized by being structurally attractive from a capital consumption perspective and
generate more than half of our revenues
1
, while representing around 40% of our risk-weighted assets (RWA)
1
. Roughly
another third of our RWA
1
and well-diversified economy, with low historic credit losses. Furthermore, we operate a capital-light Investment Bank,
which is limited to 25% of Group RWA.
1
Moreover, our aim is to maximize our impact and that of our clients to create long-term sustainable value. We also have
a responsibility toward the communities we serve and our employees. We have outlined selected environmental, social
and governance (ESG) aspirations, which we expect to support our financial targets and ambitions.
We have a global, diversified business model
Our invested assets of more than USD 6trn are regionally diversified across the globe. We give our clients access to a
broad, relevant and customizable range of solutions, which, together with our thought leadership and capabilities,
position us well to become their partner of choice. Our strategic ambitions reflect the long-term outlook on demographic
and social trends affecting wealth distribution, product demand and client experience.
Half of our wealth management clients’ invested assets are in the Americas, where we are among the top players in the
world’s largest wealth pool, with solid wealth generation prospects. The Investment Bank has invested in growing its
Global Banking, Global Markets and Research capabilities in the region, and it is focused on cross-regional and cross-
divisional collaboration to drive growth.
In Asia Pacific, which is the fastest-growing wealth market, we are by far the largest wealth manager,
2
on that scale to drive growth. We are further developing our businesses in the region to deliver our leading capabilities,
leveraging our expanded and diversified footprint, strengths in cross-divisional collaboration and global connectivity.
In EMEA we are focused on improving profitability and driving focused growth by optimizing our domestic footprint and
providing a comprehensive offering for entrepreneurs.
Finally, in Switzerland we have a highly integrated business and aim to reinforce our position as the leading bank. We are
driving our digital transformation, enhancing the client experience and improving efficiency, while focusing on capturing
selected growth opportunities. We are also delivering on our commitments to our home market, as we continue to
provide around CHF 350bn of credit to Swiss companies and the economy.
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Sustainability Statement | General information 12
We collaborate as one UBS to deliver integrated coverage for clients
We strive to serve our clients as one firm, with collaboration across our business divisions being a cornerstone of our
strategy and a key differentiator, as we deliver the best of UBS. For example, our asset-gathering franchises work in
synergy to offer clients a comprehensive product suite paired with exclusive, premium personalized services. The
Investment Bank complements these by delivering insights, execution capabilities and risk management expertise to both
our wealth and Swiss corporate clients. We regularly enhance this integrated approach to support our growth, as
demonstrated by recent initiatives, such as the establishing of the division-agnostic Unified Global Alternatives and the
creation of Global Wealth Management Solutions.
Supporting sustainability
We help our clients achieve their sustainability and impact objectives while navigating the evolving macroeconomic and
complex regulatory landscape. To help us realize this ambition, our sustainability and impact strategy is based on three
strategic pillars: (i) Protect – manage our business in alignment with our sustainable, long-term Group strategy and
evolving standards; (ii) Grow – embed an innovative sustainability and impact offering across all our business divisions;
and (iii) Attract – be the bank of choice for clients and employees. We support our clients in the transition to a low-
carbon world and consider climate change risks and opportunities across our bank for the benefit of our clients,
shareholders and all our stakeholders.
We are investing in our technology to drive business outcomes
We have a proven technology strategy in place to focus on delivery and experience for our clients and employees, while
we are preparing for the future. We are constantly modernizing our technology to support an already strong foundation;
we have a robust infrastructure, 70% of which is in the public and private Cloud, that maintained over 99.999%
availability over the last year and maintains high security standards.
This foundation facilitates our integration and enables us to embrace and implement innovation, such as generative
artificial intelligence (AI), to bring technology products and solutions to the next level.
We are evolving into an AI-driven institution, using generative AI to drive growth, improve client service, and increase
productivity. In the fourth quarter of 2024, we announced the deployment of 50,000 Microsoft Copilot licenses, the
largest in the global financial services industry at the time. This initiative is already showing increased usage of generative
AI tools, with 1.75 million prompts across all tools in 2024, and it is expected to substantially expand in 2025. We will
continue delivering AI initiatives across our businesses, including re-inventing how we do software engineering.
We invest in partnerships with leading academic institutions worldwide and other key players to develop ideas, drive
outcomes across the firm and foster pioneering AI research.
We are committed to driving innovation and excellence, ensuring that our technology advancements meet the
expectations of our clients, employees, and stakeholders.
Our efforts are supported by our governance and controls that are designed to safeguard the interests of our clients,
employees and other stakeholders.
›
Refer to the “Risk management and control” section of this report for more information
1
Excluding Non-core and Legacy.
2
Asian Private Banker, 23 January 2024.
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Sustainability Statement | General information 13
Our stakeholder engagement
We engage with UBS’s stakeholders, such as clients, employees, investors, policymakers, legislators and regulators, along
with representatives of the business community, society and non-governmental organizations (NGOs), on a regular basis
and on a wide range of topics. This engagement helps us to better understand stakeholder expectations and concerns
and to manage pertinent issues and challenges. In recent years, the exchange of views and ideas with stakeholders on
sustainability-related issues has grown in importance. Such interactions are undertaken through various dedicated
channels.
Employees
Our employees want to be heard and to be involved in shaping their daily experience. As such, we offer opportunities
throughout the year for employees to connect with management and provide feedback on topics such as strategic
alignment, employee engagement, well-being, our work environment and line manager effectiveness. As an example,
initiatives such as our regular Ask the CEO event, give employees the chance to learn about (and ask questions about)
topics such as strategy.
Our multi-faceted employee listening strategy is adaptable, captures feedback in a timely way and drives meaningful
improvements to the employee experience. We conduct employee life cycle surveys, short “pulse” surveys to understand
what is top of employees’ minds and in-depth analyses, such as virtual focus group sessions. In 2024, those conversations
allowed participants from every business division and function to share their perspectives and insights on the integration
and provided employee sentiment data points to track progress. Group-wide surveys measure cultural indicators, such as
line manager effectiveness and employee experience.
Clients
Our clients’ needs and their preferred communication channels continually evolve. Our objective is to engage with clients
in the ways most convenient for them. We use a variety of channels, in particular digital channels and regular client
relationship and service meetings, as well as various corporate roadshows and dedicated events, with a mix of hybrid and
in-person events.
Global Wealth Management interacted with its clients through a broad range of forums and channels in 2024, from
personalized private briefings with subject matter experts to segment-specific virtual and in-person events and large-scale
initiatives. Through marketing and media campaigns, events, advertising, publications and digital-only solutions, we
helped drive greater awareness of UBS among prospective clients and reinforced trust-based relationships between
advisors and clients. We proactively engaged with clients to reassure them about the acquisition of the Credit Suisse
Group and highlighted the benefits of the combined organization for them. This was done through individual meetings
and calls and by opening up certain flagship events and conferences to clients of the combined firm. Our global footprint
means that we were well positioned to take advantage of the opportunities in every region. We have continued to deliver
capabilities to clients, for example through digitally enabled e-banking and sales tools, while also setting up new units,
such as Global Wealth Management Solutions, Unified Global Banking and Unified Global Alternatives, adding even
greater connectivity across all our businesses. We have also continued to roll out artificial intelligence (AI) to positively
impact our business and serve our clients better. We expect generative AI will continue to help us generate more
personalized advice and solutions more quickly and in a sustainable and responsible way, ensuring a more efficient
experience for our clients around the globe.
Personal & Corporate Banking holds regular client events (leveraging a number of formats, such as webcasts and in-
person, virtual or hybrid events), covering a wide range of topics. In 2024, we further enhanced our digital engagement
strategies to reach more clients and strengthen relationships with existing ones. We utilize various channels, including
social media, online displays, search engines and helplines, as well as our branch network.
In Asset Management, we continue to host our global program of client events and engagement activities. These include
our annual
The Red Thread
flagship
UBS Reserve Management Seminar
, which marked its 30th year of operation in 2024. The event brings together
institutional investors to debate relevant topics and share best practices, and the accompanying survey provides one of
the most authoritative depictions of central banks’ investment views. Alongside this, our teams continued the high level
of interaction with clients globally, supported by digital tools and our publication of macro and thematic insights. We
also hosted a broad range of hybrid events, including our investment series, to help our clients better understand market
challenges and opportunities, and we continued to engage with clients through our social media and online channels.
Annual Report 2024 |
Sustainability Statement | General information 14
The Investment Bank hosted more than 240 conferences and educational seminars globally in 2024, providing clients
with access to corporations, experts, research and capital introductions. The events covered a diverse range of topics,
including macroeconomic, geopolitical and sector- and region-specific themes, in addition to regulatory, product and
market trends. More than 50,000 clients took part in such events over the year. We leverage our intellectual capital and
relationships and use our execution capabilities, differentiated research content, bespoke solutions, client franchise model
and global platform to expand coverage across a broad set of clients.
UBS Live Desk
,
UBS Neo
provides clients with a stream of fast-paced commentary from UBS traders. The
UBS Analytical Research Community
(UBS-ARC)
is a proprietary, interconnected research network of industry leaders, subject matter specialists, executives,
academics and analysts in the Americas region.
Client feedback and surveys
We engage with our clients on a regular basis and on a wide range of topics. This engagement helps us to better
understand clients’ expectations and concerns, including those pertaining to sustainability, and to manage pertinent
issues and challenges. Feedback received from clients relevant to our policies is considered in the regular reviews of
policies and incorporated where applicable. Our client insight and feedback teams are responsible for gathering and
processing all demands and issues raised through our central channel, available online.
Investors
We have regular interactions with institutional investors, financial analysts and other market participants, such as credit-
rating agencies, including on sustainability topics. These interactions take place through the UBS Investor Relations team,
with subject matter experts engaged as required, and help us to learn about investors’ concerns and address them as
effectively as possible. The annual general meeting is also an open forum for shareholders to voice their concerns or
inquiries that may then feed into our approach on material topics.
Governments and regulators
Financial market stability is largely dependent on the overall economic, regulatory and political environment and the
conduct of firms within the sector. We actively participate in political and regulatory discussions to share our expertise on
proposed regulatory and supervisory changes. Our lobbying priorities and engagements – both direct and indirect through
our trade associations – are a reflection of our strategy and priorities. In Switzerland, they must be aligned with the
general political engagement approach defined by the Political Board Swiss Chapter. In the US, our lobbying priorities are
presented to and approved by the Region Americas’ top management group at the beginning of each year.
Regarding the stability of the financial system, UBS advocates for an internationally aligned regulatory framework,
including capital and liquidity rules, anti-money laundering and digital regulation. Moreover, in the wake of the Credit
Suisse rescue, we advocate for targeted and balanced amendments to the too-big-to-fail (TBTF) framework to address
the lessons learned from the recent crisis. We also actively engage in discussions relating to corporate responsibility and
sustainability. Sustainability and sustainable finance continue to remain key focus topics in our interactions with our
financial regulators and supervisors. These are subject to ongoing oversight and control by the second and third lines of
defense.
In recognition of the vital function of Switzerland’s political parties, UBS provided a total of CHF 1.2m
1
in both 2023 and 2024 as a contribution toward their operational costs. These financial contributions are direct and
calculated based on the number of parliamentary seats the respective party holds at the federal and cantonal level. Swiss
parties are eligible to apply for a financial contribution if they commit to free competition, the market economy and the
Swiss financial center. They should also have a national focus and either form a parliamentary group in the federal
parliament or be represented in at least one cantonal government.
1
Beyond the above there were no additional contributions, including in-kind.
Annual Report 2024 |
Sustainability Statement | General information 15
Society
We regularly interact with various stakeholders across broader society. This supports our efforts to consider views and
insights from a range of backgrounds and further enhances the experience UBS provides both inside and outside the
firm. This includes UBS’s ambition to maximize its impact in local communities in which it operates by providing financial
and human support through strategic grant making and employee volunteering. Our partnerships in academia further
contribute to our efforts to engage with thought leaders in universities and other academic institutions.
We also engage with NGOs and appreciate their input and insight, as they help us consider our approach to, and
understanding of, societal issues and concerns. NGOs have long established themselves as critical watchdogs of
companies, both scrutinizing and challenging how we address a broad range of environmental, social and human rights
concerns. In 2024, discussions with NGOs remained particularly focused on climate change, including the transition to a
low-carbon economy. Other topics discussed included sustainable finance, human rights and nature.
Meanwhile, our media teams maintain direct and long-term relationships with media representatives across all our
business regions and provide them with timely information on a wide range of global, regional and local topics. We also
actively engage in dialogue with analysts at ESG rating and research agencies, which helps us to evaluate our sustainability
performance and activities and provides a useful means for benchmarking. In 2024, we provided detailed information
about our sustainability performance to a range of agencies, either in response to questionnaires or via calls (with ESG
analysts) and our Sustainability Report regularly serves as a key source of information for these agencies.
Annual Report 2024 |
Sustainability Statement | Governance 16
Governance
Our sustainability governance
The role of our supervisory bodies – the Board of Directors of UBS Group
The Board of Directors of the UBS Group (the BoD) has ultimate responsibility for the success of the Group and for
delivering sustainable shareholder value within a framework of prudent and effective controls. The BoD decides on the
Group’s strategy and the necessary financial and human resources, on the recommendation of the Group Chief Executive
Officer (the Group CEO), and also sets the Group’s values and standards to ensure its obligations to shareholders and
other stakeholders are met. The BoD oversees the overall direction, supervision and control of the Group and its
management. It also supervises compliance with applicable laws, rules and regulations. The Chairman of the BoD,
together with the Group CEO, takes responsibility for UBS’s reputation and is closely involved in, and responsible for,
ensuring effective communication with shareholders and stakeholders, including government officials, regulators and
public organizations.
As of 31 December 2024, the UBS Group BoD consisted of 12 non-executive members and the Group Executive Board
(the GEB) consisted of 15 executive members (2023: 12 and 16 respectively). All non-executive members are also elected
as members of the UBS AG BoD. Except for the President of UBS Switzerland AG, all GEB members are executive members
of UBS AG.
As of 31 December 2024, the UBS AG BoD consisted of 12 non-executive members and the Executive Board consisted
of 14 executive members. The number of members is unchanged from 2023.
26.7% (2023: 37.5%) of members of the UBS Group GEB and 41.7% (2023: 33.3%) of members of the BoD were
women, while for UBS AG women made up 21.4% of members of the Executive Board and 41.7% of members of the
BoD.
The BoD’s role on ESG topics
Five committees support the BoD in fulfilling its duty through the respective responsibilities and authority given to them.
All BoD committees have specific responsibilities pertaining to ESG (environmental, social and governance) matters. For
example, the Risk Committee supervises the integration of ESG in risk management, the Governance and Nominating
Committee supports the BoD in establishing best practices in corporate governance, the Compensation Committee is
responsible for financial and non-financial compensation topics, and the Audit Committee has oversight of the control
framework underpinning ESG metrics.
›
Refer to the “Corporate Governance” section of this report for more information about BoD committees
The BoD’s Corporate Culture and Responsibility Committee (the CCRC) is the supervisory body primarily responsible for
corporate culture and sustainability. It is chaired by the Chairman of the UBS Group, with four BoD members as committee
members. Permanent guests include the Group CEO, the Group Chief Risk Officer (the GCRO), the GEB Lead for
Sustainability and Impact (S&I), the Chief Sustainability Officer (the CSO) and the Group General Counsel. The CCRC
oversees our Group-wide sustainability and impact strategy and key activities across environmental and social topics.
These include climate, nature and human rights. Annually, it considers and approves the firm’s sustainability and impact
objectives. As part of this process, it also considers the impact and financial materiality of climate- and sustainability-
related risks and opportunities on UBS.
The CCRC’s function is forward-looking in that it monitors and reviews societal trends and transformational developments
and assesses their potential relevance for the Group. In undertaking this assessment, it reviews stakeholder concerns and
expectations pertaining to the societal performance of UBS and the development of its corporate culture. UBS has various
mechanisms (including complaint and feedback procedures) in place to ensure that such concerns and expectations are
received, managed and, where necessary, brought to the attention of the GEB and the BoD. The CCRC is also responsible
for conducting the annual review process for the Code of Conduct and Ethics (the Code) and for proposing amendments
to the BoD. This process includes a prior review of the Code by the GEB and is led by the Group CEO.
The role of our supervisory and administrative bodies
The GEB develops the Group strategy and is responsible for managing our assets and liabilities in line with that strategy
and our regulatory commitments, and in the interests of our stakeholders. As determined by the BoD’s Risk Committee,
the GEB manages the risk profile of the Group as a whole and has overall responsibility for establishing and implementing
risk management and control. For the management of risks, UBS maintains a risk governance framework. This framework
also governs ESG risks.
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Sustainability Statement | Governance 17
Our risk governance framework operates along three lines of defense. Our first line of defense, business management,
owns its risks and is accountable for maintaining effective processes and systems to manage them in compliance with
applicable laws, rules and regulations, as well as internal standards, including identifying control weaknesses and
inadequate processes.
Our second line of defense, control functions, is separate from the business. Control functions provide independent
oversight, challenge financial and non-financial risks arising from the firm’s business activities and establish independent
frameworks for risk assessment, measurement, aggregation, control and reporting, protecting against non-compliance
with applicable laws, rules and regulations.
Our third line of defense, Group Internal Audit (GIA), reports to the Chairman of the BoD and to the Audit Committee.
This function assesses the design and operating effectiveness and sustainability of processes to define risk appetite,
governance, risk management, internal controls, remediation activities and processes to comply with legal and regulatory
requirements and internal governance standards.
›
Refer to the “Non-financial risk framework” in the “Risk management and control” section of this report for information about
our approach to managing non-financial risks
Ensuring (availability of) appropriate skills and expertise
The BoD and the GEB are well diversified and composed of members with a broad spectrum of skills, educational
backgrounds, experience and expertise from a range of sectors that reflect the nature and scope of the firm’s business.
The Governance and Nominating Committee maintains a competencies and experience matrix to identify gaps in the
competencies and experiences considered most relevant to the BoD, taking into consideration the firm’s business
exposure, risk profile, strategy and geographic reach. In recent years, the composition of the BoD has been systematically
shaped in response to the identified requirements. We consider the continuous education of our BoD and GEB members
to be an important priority and support their participation in various training sessions. In addition to a comprehensive
induction program for new BoD members, continuous training and topical deep dives are part of the BoD and GEB
agenda.
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Sustainability Statement | Governance 18
Our sustainability governance
Our sustainability and corporate culture activities are grounded in our Principles and Behaviors and overseen at the highest
level of our organization. Our Code covers our commitment to acting with the long term in mind and creating value for
clients, employees, communities and investors. This includes our commitment to protecting the environment and fulfilling
our compliance obligations.
Integration of Credit Suisse
In 2024, we advanced with integrating Credit Suisse sustainability activities. It is our aim to complete integration in
accordance with the overall UBS Group integration efforts and timeline.
›
Refer to the “Integration of Credit Suisse” section of this report for more information
Group Sustainability and Impact (GSI)
GSI develops the Group’s sustainability and impact (S&I) strategy and oversees the strategy’s implementation by the
business divisions and Group functions responsible for execution. GSI operates as a Group function under the leadership
of the GEB Lead for S&I. Each of the senior managers listed below reports directly to the GEB Lead for S&I. Specifically,
the senior manager roles directly reporting to the GEB Lead for S&I are the Chief Sustainability Officer, the Head of Social
Impact and Philanthropy and the GSI Chief Operating Officer. Senior managers may hold more than one role and, where
required, may have additional responsibilities and reporting lines in the Group’s legal entities.
GEB Lead for Sustainability and Impact
The GEB Lead for S&I has overall responsibility for the management and control of the GSI function. In particular, the
GEB Lead for S&I is responsible for the oversight of matters, such as maintaining an appropriate and adequate functional
organization designed to ensure compliance with applicable laws and regulations. Additionally, where necessary, the
GEB Lead for S&I represents UBS in interactions with regulatory authorities on Group-wide sustainability- and impact-
related topics in close coordination with the Group CEO, other GEB members and Governmental and Regulatory Affairs.
In relation to disclosures, the annual UBS sustainability reporting and disclosure process is managed by the GEB Lead
jointly with Group Finance.
Chief Sustainability Officer
The Chief Sustainability Officer (CSO), jointly with the Head of Social Impact and Philanthropy (SIP), supports the GEB
Lead for S&I in setting the Group-wide S&I strategy, in alignment with the business divisions and Group functions. The
CSO and team develop and maintain frameworks and methodologies to drive Group-wide consistency. In addition, the
CSO team monitors new GSI regulatory consultations and owns and drives Group advocacy efforts, in partnership with
the GSI Chief Operating Officer (GSI COO) and GSI-aligned Group functions. The CSO maintains and annually reviews
our S&I commitments, memberships or contracts at Group, divisional, functional or regional level for completeness and
alignment with the Group-wide S&I strategy .
Head of Social Impact and Philanthropy
The Head of SIP and team oversee the UBS charitable entities, including Optimus Foundation entities and donor-advised
fund entities. Their remit includes overseeing the strategy, corporate structure and governance, financial matters and
relevant risks and controls. The SIP team reviews inherent reputational risks relating to social impact grants and escalates
high reputational risks to the GEB Lead for S&I, in line with the UBS Reputational Risk Management Policy. They also
manage the SIP client and employee offering through the delivery of philanthropic insights, advice and execution services
to existing and prospective clients.
Annual Report 2024 |
Sustainability Statement | Governance 19
GSI Chief Operating Officer
The GSI Chief Operating Officer (GSI COO) and team manage the end-to-end processes and the service delivery, operating
and control environment of GSI, together with business divisions and Group functions, ensuring timely escalation of
relevant matters impacting GSI and effective oversight of operational performance. Furthermore, they support the GEB
Lead for S&I in developing Group-wide S&I objectives, in alignment with business divisions and Group functions, to
implement the Group-wide S&I strategy and monitor the progress against these objectives. In addition, the team manages
the annual UBS sustainability reporting process, jointly with Group Finance.
Oversight of objective-setting and monitoring processes
UBS runs an annual objective-setting process for objectives related to sustainability and impact matters, which includes
environmental (including climate-related) and social topics. As delegated to the GEB Lead for S&I by the Group Chief
Executive Officer (the Group CEO), the GEB Lead for S&I is responsible for setting the Group-wide S&I strategy and
developing Group-wide S&I objectives in alignment with business divisions and Group functions. The annual strategy
review and objective-setting process is done to identify priorities and strategic focus areas across the Group. Progress
made in implementing Group-wide S&I objectives is reported as part of UBS’s annual sustainability disclosure.
›
Refer to “Strategy” in this section for more information
In 2024, to further support our evolved S&I strategy, we revised our GSI governance structure and internal forums, which
now comprise the GSI Business Development & Client Forum (the GSI BDCF) and the GSI Execution Forum (the GSI EF).
GSI Business Development & Client Forum
The GSI BDCF is established under the authority of the GEB Lead for S&I. The forum is focused on client, product and
impact approaches in relation to the overall UBS S&I implementation activities, together with the business divisions. The
GSI BDCF is the most senior administrative body overseeing the Group-wide S&I activities.
GSI Execution Forum
The GSI Execution Forum reports to the GSI BDCF and is established under the authority of the GSI COO to help discharge
their role and responsibilities. The forum is responsible for the oversight of the front-to-back operating environment and
for the implementation of the Group-wide S&I strategy through Group-wide strategic objectives and outcomes.
Other senior management roles with Group-wide sustainability responsibilities
Chief Risk Officer Sustainability
Our management of sustainability and climate risk is steered at the GEB level. Reporting to the Group CEO, the Group
Chief Risk Officer is responsible for developing and implementing control principles and an appropriate independent
control framework for sustainability and climate risk within UBS, together with integrating it into the firm’s overall risk
management and risk appetite frameworks. The Chief Risk Officer Sustainability supports the GEB by providing leadership
on sustainability risk in collaboration with business divisions and Group functions.
GSI Chief Financial Officer
The GSI Chief Financial Officer (the GSI CFO) is the primary lead on sustainability topics for the Group Chief Financial
Officer (the GCFO), working closely with the Group Controller and the GEB Lead for S&I. The GSI CFO oversees the
external sustainability disclosures and associated requirements in partnership with Group Legal, Group Compliance,
Regulatory and Governance, Group Risk and GSI. The GSI CFO additionally ensures that UBS operates an effective control
environment, underpinning our sustainability disclosures and reporting processes.
Head of Group Compliance, Regulatory & Governance (GCRG) Sustainability
The Head of GCRG Sustainability is responsible for the integration of ESG requirements into the UBS non-financial risk
framework and non-financial risk appetite objectives in line with firm-wide standards as part of the broader GCRG
mandate. GCRG is respon sible for developing the Group’s risk management and control framework for non-financial
risks (compliance risk, operational risk control and financial crime prevention). The GCRG function provides ongoing
monitoring of the adequacy of our control environment for these risks and drives the review and, where necessary, the
required adaptations to our internal frameworks to ensure that our independent control and oversight capabilities evolve
in line with emerging regulations and changes across business activities.
Head of Sustainable Finance Legal
The Head of Sustainable Finance Legal is responsible for the ongoing delivery of legal advice to the CSO, business divisions
and Group functions in relation to sustainability matters. The Sustainable Finance Legal (SFL) team acts as a center of
excellence fully dedicated to sustainability-related legal risks and opportunities. This includes, but is not limited to, the
interpretation of and provision of support for the implementation of sustainability-related laws and regulations in the EU,
the UK, Switzerland and Asia Pacific, and regional and global international standards applicable, in particular, to
sustainable products, services and activities. In addition, SFL monitors the regulatory developments in the space of
greenwashing along with sustainability-related disputes (including regulatory enforcement actions), human rights and
environmental due diligence regimes across the globe.
Annual Report 2024 |
Sustainability Statement | Governance 20
Key sustainability topics
Climate program
The climate program coordinates the implementation and execution of our ambition to support our clients in the
transition to a low-carbon world and embed considerations of climate change risks and opportunities in our firm for the
benefit of our stakeholders. It does so in line with UBS’s fiduciary responsibilities and includes members from the business
divisions and Group functions. As part of the program, our in-house environmental management is steered by Group
Real Estate and Supply Chain (GRESC).
Other key sustainability topics
Human rights
As our Human Rights Statement articulates, the governance outlined above also applies to our commitment to respecting
internationally recognized human rights across UBS globally.
›
Refer to the Human Rights Statement available at
ubs.com/sustainability-reporting
, for more information
Business conduct and corporate culture
In our Code of Conduct and Ethics (the Code), the Board of Directors (the BoD) and the Group Executive Board (the GEB)
set out the principles and practices that define our ethical standards and the way we do business, which apply to all
aspects of our business. The Corporate Culture and Responsibility Committee (the CCRC) of the BoD is also responsible
for conducting the annual review process for the Code and for proposing amendments to the BoD. This review process
includes a prior review of the Code by the GEB and is led by the Group CEO. In undertaking this assessment, it reviews
stakeholder concerns and expectations pertaining to the societal performance of UBS and to the development of UBS’s
corporate culture.
›
Refer to the Code of Conduct and Ethics of UBS, available at
ubs.com/code
, for more information
Principles for identifying, preventing, escalating and managing conduct risks are established in the Group-wide Conduct
Risk Management Framework. These principles are aligned to the Code and the Group-wide escalation framework and
include:
–
our strategy and business model, along with our incentives and rewards, which are designed to actively manage
conduct risk. Above all, our culture and our Principles and Behaviors are the strongest mitigant to our exposure to
conduct risk;
–
a review of relevant management information, which is critical to giving a view of the risk landscape and where risks
may be crystallizing;
–
policy, appetite and governance, which are key components of our conduct risk framework and contribute to its
sustainability.
Identifying actual or potential conduct risks is the responsibility of every UBS employee, who must take appropriate steps
to identify and escalate any actual or potential conduct risks they may see in their day-to-day-activities and have a duty
to lead by example, role model UBS’s Behaviors and support our risk culture of “see something, say something.”
Ongoing monitoring ensures the firm’s activities and those of employees are monitored to detect issues with a potential
impact on clients and markets and to detect individual cases of employee misconduct.
We are committed to incentivizing the right behavior by establishing reward principles and internal control frameworks
to support adherence to internal and external standards, laws, rules and regulations.
Violations, whether it is of our Code, UBS policies or external laws, rules or regulations, may result in a disciplinary action,
up to and including dismissal. Furthermore, employees’ conduct is taken into account in year-end performance and
reward decisions.
We have a global mandatory training module, Conduct and Culture, that educates all UBS employees on adherence to
the three keys to success, understanding the Code, identifying conduct risk and how it can arise from within any part of
the organization, and culture and ethics.
Additionally, all employees must affirm annually that they have read and will adhere to the Code and other key policies,
supporting a culture where ethical and responsible behavior is part of our everyday operations. By following and affirming
the Code, we foster a culture where responsible behavior is ingrained in a way that protects our clients, our people and
our reputation and ensures stability and sustainable performance. This safeguards our ability to create lasting value for
our shareholders, clients and societies.
Annual Report 2024 |
Sustainability Statement | Governance 21
Significant matters requiring immediate senior management awareness and action are managed in accordance with our
Group-wide escalation framework, which lays out: (i) minimum requirements for escalations; (ii) applicable escalation
paths for distinct governance dimensions; and (iii) the interplay between governance dimensions. The framework is
complemented by relevant divisional / functional / legal entity / local annexes detailing specific escalation requirements,
which outline taxonomies, thresholds, processes and protocols. The framework does not replace day-to-day information
exchange, decision-making mechanisms or regular reporting. As such, the escalation framework does not replace existing
governance, line management, any of the existing monitoring / reporting requirements or regular risk assessments that
may result in the need to report and follow up.
The firm has a global Whistleblowing Protection for Employees Policy and framework, with established internal
whistleblower reporting channels, including hotlines and an online platform, where the whistleblower can remain
anonymous if preferred.
All employees are required to complete mandatory Speak Up training every two years, with new joiners required to
complete it upon onboarding. This training aligns with the Whistleblowing Protection for Employees Policy, raising
awareness of available reporting channels. Throughout the year, there are activities such as communication from the GEB,
newsletters, whistleblowing campaigns and regular employee surveys, aimed at encouraging employees to speak up and
raise awareness with regard to the various whistleblower reporting channels that can be used to raise concerns.
For staff receiving whistleblowing reports, there are procedures and guidance on handling such reports to ensure each
whistleblowing concern is taken seriously and investigated. Whistleblowing reports made through the dedicated
whistleblowing channels (hotlines and online platform) are received and appropriately triaged by the relevant Regional
Head of Investigations and their delegates (selected investigators in their team), who are trained on how to handle such
whistleblowing reports.
There are controls and processes in place to check for potential retaliation against known whistleblowers. For example,
if a whistleblower is potentially at risk of redundancy, this individual is flagged to the Investigations Operating Group to
assess whether the redundancy decision is made independently of the whistleblowing.
Our framework and Group Investigations Policy define clear roles and responsibilities, including reporting requirements,
for ensuring accurate and complete quarterly reporting to the BoD and the GEB, as well as to regulators.
Our Group Investigations function is responsible for delivering and overseeing all investigations, including incidents of
corruption and bribery. These must be conducted and governed in a way that ensures the investigations are independent,
objective and reliable as defined in our Group Investigations Policy, which governs the conduct of all investigations,
including whistleblowing investigations. Roles and responsibilities in the overall Group Investigations framework are
defined at two levels: (i) cross-functional governance bodies that have responsibilities across the investigations portfolio;
and (ii) prescribed roles and responsibilities over certain individual investigations.
Policy effectiveness is assessed through our non-financial risk framework. All policies are accompanied by controls that
are designed to prevent non-financial risks from materializing, ensuring UBS operates within its risk appetite. These
controls are regularly evaluated for both design and operational effectiveness. Should the firm operate beyond its risk
appetite or if a non-financial risk event occurs, corrective actions are taken to return to within the defined appetite. This
may involve remediating deficient controls, adjusting risk tolerance, modifying the firm’s risk profile or accepting the risk.
Independent assurance processes are in place to promptly identify and address heightened non-financial risks.
Non-financial risks are regularly reported to the GEB and the BoD. The BoD oversees UBS’s risk management and culture,
approving the risk management and control framework of the Group. The GEB, acting as the risk council, holds overall
responsibility for establishing and supervising the implementation of risk management and control principles, and for
managing the Group’s risk profile as determined by the BoD and the Risk Committee. Monthly reports summarize relevant
changes to the firm’s risk profile and the Annual Non-Financial Risk Report highlights the identified key risk themes and
activities undertaken to manage related exposures.
Combating financial crime
The GEB oversees our efforts to combat money laundering, corruption and terrorist financing. Our first line of defense
owns the anti-money-laundering (AML) and terrorist-financing risk front to back for its respective clients and their
activities and has the primary responsibility for managing that risk. Dedicated staff in our second line of defense support
the organization in developing, maintaining and implementing Group financial crime programs, including control and
oversight. Our third line of defense is the reinforcement component led by Group Internal Audit and independently
evaluates the financial crime control frameworks.
UBS complies with applicable laws and regulations and is committed to meeting industry standards regarding the effective
prevention of money laundering and financing of terrorism. We take comprehensive measures to prevent and detect
non-compliance with laws and regulations and do not tolerate or facilitate criminal activity or breaches of the letter or
spirit of applicable laws, regulations, rules and policies designed to prevent such activities.
We do not engage in business activities that present unacceptably high levels of money laundering, fraud, sanctions or
corruption risk. Additionally, we do not engage in activities that pose risks that cannot be effectively managed by the
existing control environment. Although it is not possible to eliminate such residual risk entirely, we have appropriate
policies, procedures, controls and processes in place to manage the relevant risks.
Annual Report 2024 |
Sustainability Statement | Governance 22
We assess the money laundering, fraud, sanctions and bribery and corruption risks associated with all of our business
operations annually against our control framework and take action, where appropriate, to further mitigate these risks.
Public-private partnerships
We are a founding member of the Wolfsberg Group, an association of global banks that aims to develop standards for
the financial services sector to prevent financial crimes, such as money laundering, fraud, corruption and terrorist
financing, and to develop industry standards for know-your-client (KYC) due diligence and ongoing transaction
monitoring.
The Wolfsberg Group brings together banks from around the world at its annual forum and regional outreach meetings
focused on financial crime topics. It also delivers an annual academy to support the development of junior Financial Crime
Prevention (FCP) officers and works on guidance papers in related key areas of financial crime. UBS is actively involved
with this group.
We are a member of various public-private partnerships operating globally that have been set up to foster closer working
relationships between financial institutions and law enforcement, most notably the Joint Money Laundering Intelligence
Taskforce operations group in the UK, which has worked on a number of human trafficking and modern slavery cases.
Prevention and detection of corruption and bribery
Our Group Policy Against Bribery & Corruption (ABC Policy) is consistent with the principles of the United Nations
Convention against Corruption. Our policy sets out a zero-tolerance approach to bribery and corruption; UBS is
committed to detecting and preventing bribery and corruption and requires employees and associated persons to do
business in a fair and transparent manner, in compliance with the principles of the policy.
Every employee is responsible for the following:
–
compliance with the UBS Group’s zero-tolerance approach to bribery and corruption and the requirements set forth
in the policy and related procedures;
–
taking reasonable steps to detect and prevent bribery;
–
maintaining accurate books and records to fairly reflect employees’ expenditure;
–
reporting cases of concern or doubt to Financial Crime Prevention Anti-Bribery and Corruption (FCP ABC) or based on
the Group’s Whistleblowing Protection for Employees Policy.
Delegated by the Global Head Financial Crime Prevention to Anti-Bribery and Corruption (ABC) Taxonomy Owner, the
Global ABC Head, supported by the specialized teams, is responsible for establishing and maintaining an ABC framework
and incorporating the principles of the policy as minimum global standards. To this end, we have controls in place and
hold ourselves accountable for detecting, stopping and reporting bribery and corruption matters; we do not tolerate any
form of corruption or bribery, including facilitating payments, nor do we offer or accept improper gifts or payments.
The ABC framework comprises: policy, procedures, training and communications, risk assessments, controls across all key
risks areas, investigations and incident management, and monitoring and assurance (including independent audit). The
framework aligns with globally recognized standards and laws, rules and regulations designed to prevent and mitigate
bribery and corruption risks across all jurisdictions in which we operate (e.g. UK and US legal and regulatory requirements
for ABC frameworks, including the UK Bribery Act and the US Foreign Corrupt Practices Act). There is a global team of
dedicated anti-bribery and corruption officers responsible for setting and maintaining the framework standards. The
board and senior management set out the ABC policies and risk appetite, and all employees are accountable for
compliance. The ABC framework includes controls across all key risk areas: employees, third parties (vendors and
intermediaries), charitable and political donations and sponsorships, hiring, gifts and business entertainment, deals,
mergers and acquisitions, and client-related ABC risk. There is regular control testing to ensure that the program and
controls are appropriately designed, operationally effective and adhered to in line with policy requirements.
Where corruption or bribery incidents arise, these are identified through controls monitoring, self-declaration or reporting
(e.g. through the whistleblowing mechanism) or through ongoing due diligence or risk assessments. Each incident is
assessed for severity and impact , with senior management involved for the more serious incidents. Incidents that are
breaches of the Group’s policies, including the ABC Policy, are dealt with in line with the Employee Incidents Policy and
framework and may result in disciplinary action, including dismissal, in serious cases.
The ABC risk appetite of UBS (including business division appetite and significant Group entity appetite) is defined within
the Anti-Bribery and Corruption Risk Appetite Statement (RAS), which is governed by the Non-Financial Risk Framework
Policy and aims to define the risk appetite of the firm in relation to bribery and corruption risks. The ABC RAS is subject
to annual approval and review by the Board of Directors (the BoD).
Inherent risks for bribery and corruption within the organization are not dissimilar to those faced by other multinationals;
specifically, third-party risk, employee insider threat risk and client risk. The organization has a robust framework in place
to monitor and mitigate the risk of bribery or corruption arising through such inherent risk sources across all levels of the
organization. Specifically, the framework includes controls coverage of functions where such inherent risk is more likely
to arise, such as those functions and teams that actively engage with clients and third parties and those involved in
employee hiring (i.e. business first-line teams and third-party and employee management functions). Additionally, the
framework and policy are applicable to all employees, including executive- and board- level management.
Annual Report 2024 |
Sustainability Statement | Governance 23
The Group Investigations team, including investigators and the investigations committee, are independent, with a
separate reporting line to the ABC framework and team management. This allows for fair and independent investigation
of both internal or external concerns relating to bribery or corruption.
The effectiveness of the ABC framework, including incident management reporting, is subject to frequent and regular
updates at both first-and second-line management forums, including up to the BoD. The reporting includes provision of
qualitative and quantitative risk indicators, covering both inherent and control risk. When a threshold is exceeded, this
may indicate an increased risk of bribery and corruption. Assessment of these risk indicators on a regular basis prompts
the identification of excess(es) of the thresholds under the program’s risk appetite assessments, which will trigger a review
of whether (further) action is deemed necessary at a divisional / entity and / or Group level to avoid undue risk, thereby
focusing on staying within the overall ABC risk appetite.
The ABC Policy is translated into multiple languages and is accessible to all employees through our internal policy
repository and relevant intranet ABC site. There is mandatory training for all employees on the policy requirements (see
details below for further information on training provision under the ABC framework). Furthermore, an annual
declaration and commitment to this policy is required from all UBS staff, including a statement of compliance with regard
to any past or current bribery- or corruption-related incidents.
In 2024, all employees of UBS, including its senior management and governance bodies, received adequate training on
financial crime prevention matters, which covers AML / KYC, sanctions, fraud and anti-corruption. All staff are required
to complete the Global Financial Crime Prevention refresher module on an annual basis. The frequency for each training
course is specified by the course owner (onetime, annual, bi -annual).
ABC training is mandatory for all UBS Group employees, including the GEB and the BoD, and is rolled out on an annual
basis. All new joiners are required to complete a more substantial training course within 30 days of joining, then all
employees are required to complete an annual refresher training course within 60 days of rollout (with a test score of
80% required to pass). The training covers the full ABC Policy and framework, including topics on risk identification,
assessment and escalation of bribery and corruption.
Additional targeted training is delivered online or in person to selected functions on specific financial crime risks
associated with the business lines or activities they are involved in, as needed.
Web-based training modules are regularly updated to address compliance issues, including financial crime standards, and
to incorporate learning from both internal and external events and geopolitical developments.
Onboarding and ongoing monitoring
UBS performs risk-based initial due diligence on all customers, which is designed to establish their identity and ownership,
the nature of their business activities, and the source(s) of their wealth and funds. This includes formal processes for
mitigating the risk of impersonation fraud in circumstances where we are not doing business on a face -to-face basis.
Where the client represents a potentially elevated risk according to the Group AML & KYC Policy, enhanced due diligence
is performed.
We do not establish or maintain relationships with parties when the KYC information cannot be sufficiently established
or where we have reason to believe the party has or intends to use UBS products or services for illicit activities. We do
not open accounts for relationships that do not meet our standards or that pose unacceptable financial crime or
reputational risks for the firm.
After a client onboarding is completed, ongoing due diligence and name screening are performed during the life cycle
of the client relationship. Clients are subjected to regular risk rating and client activities and transactions are subject to
AML transaction monitoring. In addition, ongoing periodic KYC reviews are conducted with varying frequency, driven by
the client risk rating.
Our Group AML & KYC Policy sets out the process and criteria relating to the identification, senior management sign-off,
periodic review and ongoing monitoring of clients deemed to be Politically Exposed Persons (PEPs), along with other
customers who have links with jurisdictions or industries that pose elevated levels of financial crime risk.
We apply KYC rules and use advanced technology to help identify suspicious transaction patterns and compliance risk
issues. We continue to invest in our detection capabilities and core systems as part of our FCP program. Red flags must
be referred to FCP if any UBS staff become aware of potentially suspicious activities during the client life cycle and this
may result in investigation, suspicious activity report filing and / or client exit, as appropriate. When a UBS employee is
suspected of or identified as acting or failing to act in accordance with applicable laws or regulations or in violation of
UBS policy, we escalate this to Group Investigations for further assessment under the Group Investigations Policy. Our
Group Investigations Policy defines clear roles and responsibilities, including reporting requirements, for ensuring accurate
and complete quarterly reporting to the BoD and the GEB, as well as to regulators.
We adhere to the global Financial Action Task Force standards and local laws and regulations with regard to record-
keeping.
Annual Report 2024 |
Sustainability Statement | Governance 24
Our entire financial crime framework is subject to regular controls testing, in both the first and second lines of defense,
which includes a cycle of regular peer review testing executed by a designated team within the Group’s FCP function.
Additionally, our Group Internal Audit team performs a rigorous cycle of independent audit reviews covering the financial
crime framework globally and cross-divisionally and we are subject to ongoing supervision by regulatory authorities in all
the markets in which we operate.
Conduct and culture
The Code sets out the principles and commitments that define our ethical standards and the way we do business. The
Code commits all UBS employees to do whatever we can to combat money laundering, fraud, corruption and terrorist
financing.
Additionally, the Code requires that UBS employees do not help or advise our clients, or any other party, to evade taxes
or misreport taxable income and gains. It also states that we should not contract with third parties who provide services
for UBS or on our behalf, where those services help others improperly evade taxes.
›
Refer to the Code of Conduct and Ethics of UBS, available at
ubs.com/code
Annual Report 2024 |
Sustainability Statement | Strategy 25
Strategy
Our sustainability and impact strategy
We are guided by our ambition to be a leader in sustainability. This is reflected in our vision to be the bank for the next
generation. To help us realize that vision, our sustainability and impact strategy is based on three overarching strategic
pillars: Protect, Grow and Attract, representing a natural evolution in our strategic approach.
Sustainability and impact vision: the bank for the next generation
Protect
Manage our business in alignment with our
sustainable, long-term Group strategy and
evolving standards.
Grow
Embed an innovative sustainability and impact
offering across all our business divisions.
Attract
Be the bank of choice for clients and employees.
Protect
As part of our continued commitment to protect our clients’ assets and those of our firm, we are focused on managing
our business by aligning to the sustainable long-term Group strategy and evolving standards. We maintain a strong
control and risk framework, as well as a robust sustainability data strategy, to support our risk management processes,
regulatory requirements and product offerings.
›
Refer to “Environmental information” in this section for more information about our decarbonization approach and efforts
›
Refer to “Managing sustainability and climate risks” in this section for more information about our sustainability and climate risk
management approach
Grow
We continue to expand our sustainability and impact offerings across all business divisions to meet our clients’ evolving
needs. For example, we identify and offer innovative sustainable financing and investment solutions, with the aim to
support our clients through the world’s transition to a low-carbon economy. To facilitate this, we established a dedicated
Group Sustainability and Impact (GSI) Business Development & Client Forum (the GSI BDCF) under the authority of the
Group Executive Board (the GEB) Lead for Sustainability and Impact, focused on client, product and impact approaches .
›
Refer to “Governance” in this section for more information about our GSI Business Development & Client Forum (BDCF)
Attract
We aspire to be the bank of choice for clients and employees alike, maintaining top quartile sustainability ratings and
positioning UBS as the go-to employer through our engagement and education programs. In 2024, our MSCI AA rating
was reaffirmed
1
2
with 69 in 2023.
›
Refer to “Social information” in this section for more information about UBS’s employees and its philanthropic activities
1
.
2
Annual Report 2024 |
Sustainability Statement | Strategy 26
Our key aspirations and progress
We work with a long-term focus on providing appropriate returns to our stakeholders in a responsible manner.
We are committed to providing transparent aspirations, goals and targets and reporting on the progress made against
them. This table provides an overview, with more detailed information provided throughout this section of this report.
Ambitions
Topics
Our aspirations, goals or targets
Progress in 2024
1. Protect
Climate
Lending sector decarbonization targets have been established to
address our financed emissions by aligning specified sectors to
decarbonization pathways.
1
Reduce emissions intensity associated with UBS in-scope lending
by 2030 from 2021 levels for:
–
Swiss residential real estate by 45%;
–
Swiss commercial real estate by 48%;
–
power generation by 60%;
–
iron and steel by 27%; and
–
cement by 24%.
Reduce absolute financed emissions associated with UBS in-scope
lending by 2030 from 2021 levels for:
–
fossil fuels by 70%.
Calculated progress against pathways for lending sector
decarbonization targets.
2
Changes in emissions intensity associated with UBS in-scope lending
(end of 2023 vs 2021 baseline):
–
Swiss residential real estate reduced 11%;
–
Swiss commercial real estate reduced 9%;
–
power generation reduced 33%;
–
iron and steel reduced 20%; and
–
cement reduced 3%.
Changes in absolute financed emissions associated with UBS in-scope
lending (end of 2023 vs 2021 baseline):
–
fossil fuels reduced 80%.
Reduce our scope 1 and 2 emissions to net zero by 2035 (90%
reduction of scope 1 and net scope 2 emissions by 2035 vs 2023
baseline, neutralizing the remaining 10% with high-quality carbon
removals).
Scope 1 and net scope 2 emissions reduced 35% vs 2023 baseline.
Reduce our absolute energy consumption by 35% by 2030 vs
2023 baseline.
Absolute energy consumption reduced 10% vs 2023 baseline.
Achieve 100% renewable electricity aligned to RE100 in markets
where feasible by 2026.
Achieved 99.8% renewable electricity aligned to RE100.
Environment
Paper: Use 100% recycled and Forest Stewardship Council (FSC)
paper for our operations by 2025.
Reached 49.9% share of recycled and FSC paper in our operations in
2024.
Waste: Achieve 60% recycling ratio for our office waste by 2025.
Achieved 52.9% recycling ratio in 2024.
Water: Reduce water consumption by 5% by 2025 vs 2019
baseline.
Water consumption reduced 8% vs 2019 baseline.
2. Grow
Social impact
and
philanthropy
Raise USD 1bn in donations to our client philanthropy foundations
and funds (cumulative for 2021–2025).
Achieved a UBS Optimus Foundation donation volume of USD 366m
in 2024 (2023: USD 328m), totaling USD 1.1bn since 2021, thus
surpassing our goal (all figures include UBS matching contributions).
3
Reach 26.5 million beneficiaries by 2025 (cumulative for 2021–
2025).
Reached 7.4 million beneficiaries in 2024 (2023: 7 million)
4
25.9 million beneficiaries across our social impact activities since
2021.
5
3. Attract
Bank of choice
Maintain top quartile position in key ESG ratings by the end of 2026.
Achieved top quartile position vs direct peers as defined in UBS
compensation report in:
–
MSCI: AA rating, “Leader” in industry group;
–
S&P Global Corporate Sustainability Assessment: Score of 72.
Constituent of the Dow Jones Sustainability Indices (DJSI);
–
CDP: A– rating. Included in the leadership band.
Cautionary note:
We have developed methodologies that we use to set our climate-related targets and identify climate-related risks and that underly the metrics that are disclosed in this report. Standard-setting
organizations and regulators continue to provide new or revised guidance and standards, as well as new or enhanced regulatory requirements for climate disclosures. Our disclosed metrics are based upon data
available to us, including estimates and approximations where actual or specific data is not available. We intend to update our disclosures to comply with new guidance and regulatory requirements as they become
applicable to UBS. Such updates may result in revisions to our disclosed metrics, our methodologies and related disclosures, which may be substantial, as well as changes to the metrics we disclose.
1
Our climate transition plan does not cover all our business activities. We may add ambitions for additional scope 3 activities over time and on a best-efforts basis based on the availability of appropriate measurement
frameworks and data, and the materiality of the relevant activity to UBS. We will continue to publicly disclose our progress on an annual basis and, while we continue to take steps to align our in-scope business
activities with the ambitions set out above, it is important to note that progress toward our targets may not be linear. We regularly review our targets and update our disclosures in line with new or enhanced regulatory
developments, evolving best practices for the financial sector and climate science. Such reviews may lead us to revise previously agreed voluntary commitments, metrics and methodologies. Metrics are based on gross
lending exposure consisting of total on-balance sheet loans and advances to customers and off-balance sheet guarantees and irrevocable loan commitments.
Refer to “Environmental information” in this section
more information. The inherent one-year time lag between the as-of date of our lending exposure and the as-of date of emissions can be explained by two factors: corporations disclose their emissions in annual
reporting only a few months after the end of a financial year, and specialized third-party data providers take between 12 and 18 months to collect disclosed data and make it available to data users. Consequently, the
baselines for our decarbonization targets are calculated based on year-end 2021 lending exposure and 2020 emissions data. Our 2023 emissions actuals are based on year-end 2023 lending exposure and 2022
emissions data. For asset financing (i.e. real estate) there is no time lag, and exposure and emissions actuals refer to the same year.
3
Figures provided for the UBS Optimus Foundation are based on unaudited
management accounts and information available as of January 2025. Audited financial statements for UBS Optimus Foundation entities are produced and available per local market regulatory guideline.
4
Figures
prior to 2024 exclude beneficiaries reached through Credit Suisse-led programs.
5
Some of the beneficiaries reached were due to activities funded through mandatory contributions required in India and South Africa
due to respective corporate social responsibility laws. The cumulative reported figure does not represent unique beneficiaries. Where the same individual was enrolled in a program in the previous year, they are still
counted in the following year as they are considered to have received different levels of support over the period.
Annual Report 2024 |
Sustainability Statement | Environmental information 27
Environmental information
Our climate transition plan
We have drawn up a climate transition plan, including our overarching climate approach, along with specified key policies
and principles, targets and actions. This transition plan has been approved by the Corporate Culture and Responsibility
Committee (the CCRC) of the Board of Directors and is included in our annual objective-setting process for sustainability
and impact matters.
›
Refer to “Governance” in this section for more information about our sustainability and climate governance and our objective-
setting process
Our climate approach
Our climate approach is guided by our climate ambition and its underlying key objectives.
Our climate ambition
We will support our clients in the transition to a low-carbon world and embed considerations of climate change risks and
opportunities into our firm for the benefit of our stakeholders, now and in the future.
Our key objectives
Supporting our clients’ low-carbon transition
–
Mobilizing capital toward an orderly transition to a low-carbon economy.
–
Aligning our in-scope lending activities to the objectives of the Paris Agreement.
–
Supporting the transition of our financing and investing clients to low-carbon and climate-resilient business models .
–
Embedding climate considerations into our financing, investment and capital markets offering.
Reducing our climate impact
–
Minimizing our own operational footprint and utilizing resources in an efficient and sustainable way.
–
Measuring and managing our travel footprint, including reducing air-travel-related emissions.
–
Interacting with our suppliers on emissions reductions and managing our supply chain responsibly.
Managing the risks of climate change to our business
–
Identifying, measuring, monitoring, managing and reporting sustainability and climate risks (including nature-related
risks).
–
Applying our sustainability and climate risk policy framework.
–
Further integrating sustainability and climate risk regulatory requirements into financial risk management and stress-
test frameworks.
–
Ensuring that the sustainability and climate risk policy framework is integrated into our Group- and organization-wide
activities.
Our climate approach is aligned to our sustainability and impact strategy, which is based on three overarching strategic
pillars: protect, grow and attract. In relation to our climate approach, our strategic ambition manifests as:
–
Protect
assets.
–
Grow
–
Attract
by example in our own operations.
›
Refer to “Strategy” in this section for more information about the sustainability and impact strategy
Annual Report 2024 |
Sustainability Statement | Environmental information 28
Our climate-related targets
By 2050, the global economy aims to transition to net zero. For example, across our own operations (scopes 1 and 2),
UBS plans to achieve net zero by 2035, well ahead of 2050.
We have defined the following targets:
Scopes 1 and 2:
1
Scope 3:
Addressing our financed emissions by aligning specified sectors to decarbonization pathways.
2
In 2024, we have updated our climate targets to consider the following:
–
alignment with upcoming regulatory requirements and market standards;
–
a review of the combined organization, reflecting the current state of planning within the firm; and
–
ongoing macro-developments in public policy and climate science projections across the sectors in which we operate.
Our climate-related targets have been set based on the methodologies, data and assumptions currently in use. Following
a review of our own operations target for scopes 1 and 2 for the integrated organization, we have set a new 1.5°C-
aligned scope 1 and 2 net-zero target to be achieved by 2035. The target reflects our enlarged corporate real estate
portfolio following the acquisition of the Credit Suisse Group and considers the latest definition of a “net-zero target”
in the Corporate Sustainability Reporting Directive (CSRD).
3
We remain committed to our lending sector decarbonization targets to address our financed emissions in specified
sectors. All these targets are 1.5°C-aligned except for targets for Swiss residential real estate and Swiss commercial real
estate, which are aligned to a below-2°C scenario.
4
on our lending sector decarbonization targets to assist us in determining whether these have been set in line with
reference scenarios mentioned and informed by certain requirements taken from pertinent global standards and
initiatives.
Our Asset Management business division is committed to supporting our clients in achieving their climate-related
investment goals. In the UBS Group Sustainability Report 2023, we referred to the target set by Asset Management
aiming, by 2030, to align 20% of UBS AG Asset Management’s total assets under management (AuM) with net zero.
Given the integration taking place within Asset Management, we are reviewing the legacy target set prior to the
acquisition of the Credit Suisse Group, taking into account all AuM of the combined businesses. Therefore, we have
withdrawn the target. We remain committed to supporting the Paris Agreement climate goals in line with global efforts.
We recorded USD 64.4bn of total assets as having a net-zero ambition at the end of 2024, compared with USD 35.5bn
at the end of 2023.
We regularly review our targets and update our disclosures in line with new or enhanced regulatory developments,
evolving best practices for the financial sector and climate science. Such reviews may lead us to revise previously agreed
voluntary commitments, metrics and methodologies.
Our climate transition plan does not cover all our business activities. We may add ambitions for additional scope 3
activities over time and on a best-efforts basis based on the availability of appropriate measurement frameworks and
data, and the materiality of the relevant activity to UBS. We will continue to publicly disclose our progress on an annual
basis and, while we continue to take steps to align our in-scope business activities with the ambitions set out above, it is
important to note that progress toward our targets may not be linear.
Our priority is to support our clients in the transition to a low-carbon world, including their transition-financing needs. In
the area of client investments, our ability to meet our ambitions depends on our obligations to our clients, including
fiduciary duties as an investment manager and on the terms of the mandates agreed with clients. We continue to embed
sustainability and climate considerations into our operating model, leading to regular adjustment of evaluation and
decision-making frameworks, governance structures, control and monitoring processes and underlying systems.
Our climate-related ambitions and targets have a critical dependency on the overall progress made by all sectors and
countries. Collaboration across the private and public sectors is required. The decarbonization of the global economy,
emissions reductions by clients and the realization of our own targets and ambitions all depend on various factors outside
our direct influence. Clear guidance from governments through thoughtful regulations, policies and incentives, the
development and scaling of key technologies and broader changes in the behavior of society are needed.
1
Refer to the “Reducing our own climate impact” section of this report for details about our scope 1 and 2 net-zero target.
2
Refer to the ”Supporting our financing clients’ low-carbon transition” section of this report for details about our lending sector decarbonization targets.
3
Definition of a net-zero target by the CSRD: Setting a net-zero target at the level of an undertaking aligned with meeting societal climate goals means: (i) achieving a scale of value chain emissions reductions consistent
with the abatement required to reach global net zero in 1.5°C pathways; and (ii) neutralizing the impact of any residual emissions (after approximately 90–95% of GHG emission reduction with the possibility of justified
sectoral variations in line with a recognized sectoral pathway) by permanently removing an equivalent volume of CO
2
.
4
scenario) as a minimum rate to be followed. This scenario is a representative, country-specific pathway, reflective of the government’s climate strategy. It also informs Switzerland’s decarbonization ambitions for real
estate as set out in the Swiss Climate and Innovation Act.
Annual Report 2024 |
Sustainability Statement | Environmental information 29
Supporting our clients’ low-carbon transition
It is our priority to support our clients in the transition to a low-carbon world. To support this aim, we have defined a set
of targets and actions related to our financing and investing activities, which are outlined below (and reflect UBS Group).
Supporting our financing clients’ low-carbon transition
Our lending sector decarbonization targets
This section outlines the methodologies and processes used to calculate the climate-related lending metrics and the
approach taken to define the UBS Group lending sector decarbonization targets.
Our approach to target-setting is based on industry guidance and our calculation methodology is based on global
standards such as the GHG Protocol Corporate Accounting and Reporting Standard and the Partnership for Carbon
Accounting Financials (the PCAF).
Target scope (1)
Lending sector decarbonization targets for 2030 have been established for Swiss real estate mortgages (residential and
commercial real estate) and for financing of in-scope activities in the fossil fuels (oil, gas and coal), power generation,
iron and steel and cement corporate sectors.
The sectors for which decarbonization targets were set account for 7.2 million metric tons of CO
2
e emissions financed,
or 73% of the total financed emissions of 9.9 million metric tons for sectors where data and methodologies are available
to estimate emissions. We expect the coverage to change over time as the availability and quality of data improve.
During the target-setting process, we prioritized sectors that have the highest carbon impact. These include the materiality
of sectors in terms of financial exposure and the availability of data and applicable methodologies to estimate baselines
and develop pathways. We performed additional analyses to establish transparency around the contribution of each
sector in our portfolio to the total. We perform an annual assessment of sectors and exposures not covered by targets,
considering materiality, the availability of data and methodologies, market expectations and business strategy.
For real estate, we considered owner-occupied properties, properties rented out on a non-commercial scale, rented-out
properties in multi-family homes, any other income-producing real estate and own-use commercial real estate.
For each corporate sector, we considered subsectors or parts of the value chain that hold the bulk of the impact on the
climate system and where the decarbonization efforts must be concentrated.
Baseline and emissions (2)
Based on qualitative and quantitative criteria, such as alignment and feasibility (following industry best practices), 2021
was chosen as a baseline year for our decarbonization targets across all lending sectors.
For all targets except iron and steel and cement, for which non-CO
2
scope are the seven gases mandated under the Kyoto Protocol. For ease of accounting, these gases are normally reported
by data providers and clients as carbon dioxide equivalents (CO
2
e). Our targets are gross targets, meaning that they do
not include GHG removals, carbon credits or avoided emissions as a means of achieving the targets.
Emissions financed from lending activities fall under scope 3, category 15, downstream emissions as defined in the GHG
Protocol Corporate Accounting and Reporting Standard. Financed emissions reported under scope 3, category 15, include
apportioned scope 1 and 2 emissions of the counterparties or assets being financed. We included scope 3 emissions in
our assessment of financed emissions for the fossil fuels sector.
1
data available in their own disclosures, data from specialized third-party providers and internal data. Current limitations
on the availability of emissions data at company or asset level required us to include estimations in the calculations. For
example, we applied a sector-level proxy where company- or asset-level data is not available.
As in previous reports, related lending metrics are not shown for the current reporting year due to the inherent time lag
in the availability of emissions data of our borrowers. This one-year time lag between the as of date of our lending
exposure and the as of date of emissions can be explained by two factors: corporate clients disclose their emissions in
annual reporting only a few months after the end of a financial year and specialized third-party data providers take
between 12 and 18 months to collect disclosed data and make it available to data users.
Scenario selection (3)
For Swiss real estate mortgage lending (commercial and residential real estate), our 2030 targets are using the percentage
decarbonization rate implied by the Energy Perspectives 2050+ ZERO Basis scenario (below-2°C scenario) as a minimum
rate to be followed. This scenario is a representative, country-specific pathway, reflective of the government’s climate
strategy. It also informs Switzerland’s decarbonization ambitions for real estate as set out in the Swiss Climate and
Innovation Act.
1
Annual Report 2024 |
Sustainability Statement | Environmental information 30
For the fossil fuels (oil, gas, and coal), power generation, iron and steel, and cement corporate sectors, we use the
percentage decarbonization rate implied by the scenario – IEA NZE by 2050 (IEA’s World Energy Outlook of October 2023
update)
1
achieves a temperature increase of 1.5°C by the end of the century (1.5°C-aligned scenario). Over time, we aim to
augment our sector pathways as we gain greater clarity on the validity of key technological and regulatory uncertainties
identified and assumed within the IEA NZE scenario (e.g. production volumes, biofuels or carbon capture utilizations and
storage). Until that point, the possibility of overshoot is factored into certain sector pathways due to the heavy reliance
on external factors beyond our steering capabilities.
Target-setting (4)
For the fossil fuels sector, we defined an absolute emissions reduction target and applied the Absolute Contraction
Approach. For all other sectors within scope, we have defined physical emissions intensity targets, applying the Sector
Decarbonization Approach (SDA). The SDA assumes global convergence of key sector’s emissions intensities by 2050 and
we set our 2030 decarbonization targets to be in line with this assumption.
Generally, we believe that most sectors are best steered by using physical emissions intensity. The physical emissions
intensity is a metric that normalizes emissions (e.g. by a company’s output). Through intensity metrics, we can monitor
whether our corporate clients, or real estate assets we are financing, are becoming increasingly efficient. In addition,
emissions intensity measures tend to be less volatile as these are less dependent on the amount of lending business that
UBS undertakes in different years.
Establishing absolute emissions targets could impose constraints on our ability to lend to clients, including those with
lower carbon intensity. This might restrict our ability to support clients as they transition to a low-carbon economy. For
transparency, we also disclose the total value of absolute emissions for the sectors covered by the trajectories without
setting a target for absolute emissions other than for the fossil fuel sector.
Target governance (5)
Our 2030 lending sector decarbonization targets were set at UBS Group level, and were approved and are continued to
be overseen by the CCRC. They are managed by the business divisions in collaboration with Group Sustainability and
Impact (GSI) and the Group functions under the leadership of the Group Executive Board (the GEB) Lead for Sustainability
and Impact.
We will continue to publicly disclose our progress on an annual basis, and we aim, at a minimum, to review our targets
every five years and, from 2030 onwards, to update the base year and target values after every five-year period to ensure
consistency with the most recent climate science and best practices. It is important to note that progress toward our
targets may not be linear and year-on-year volatility is expected due to changes in the portfolios’ composition over time.
All related metrics shown in the tables below, including financed emissions, are reported at UBS Group level to ensure
consistency. There is an immaterial difference in in-scope exposures and derived metrics between UBS AG and UBS Group
due to purchase price allocation adjustments recorded in UBS Group as a result of the acquisition of Credit Suisse Group
AG in compliance with IFRS 3, Business Combinations. A reconciliation table for both entities is provided below. As of
end of 2022, Credit Suisse AG was not part of UBS AG, therefore 2022 comparative values are not included in these
tables.
1
Annual Report 2024 |
Sustainability Statement | Environmental information 31
Overview of our 2030 lending sector decarbonization targets and progress (UBS Group)
For the year ended 31.12.23
Gross lending
exposure
Targets
Progress
8
Sectors
Full value
chain
(USD bn)
1
Covered
with
targets
(USD bn)
1
Target scope
GHG
emissions
scope
Scenario
Target
value
2021–
2030
target
Unit
2021
baseline
2023
actuals
%
change
Residential real estate
3
384.7
242.4
Region
Switzerland
1,2
5
Energy Perspectives 2050+
ZERO basis (below 2°C)
21.1
(45%)
kg CO
2
e / m
2
2
38.7
34.4
(11%)
Commercial real estate
3
102.1
Region
Switzerland
1,2
5
Energy Perspectives 2050+
ZERO basis (below 2°C)
16.2
(48%)
kg CO
2
e / m
2
2
31.3
28.5
(9%)
Fossil fuels (coal, oil and
gas)
4
10.6
2.8
B.05, B.06,
C.19
6
1,2,3
IEA NZE 2050 - WEO 2023
(1.5°C)
7
19.4
(70%)
million metric t CO
2
e
64.7
12.9
(80%)
Power generation
5.0
3.9
D.35.1.1,
D.35.1.3
6
1
IEA NZE 2050 - WEO 2023
(1.5°C)
136
(60%)
kg CO
2
e / MWh
339
227
(33%)
Iron and steel
0.7
0.5
C.24.1
6
1,2
IEA NZE 2050 - WEO 2023
(1.5°C)
1.28
(27%)
metric t CO
2
steel
1.75
1.41
(20%)
Cement
1.1
1.0
C.23.5.1
6
1,2
IEA NZE 2050 - WEO 2023
(1.5°C)
0.48
(24%)
metric t CO
2
cementitious
0.64
0.62
(3%)
1
Full value chain includes all activities within each sector. Refer to target scope for details on sector coverage. Exposures are shown on a gross basis; gross lending exposure includes total on-balance sheet loans and
advances to customers and off-balance sheet guarantees, and irrevocable loan commitments (within the scope of expected credit loss) and is based on consolidated IFRS numbers (inclusive of purchase price allocation
adjustments recorded in UBS Group AG as a result of the acquisition of Credit Suisse Group AG in compliance with IFRS 3, Business Combinations).
ERA: Energy Reference Area.
Residential real estate includes
owner-occupied properties and properties rented out on a non-commercial scale. Commercial real estate includes rented-out properties in multi-family homes, any other income-producing real estate, and own-use
commercial real estate. The reported figures reflect the exposure linked to loans that are secured by real estate collateral
.
For fossil fuels, a significant share of our gross lending exposure not covered by this target
is commodity trade financing for which guidelines and methodologies have yet to be developed.
Residential real estate emissions scope covers owners' energy consumption only, Commercial real estate emissions
scope covers owners' or tenants' energy consumption only.
For corporate sectors, NACE codes are referenced, the following parts of the value chain are included in the targets scope: fossil fuels: coal extraction,
oil and gas upstream, refining and integrated companies; power generation: power generation and integrated electric utility companies; iron and steel: production of iron and steel, hot rolling and coking coal
manufacturing; cement: production of cement and clinker.
7
than the percentage reduction implied by this scenario.
8
2030 lending sector decarbonization targets and progress (UBS Group - UBS AG reconciliation)
1
For the year ended 31.12.23
UBS Group
UBS AG
Sectors with target
2021 baseline
2023 actuals
Reduction to date
2023 actuals
Swiss residential real estate
38.7
34.4
(11%)
34.5
Swiss commercial real estate
31.3
28.5
(9%)
28.7
Fossil fuels (coal, oil and gas)
64.7
12.9
(80%)
13.1
Power generation
339
227
(33%)
228
Iron and steel
1.75
1.41
(20%)
1.43
Cement
0.64
0.62
(3%)
0.62
1
Financed emissions covered by lending sector decarbonization targets (UBS Group)
For the year ended 31.12.23
Gross lending
exposure
(USD bn)
1
Outstanding
exposure
(USD bn)
2
Financed
emissions,
scopes 1 and 2
(mt CO
2
e)
3
Financed
emissions,
scope 3
(mt CO
2
e)
3
PCAF score,
scopes 1 and
2
4
PCAF score,
scope 3
4
Economic
intensity
(mt CO
2
e /
USD bn)
3
Exposure covered by target
Swiss residential real estate
5
242.4
240.6
1.2
4.1
0.01
Swiss commercial real estate
5
102.1
101.4
0.8
4.1
0.01
Fossil fuels (coal, oil and gas)
2.8
0.8
0.2
3.3
1.3
1.5
4.60
Power generation
3.9
0.9
1.1
2.1
1.15
Iron and steel
0.5
0.2
0.2
1.7
0.90
Cement
1.0
0.1
0.4
4.1
3.74
Exposure not covered by target
Other non-financial corporates and real estate mortgages
142.0
81.1
2.5
0.2
4.8
5.0
0.03
Estimated total non-financial corporates and real estate mortgages
6
494.7
425.1
6.4
3.5
Financial services firms, private individuals and other
284.7
216.4
Total exposure
779.4
641.5
1
Gross lending exposure includes total on-balance sheet loans and advances to customers and off-balance sheet guarantees, and irrevocable loan commitments (within the scope of expected credit loss) and is based
on consolidated IFRS numbers (inclusive of purchase price allocation adjustments recorded in UBS Group AG as a result of the acquisition of Credit Suisse Group AG in compliance with IFRS 3, Business Combinations).
2
Outstanding exposure includes total on-balance sheet loans and advances to customers (within the scope of expected credit loss) and is based on consolidated IFRS numbers.
3
Based on outstanding exposure.
4
PCAF scores shown represent weighted average based on outstanding exposures.
5
Residential real estate includes owner-occupied properties and properties rented out on a non-commercial scale. Commercial
real estate includes rented-out properties in multi-family homes, any other income-producing real estate, and own-use commercial real estate. The reported figures reflect the exposure linked to loans that are secured
by real estate collateral
.
6
Based on outstanding exposure which includes total loans and advances to customers and guarantees as well as irrevocable loan commitments. For consistency and comparability purposes,
shipping related exposures as reported in 2023 are now aggregated in this line.
Annual Report 2024 |
Sustainability Statement | Environmental information 32
The sectors for which decarbonization targets have been set represent 352.7bn, or 45%, of the USD 779.4bn in total
gross lending exposure for 2023, and 71% of the USD 494.7bn in gross lending exposure for which data and
methodologies are available to estimate emissions. These sectors account for 7.2 million metric tons of CO
2
e emissions
financed, or 73% of the total financed emissions of 9.9 million metric tons. We expect the coverage to change over time
as the availability and quality of data improve.
Decarbonization levers and key actions underpinning our lending sector decarbonization targets
To underpin our lending sector decarbonization targets, we assessed the impact of two decarbonization levers. Through
lever 1, we assess the effects of our clients’ disclosed decarbonization commitments on our future expected portfolio
intensities. Lever 2 focuses on managing our portfolio to achieve the remaining required intensity reductions.
In addition, we identified key actions relevant to both levers, outlining how we support our clients in realizing their
decarbonization commitments and how we manage our portfolio toward achieving our targets: i) providing products
and services; ii) engaging with clients; and iii) monitoring progress against targets through our decarbonization control
framework.
Lever 1: Clients’ disclosed decarbonization commitments
To understand the current decarbonization ambitions of our clients, we conducted a review of our clients’ currently
disclosed decarbonization commitments and transition plans. On this basis, we assessed the future potential aggregated
reduction of our portfolio intensities for the power generation, iron and steel and cement sectors, assuming that our
clients realize their decarbonization commitments and transition plans. Through actions 1 and 2 outlined below, we aim
to support our clients in realizing their decarbonization commitments.
We recognize that our clients’ realization of their emission reductions has dependencies on various factors and that
financial institutions have limited direct influence over clients’ transition abilities or the speed at which the transition
happens. We constantly track our clients’ progress toward their disclosed commitments and assess the influence of them
meeting their commitments on our own trajectories.
Lever 2: Portfolio management
To work toward the remaining required reduction of our portfolio intensities to realize our lending sector decarbonization
targets, we aim to manage our portfolio. This can be done at the business selection stage, which is in line with our
sustainability risk process. It may trigger enhanced due diligence for transactions in carbon-intensive sectors that have
higher climate-related impacts and risks, as well as trigger the pre-deal assessment review of deals against our set
decarbonization thresholds. It can also be done through the exit from or maturity of our Non-core and Legacy loans,
which contribute to the adjustment of our lending exposure and associated carbon intensity. Through actions 1 and 2
outlined below, we aim to support our clients’ climate transition, while action 3 allows us to track our performance and
manage progress toward our targets.
Although we continue to take steps to align our in-scope business activities with our decarbonization targets, it is
important to note that progress toward our targets may not be linear. Our priority is to support our clients in the transition
to a low-carbon world, and their transition-financing needs. Collaboration across the private and public sectors is
required. The decarbonization of the global economy, emission reductions by clients and the realization of our own
targets and ambitions all depend on various factors outside our direct influence. Clear guidance by governments through
thoughtful regulations, policies and incentives, the development and scaling of key technologies and broader changes in
the behavior of our society are needed.
›
Refer to "Non-core and Legacy" in the "Our businesses" section of this report for more information
Action 1: Providing products and services
We offer sustainable and sustainability-linked financial advice and solutions (advisory, lending, basic banking and
transition financing solutions) to support our clients’ climate transition. These solutions can be on-balance sheet (e.g.
green or sustainable loans and mortgages) or off-balance sheet (e.g. access to debt and equity capital markets). They can
also include transaction structuring.
For example, in Personal & Corporate Banking, we offer sustainability-linked loans (SLLs) to incentivize the borrowers to
achieve their sustainability performance targets. Our SLL offering is open to eligible corporate clients from all sectors
that wish to reflect their sustainability ambitions in their funding strategy and to benefit from meeting agreed
sustainability performance targets. The SLLs have specific sustainability-related key performance indicators that are
agreed with each client.
We continue to develop and refine our sustainable finance solutions and approaches on an ongoing basis.
Action 2: Engaging with clients
In 2024, to support our review of our clients’ disclosed decarbonization commitments and transition plans (lever 1), we
developed the Company Transition Assessment Scorecard (CTAS). The CTAS was designed to support a range of purposes
in the future, including the support of our clients’ climate transition through engagement. By understanding our clients
better, we aim to work alongside them to assist with their climate transition efforts. This can include encouraging the
disclosure of current emissions, setting future decarbonization targets in line with Paris Agreement-aligned pathways and
developing credible transition plans.
›
Refer to “Supporting our climate approach: key enabling actions” in this section for more information about the CTAS
Annual Report 2024 |
Sustainability Statement | Environmental information 33
Action 3: Monitoring progress against targets through our decarbonization control framework
We implemented a decarbonization control framework to track our performance and manage progress toward our
lending sector decarbonization targets. This framework has been approved at GEB level and has been integrated into our
sustainability and climate risk policy framework.
For in-scope sectors, the performance and associated changes in the lending portfolio are discussed during quarterly
performance reviews with business division representatives (Global Wealth Management, Personal & Corporate Banking
and the Investment Bank) and our sustainability and climate risk unit. This includes an analysis of trends and significant
changes in exposures, emissions or criteria that are deemed to influence the target metrics. Possible measures to be taken
by the business divisions are also discussed.
For in-scope corporate sectors for which decarbonization targets have been set, we have established a pre-deal
assessment process to review the impact of relevant transactions that are within the scope of our lending sector
decarbonization targets. For each in-scope sector, risk tolerance thresholds have been defined at business division and
Group levels. An internal tool enables the business divisions to evaluate the potential impact of a new transaction on the
portfolio. An escalation process has been put in place should a transaction exceed these thresholds. Transactions are then
also reviewed by the business division representatives and can be further escalated up to GEB level if required. The risk
tolerance thresholds are defined annually and the utilization of the agreed thresholds is monitored on a quarterly basis.
Relevant staff in the business divisions have been trained on these requirements.
Performance against targets and outlook
For the in-scope lending sectors for which decarbonization targets have been set, the following sections describe, for
each sector:
–
the scope of the target and relevance for our business divisions;
–
the progress against the sector target and the indicative trend line, including the main drivers for the reduction or
increase of absolute emissions / emissions intensity;
–
the impact of the decarbonization levers and a description of key actions taken, where relevant (note that not all levers
apply to all target sectors); and
–
a description of the key dependencies.
Our lending sector decarbonization targets have a critical dependency on the overall progress made by all sectors and
countries.
Swiss residential real estate
The scope of the decarbonization pathway for residential real estate lending is limited to our financing activity in
Switzerland across Personal & Corporate Banking and Global Wealth Management.
The required 45% reduction to realize our 2030 target is slightly more ambitious than the decarbonization rate implied
by the Swiss government’s Energy Perspectives 2050+ ZERO Basis (EP 2050+) scenario for residential buildings, which is
44%. For the target scope, this scenario is a representative, country-specific pathway, reflective of the government’s
climate strategy. The EP 2050+ also informs Switzerland’s decarbonization ambitions for real estate as set out in the Swiss
Climate and Innovation Act.
As at the end of 2023, our estimated emissions intensity for the portfolio had decreased by 11% against the 2021
baseline, with an emissions intensity of 34.4 kg CO
2
e / m
2
driven by an increased share of financed properties with non-fossil-fuel heating. Our estimated emission intensity is 1%
below the 2023 level of our indicative trend line to 2030 (34.8 kg CO
2
e / m
2
To further decarbonize our real estate portfolio in alignment with the Swiss government’s decarbonization ambitions, we
remain dependent on technical advances and concerted policy action, for example, by incentivizing improved building
efficiency and the use of non-fossil-fuel heating systems. We will continue to work with the government and our industry
peers to align on the required actions.
We remain committed to doing our part and supporting our clients in reducing the emissions intensity of their properties.
This includes raising the awareness of our existing and prospective clients regarding the climate impact of real estate and
helping our existing clients decarbonize their properties through renovations. For example, we provide access to an online
renovation journey and calculator for owner-occupied real estate, enabling our clients to work out expected renovation
costs and timelines, the CO
2
e emissions footprint and the energy consumption levels before and after renovation. For
renovations or acquisitions of energy-efficient properties, we offer preferential financial conditions to clients through our
UBS Mortgage Green, UBS Mortgage Energy and UBS Mortgage Renovation products. In 2024, our partner Norm
Technologies launched an offering for our new and existing mortgage clients to carry out a tailored, digital energy analysis
for them to gain an improved understanding of the climate impact of their properties.
Swiss commercial real estate
The scope of the decarbonization pathway for commercial real estate lending is limited to our financing activity in
Switzerland across Personal & Corporate Banking and Global Wealth Management.
The required 48% reduction required to realize our 2030 target is in line with the decarbonization rate implied by the
Swiss government’s EP 2050+ scenario for residential buildings and services, which is also 48%.
Annual Report 2024 |
Sustainability Statement | Environmental information 34
As at the end of 2023, our estimated emissions intensity for the portfolio had decreased by 9% against the 2021 baseline,
with an emission intensity of 28.5 kg CO
2
e / m
2
financed properties with a good-quality building envelope that reduces heat loss. Our estimated emissions intensity is
2% above the 2023 level of our indicative trend line to 2030 (28.0 kg CO
2
e / m
2
To further decarbonize our real estate portfolio in alignment with the Swiss government’s decarbonization ambitions, we
remain dependent on technical advances and concerted policy action, for example, by incentivizing improved building
efficiency and the use of non-fossil-fuel heating systems. We will continue to work with the government and our industry
peers to align on the required actions.
We remain committed to doing our part and supporting our clients in reducing the emissions intensity of their properties.
This includes helping our existing clients to decarbonize through renovations and providing the respective financing. In
2024, we launched the UBS Loan Green, which is designed for clients planning new low-energy constructions or energy-
efficient renovations, or purchasing energy-efficient properties. The product provides tailored financing and
comprehensive expert advice and accepts various building certifications.
Furthermore, in 2024, we teamed up with Wincasa, a leading Swiss property services provider, to launch a new advisory
solution, UBS Renovation Services, for investment property owners planning energy upgrades. The service offers tailored
analysis of the renovation potential, a detailed feasibility study and coordination of construction planning and
management through a network of specialized real estate companies.
Fossil fuels (oil, gas and coal)
Our fossil fuel portfolio is concentrated in a small number of corporate clients in the Investment Bank and Personal &
Corporate Banking with limited exposure from Global Wealth Management.
As at the end of 2023, our estimated total financed emissions for the fossil fuels portfolio have decreased by 80% against
the 2021 baseline, accounting to 12.9 million metric tons of CO
2
e. From 2021 to 2022, there was a 29% reduction,
primarily driven by an overall reduction of the financed portfolio and a significant decrease in exposure to coal. In 2023
our portfolio had a number of loans that were classified as non-core, and as of 31 December 2023, these loans were no
longer held in line with the strategy of the Group, primarily driving the remaining reduction. Our estimated financed
emissions are 76% below the 2023 level of our indicative trend line to 2030 (54.6 million metric tons of CO
2
e).
With the remaining concentrated portfolio, we would not expect the same level of emission reductions over the next few
years. Achieving our target requires collaboration across the private and public sectors due to the reliance on fossil fuels
for energy security and because it is the most affordable source of energy in many countries.
Power generation
Our power generation portfolio mainly consists of corporate clients in the Investment Bank, Personal & Corporate Banking
and Global Wealth Management.
As at the end of 2023, our estimated emissions intensity for the portfolio had decreased by 33% against the 2021
baseline, with an emissions intensity of 227 kg CO
2
e / MWh. The reduction was primarily driven by a decrease in exposure
to clients with relatively high carbon intensity, including loans that were classified as non-core. In Personal & Corporate
Banking, our clients in the power generation sector, who have a significant share of renewable energy production in
Switzerland, further contributed to our emissions intensity being below the International Energy Agency (the IEA)
benchmark. Our estimated emission intensity is 23% below the 2023 level of our indicative trend line to 2030 (294 kg
CO
2
e / MWh).
We expect a further decrease in intensity based on our assessment of our clients’ disclosed decarbonization commitments,
assuming that our clients realize those decarbonization commitments.
We aim to manage our portfolio by engaging with our clients to support them in adapting their energy mix and increase
our own exposure to sources of energy with lower emissions. We expect the reduction of loans that were classified as
non-core to further contribute to a decrease in the portfolio intensity.
Reaching our target requires collaboration across the private and public sectors. The sector remains dependent on the
right policies, incentives and frameworks to be in place. Recent data indicates that investment of around USD 2trn per
annum is going toward clean energy, which represents two thirds of the global energy investment. This increase is mainly
driven by emissions reduction targets and the need to guarantee energy security.
1
Iron and steel
Our iron and steel portfolio is concentrated in a small number of clients in the Investment Bank and Personal & Corporate
Banking with limited exposure from Global Wealth Management.
As at the end of 2023, our estimated emissions intensity for the portfolio had decreased by 20% against the 2021
baseline, with an emissions intensity of 1.41 metric tons of CO
2
by existing clients reducing their carbon intensities, a decrease in loans that were classified as non-core, and an increased
share of exposure to secondary steel production clients with lower intensities. Our estimated emissions intensity is 14%
below the 2023 level of our indicative trend line to 2030 (1.64 CO
2
1
Annual Report 2024 |
Sustainability Statement | Environmental information 35
We expect a further decrease in intensity based on our assessment of our clients’ disclosed decarbonization commitments,
assuming that our clients realize those decarbonization commitments.
We will continue to finance our clients’ transition to support shifting production to reduce the sector’s reliance on coal
while increasing scrap production and the use of direct reduction and electric arc furnaces.
Reaching our target requires collaboration across the private and public sectors. The sector remains dependent on the
commercialization and scaling up of low-carbon steelmaking technologies, which requires research and development,
and robust policy and market incentives.
Cement
Our cement portfolio consists of corporate clients in Personal & Corporate Banking and the Investment Bank.
As at the end of 2023, our estimated emissions intensity for the portfolio had decreased by 3% against the 2021 baseline,
with an emissions intensity of 0.62 metric tons of CO
2
by a decrease in intensity by our existing clients. Our estimated emissions intensity is 2% above the 2023 level of our
indicative trend line to 2030 (0.60 metric tons of CO
2
We believe our main clients in the cement industry are best in class in terms of ESG (environmental, social and governance)
disclosures and externally verified emissions reduction targets, some of which include interim 2030 targets. We will
continue to finance our clients’ transition, potentially increasing our exposure with appropriate sustainability-linked
product offerings or project ring-fencing, and advising on various transactions, such as the acquisition of assets, disposal
of certain business lines, equity raises and share buybacks.
Reaching our target requires collaboration across the private and public sectors. The sector remains dependent on the
right policies and incentive frameworks being in place. Specifically in the cement sector, production emissions intensity
has remained flat in recent years, highlighting the need for technological disruption.
Our approach to measuring facilitated emissions from our capital markets business
Our role in capital market transactions helps our clients to access capital for their businesses. We facilitate capital-raising
by clients, and we believe it is important to monitor the related emissions from these transactions. The Investment Bank
offers clients access to the primary and secondary public capital markets and private capital transactions.
Facilitated emissions differ from financed emissions in two respects: firstly, they are off-balance sheet (representing
services rather than financing) and, secondly, our role is completed within a short time frame rather than a long-term
loan-related exposure. As a result, and in line with industry guidance, we distinguish between on-balance sheet
“financed” and off-balance sheet “facilitated” emissions.
By disclosing our facilitated emissions for selected carbon -intensive sectors for public capital markets transactions, we
aim to provide transparency regarding the emissions we facilitate as a result of our capital market activities. Our facilitated
emissions are calculated following the PCAF’s Global GHG Accounting and Reporting Standard – Part B Facilitated
Emissions (first version, December 2023) for facilitated emissions, including public equity capital markets and public debt
capital markets, where we held a lead bookrunner or lead manager / co-manager role in the transaction. Facilitated
emissions are not shown for the 2024 reporting year, due to the inherent time lag in the availability of emissions data.
It is important to note that these facilitated emissions are dependent on the capital markets activity during the year and
our market share is expected to fluctuate in our year-on-year reporting.
We continue to review and assess emerging industry guidance and target-setting methodologies for facilitated emissions.
We review and assess Global Banking transactions and employ a robust business selection process for mandates that are
accepted. This means that, in our capital markets activities for carbon-intensive sectors, we consider the potential climate
and sustainability impacts of the transaction and related material risks and opportunities, in line with our sustainability
and climate risk policy framework.
Facilitated emissions for selected carbon-intensive sectors (UBS Group)
For the year ended
31.12.23
31.12.22
Facilitated
amount
(USD bn)
Facilitated
emissions,
scopes 1
and 2
(million
metric t
CO
2
e)
Facilitated
emissions,
scope 3
(million
metric t
CO
2
e)
PCAF
score,
scopes 1
and 2
2
PCAF
score,
scope 3
2
Facilitated
intensity
(million
metric t
CO
2
e / USD
bn)
Facilitated
amount
(USD bn)
Facilitated
emissions,
scopes 1
and 2
(million
metric t
CO
2
e)
Facilitated
emissions,
scope 3
(million
metric t
CO
2
e)
PCAF
score,
scopes 1
and 2
2
PCAF
score,
scope 3
2
Facilitated
intensity
(million
metric t
CO
2
e / USD
bn)
Selected carbon-intensive
sectors
1
6.5
1.3
1.8
1.6
1.7
0.46
12.0
2.0
2.3
1.6
2.3
0.35
Selected carbon-intensive
sectors as % of total
5.3%
5.7%
Other sectors
117.7
197.7
Total facilitated amount
3
124.2
209.7
1
due to the limited data availability.
2
3
Annual Report 2024 |
Sustainability Statement | Environmental information 36
Supporting our investing clients’ low-carbon transition
We are committed to supporting our investing clients in the transition to a low-carbon world in line with our obligations
to our clients, including fiduciary duties as an investment manager and on the terms of the mandates agreed with clients.
We offer a distinct approach to client investments, which focuses on solutions and engagement activities that empower
clients to achieve their transition goals. We have identified six key strategic actions to support our investing clients in
Asset Management and Global Wealth Management. It is important to note that not all these strategic actions are
relevant to both business divisions, or to all regions within a division, and our progress, where applicable, may not be
linear or simultaneous.
–
Develop our platform of available climate -related strategies, products and solutions to facilitate our investing clients’
transition to a low-carbon world.
–
Engage investee companies to encourage them to adopt credible climate transition plans and manage climate-related
risks and opportunities (applicable to Asset Management only).
–
Collaborate with third-party fund managers to understand their climate transition plans and approach to consider
climate-related risks and opportunities (applicable to Global Wealth Management only), where the legal framework
allows.
–
Support clients’ progress on their climate objectives through education sessions and thought leadership, along with
portfolio construction and transparency, aiming to assist clients who seek awareness of mitigating climate risks and
identifying transition opportunities in their investments.
–
Provide employees with the training, tools and information necessary to support our clients to navigate the transition
to a low-carbon world in accordance with their climate objectives.
–
Engage with policymakers on key topics such as regulations and policy development.
Details by business division on each strategic action are provided in the respective sections below.
›
Refer to “Supporting our climate approach: key enabling actions” in this section for more information about our Group initiatives
Asset Management
Asset Management is committed to supporting our clients in achieving their climate-related investment goals. In the UBS
Group Sustainability Report 2023, we referred to the target set by Asset Management aiming, by 2030, to align 20% of
UBS AG Asset Management’s total assets under management (AuM) with net zero. Given the integration taking place
within Asset Management, we are review ing the legacy target set prior to the acquisition of the Credit Suisse Group ,
taking into account all of the AuM of the combined businesses. We have therefore withdrawn the target. We remain
committed to supporting the Paris Agreement climate goals in line with global efforts. At the end of 2024, we recorded
USD 64.4bn of total assets as having a net-zero ambition, compared with USD 35.5bn at the end of 2023.
Aligned to our overall approach for supporting our investing clients, Asset Management has adopted key policies,
guidelines and frameworks, along with actions to manage our climate-related impacts and realize opportunities. These
policies and actions are outlined below.
Our climate-related policies, guidelines and frameworks
Specific policies, guidelines and frameworks are in place and aim to manage climate-related impacts and the realization
of opportunities within Asset Management.
The climate risk integration guidelines
describe the approach toward integrating the physical and transition risks of
climate change into the assessment of public market issuers and investment portfolios. The guidelines identify companies
with elevated climate risks and set steps for assessment of the specific risks and mitigation actions, which are incorporated
into investment decision-making. The scope of the framework covers listed equity and corporate bonds. The most senior
level accountable for the implementation of the guidelines is the head of the Sustainable Investing team.
The net-zero alignment framework has been established to guide the internal classification and development of products
and solutions meeting clients’ needs for net-zero investing. The framework describes a range of methodologies for
determining the net-zero ambition of investment products and covers investments in public equities and corporate bonds,
sovereign bonds, direct real estate, direct infrastructure, carbon markets and private debt. In 2024, the framework was
reviewed and updated to reflect further developments of industry guidance. The most senior level accountable for the
implementation of the guidelines is the head of the Sustainable Investing team.
Climate-related investing metrics
The table below provides metrics related to the investments of our Asset Management division. Investment-associated
emissions are provided based on the recommendations of the Task Force on Climate-related Financial Disclosure s (the
TCFD) and are derived from the GHG emissions (scopes 1 and 2) attributed to the issuers and the positions within the
investment portfolios we manage. The metrics are calculated for portfolios where emissions data is available and primarily
covers our equity, fixed income and multi-asset portfolios, accounting for 48% of the total invested assets of Asset
Management.
The design of the table has been changed with a view to simplifying the presentation of the metrics. It now includes
three commonly used metrics for investment-associated emissions for Asset Management. Furthermore, it provides
carbon intensity metrics for equity and fixed income asset classes.
Annual Report 2024 |
Sustainability Statement | Environmental information 37
Absolute carbon emissions increased year on year primarily due to inclusion of Credit Suisse portfolios and greater
coverage for fixed income portfolios. Carbon intensity for Asset Management decreased as a result of an overall fall in
carbon intensity across the equities asset class driven by increased equity market valuations, partially offset by a rise in
the carbon intensity of fixed income.
Climate-related investing metrics – portfolio emissions (Asset Management)
For the year ended
31.12.24
31.12.23
Asset Management Investment-associated carbon emissions:
Carbon emissions (absolute in million metric tons of CO
2
e)
1,2
54.8
41.3
Carbon intensity (in metric tons of CO
2
e per USD m invested)
1
56.5
62
Carbon intensity (in metric tons of CO
2
e per USD m of revenue)
1
101.2
103.6
Equities Asset Class
Carbon intensity (in metric tons of CO
2
e per USD m invested)
1
38.5
45.6
Carbon intensity (in metric tons of CO
2
e per USD m revenue)
1
90.4
101.5
Fixed income Asset Class
Carbon intensity (in metric tons of CO
2
e per USD m invested)
1
108.3
84.2
Carbon intensity (in metric tons of CO
2
e per USD m revenue)
1
130.9
122.5
1
2024 is Asset Management, and includes Credit Suisse portfolios which have migrated onto UBS platforms by the end of the year. This process is carried out in waves and will continue until the end of 2025 at a
minimum. The scope of the metrics reported for 2023 is UBS AG Asset Management only and excludes Credit Suisse portfolios.
2
tons of CO
2
e.
Our key climate-related actions
Asset Management aims to manage its climate-related impacts and realize opportunities through the actions described
below. These actions are only partially and indirectly connected to the investment-associated emissions we report for
Asset Management and for the selected asset classes.
Action 1: Develop our platform of available climate-related strategies, products and solutions
Asset Management has a broad sustainable investing product shelf that includes traditional and alternative funds, ETFs
and mandates with broad sustainability and climate orientations. Examples of such products include strategies that invest
in climate solutions, the energy transition, infrastructure debt, green real estate and more. To meet our client preferences
and demand, we continuously review our suite of sustainability and climate-related portfolios.
In 2024, we expanded our offering in the net-zero fixed income space to cover both corporate and sovereign issuers. We
partnered with Bloomberg to create The Bloomberg Global Treasury Net Zero Progress Index, a net-zero sovereign
progress index. This methodology served as the benchmark index for converting two of our existing funds to net-zero-
aligned strategies: the UBS (CH) Investment Fund – Bonds Global ex CHF Government Net Zero Ambition Index, and the
UBS (CH) Investment Fund – Bonds Global Corporate Climate Aware Hedged NSL, respectively.
We added two low carbon ETFs to support the preferences of clients wishing to reduce carbon emissions in their ETF
investments: the UBS (Irl) ETF plc – MSCI Canada ESG Universal Low Carbon Select UCITS ETF, and the UBS (Irl) ETF plc –
S&P 500 Climate Transition ESG UCITS ETF. These strategies target investee companies reducing carbon emission
intensities alongside exclusions in fossil fuel extraction and thermal coal power.
The table below shows progress related to total assets with a net-zero ambition.
The increase in the value of assets with net-zero ambition was driven by an increase in the number of net-zero ambition
portfolios and market performance. The classification of additional net-zero ambition portfolios resulted from newly
launched portfolios, changes to existing portfolios and a refinement to the Asset Management’s net-zero alignment
framework to align with current industry standards and best market practice.
Climate-related investing metrics: Opportunities – net-zero investing (Asset Management)
For the year ended
31.12.24
31.12.23
Assets with net-zero ambition (USD bn)
1
64.4
35.5
Number of net-zero ambition portfolios
1
49
35
Net-zero ambition assets share of total assets under management (%)
2
3.6
2.9
1
the reported metrics.
2
excluding Credit Suisse.
Action 2: Engage investee companies
Asset Management has had a dedicated climate engagement program focused on investee companies in place for over
six years. This program is based on selecting companies that make a significant contribution to portfolio emissions across
listed equity and corporate fixed income investment portfolios. This engagement is based on a set of expectations
published on our website from which company specific engagement objectives are developed, supplemented with an
evidenced-based research framework, along with sector-specific standards addressing governance, corporate transition
plans and exposure to sector-specific decarbonization levers across business operations and the value chain.
Annual Report 2024 |
Sustainability Statement | Environmental information 38
In its private markets business, Asset Management’s active ownership on climate change is integrated into the
management of its funds and is implemented by all operational functions throughout the ownership cycle of an
underlying project. This spans from development or acquisition to the ongoing asset management, renovation and
maintenance, through to sale.
Action 3: Support clients’ progress on their climate objectives
Asset Management recognizes that its approach to climate change investment is determined by clients’ choices.
Therefore, we aim to play a role in helping our clients to achieve their climate objectives, working collaboratively with
them on climate risk management by providing information about best practices and approaches for portfolios with a
net-zero ambition. This includes supporting climate-oriented portfolio construction through internal transition readiness
assessment methodologies, transparency on climate -relevant data metrics and thought leadership.
In 2024, Asset Management supported clients in a variety of ways reflecting the specific needs of the clients involved.
We created thought pieces and guidance for clients on climate change aspects of investing. We supported a client in
meeting the need for decarbonizing the sovereign part of a portfolio. We also assisted a retail bank with developing a
net-zero multi-asset offering for its client, along with methodology and building blocks for a fund-of-funds solution. A
further example is our development of a net-zero ambition corporate bond fund for Swiss institutional clients. As a result,
we have increased the shelf of products that we offer to clients with a climate-related perspective.
During the year, Asset Management published a Climate Aware report showing decarbonization path visualizations. It
also published a series of insights on approaches to COP29, physical risks, battery power and natural capital, as well as
an engagement for impact report, an IPE special report and a climate report that provided an overview of its commitment
and actions to the energy transition.
Action 4: Provide employees with training, tools and information
Asset Management provides relevant training, tools and information to its employees to support clients in the transition
to a low-carbon world. With the aim of enabling the alignment of the activities of Asset Management’s employees to
the division’s sustainable investing goals, Asset Management delivered an ESG talk series and updated Group
foundational sustainable investing training aimed at an Asset Management audience. It enhanced role-specific
sustainable investing know-how by running the first Berkeley UBS external certification program. It also conducted
regulatory learning sessions educating investment professionals on sustainable investing regulatory and greenwashing
risks.
›
Refer to “Supporting our climate approach: key enabling actions” in this section for more information about our Group-wide
training and culture activities
Action 5: Engage with policymakers
Asset Management undertakes engagement with the industry and government with the aim of providing input to policy
and regulation in the development of well-functioning markets.
With respect to climate change, Asset Management engages with key stakeholders such as national and international
policymakers through industry forums, including the European Fund and Asset Management Association Stewardship,
Market Integrity and ESG Investment Standing. In Switzerland, Asset Management is a member of Swiss Sustainable
Finance and the Asset Management Association Switzerland Working Groups on Sustainable Finance, including a focus
on developing the Swiss Climate Scores methodologies and the Swiss Stewardship Code.
›
Refer to “Supporting our climate approach: key enabling actions” in this section for more information about the Group’s
initiatives on industry, governments and public sector engagement
Global Wealth Management
Global Wealth Management is a distributor of investment solutions, including those that focus on climate. We recognize
that some investors may have decarbonization ambitions or an interest in investing in the transition to a low-carbon
world, therefore we aim to provide a range of solutions for private investors and family offices to address their own
decarbonization targets where possible. We may seek to do this through allocations to climate-related solutions in our
discretionary mandates where relevant and available, and by curating climate investment options for advisory portfolios.
The focus on providing a range of credible solutions is complemented by building investor awareness, driving solutions
innovation across asset classes and strategies, and providing investors with the tools to understand their portfolios in a
climate context. However, the available solutions, approaches and climate-related data and information will differ by
region.
Our key climate-related actions
Action 1: Develop our platform of available climate-related strategies, products and solutions
Global Wealth Management aims to support climate change mitigation by providing options for private investors and
family offices to address their own decarbonization objectives where possible. In 2024, Global Wealth Management
continued to increase the number of investment solutions across asset classes and strategies to support clients’
decarbonization objectives.
Annual Report 2024 |
Sustainability Statement | Environmental information 39
Action 2: Support clients’ progress on their climate objectives
We aim to support our clients in making progress on their climate objectives through education, investment research,
and portfolio construction and transparency. Our investment specialists provide investment insights to clients and advisors
on various climate-related and transition-investing topics, given the importance of climate change for capital markets and
business models. This includes incorporating climate considerations into portfolios, setting portfolio decarbonization
targets and building exposure to carbon markets.
In 2024, we continued to provide coverage of climate-related and broader sustainable investing topics in publications for
private clients. Our Chief Investment Office identified three key sustainability themes for the year that encompass different
areas of the transition to the low-carbon world: the industrial transition, sustainable infrastructure, and water and
agriculture. Throughout the year, we provided a private investor perspective on investment opportunities tied to the
transition. Our analysts covered a broad range of topics, including, but not limited to, longer-term investment themes
(e.g. energy efficiency, the energy transition(s), smart mobility, the circular economy, and the blue economy), investments
in renewable energy infrastructure, decarbonization of high-climate-impact sectors (e.g. cement, steel and shipping),
climate risks and opportunities tied to artificial intelligence, implications for the transition from global election outcomes.
We activated this content internally and externally through a variety of channels, including video content, social media
campaigns and podcasts in collaboration with industry partners, as well as through our website.
We also continue to see a greater focus on climate transparency in select regions. Since the introduction of the Swiss
Climate Scores in 2023, we have continued to inform advisors on this content and made reports published by Asset
Management and third-party managers available through our platform. We also incorporated key environmental statistics
into the after-sales materials for relevant investment modules we offer to our clients.
Action 3: Collaborate with third-party fund managers
We work closely with third-party fund managers on developing new sustainability and climate solutions, where relevant
and as legal framework s allow for it. We aim to identify relevant and compelling investment opportunities and credible
tools and to support the launch of new solutions where such are possible and relevant for client portfolios. For example,
in 2024, we co-designed and launched an energy transition infrastructure fund for clients interested in investing in
transition-related real assets. We also host regular “innovation sessions” with managers on our platform to discuss market
trends, development ideas and new strategies. These sessions include a focus on sustainability and transition.
We continue to believe that the transition to a low-carbon world requires an “all-of-the-above” approach, where
investments in clean energy infrastructure and green technologies are complemented by effective and credible
shareholder and bondholder engagement with heavy polluters on decarbonization. As such, we dedicate a portion of
our discretionary portfolios to impactful engagement strategies, including those that invest in companies with the
objective of engaging on decarbonization, and regularly collaborate with these managers on their impact measurement
and reporting capabilities.
Action 4: Provide employees with training, tools and information
In growing our employees’ capabilities around climate and the transition, we aim to provide them with the training, tools
and information necessary to support our clients in navigating the transition to a low-carbon world. In Global Wealth
Management, we continued the rollout of an education curriculum covering sustainability and sustainable investing topics
in certain regions. This curriculum offered to advisors covered climate-relevant topics and considerations for investing
around the transition.
›
Refer to “Supporting our climate approach: key enabling actions” in this section for more information about our Group-wide
training and culture activities
Annual Report 2024 |
Sustainability Statement | Environmental information 40
Reducing our own climate impact
Reporting to the Head Group Human Resources and Corporate Services, Group Real Estate and Supply Chain (GRESC)
has overall responsibility for managing environmental and climate-related impacts arising from our own operations and
supply chain. GRESC partner s with Group Operations and Technology Office (GOTO), who manages technology-related
environmental impacts, from hardware and data centers. GRESC ensures that implementation, monitoring and
improvement efforts comply with local legislation and adhere to the international environmental management standard
ISO 14001 globally and the international energy management standard ISO 50001 in the EMEA region. GOTO drives the
optimization of our technology within our data centers and the cloud, ensuring optimal efficiency measures across our
energy-intensive assets while encouraging development practices that consider efficiency and reduce our overall
environmental impact. To mitigate our climate-related impacts, we have defined a scope 1 and 2 emissions reduction
target and actions to guide our transition toward net zero. Due to the nature of our operations and the way we manage
our own climate impact, all information and data provided in this section relates to UBS Group, unless explicitly stated.
Our scope 1 and 2 net-zero target
We have replaced our original 2025 scope 1 and 2 target with a new scope 1 and 2 net-zero target to be achieved by
2035 that is in line with net-zero guidelines. The new target reflects our enlarged corporate real estate portfolio following
the acquisition of the Credit Suisse Group and considers the latest definition of a “net-zero target” in the Commission
Delegated Regulation (EU) 2023/2772 (CSRD).
1
2023 baseline of 46,278 metric tons of CO
2
e before neutralizing any residual emissions through the purchase of carbon
removal credits.
This target covers our scope 1 and market-based scope 2 emissions across all our global own operations. As part of the
pathway toward 2035, we also defined a 2030 interim target to reduce our scope 1 and net scope 2 emissions by 57%
against our 2023 baseline. This interim target does not include the use of any carbon removal credits.
When developing the new scope 1 and 2 target, we reviewed sectoral net-zero pathways (e.g. real estate) but concluded
that there was no sectoral pathway that reflected the structure of our operations. We have followed the latest guidance
from the SBTi and use its Absolute Contraction Approach
2
commitment to climate action, we have set a more ambitious target, aiming to achieve net zero by 2035, well ahead of
2050 – the deadline under the SBTi Absolute Contraction Approach.
For our own operations and the scope of our scope 1 and net scope 2 emission reduction targets, business growth and
technological advancement may lead to change s in the workforce numbers impacting real estate- and service-related
needs. The continued advancement of low-emission technologies for space heating and countries’ net-zero targets, will
positively impact the target achievability. We recognize that the impact of such developments is difficult to quantify and
therefore needs to be closely monitored. Projections of real estate demand changes will be factored into the annual
model review to ensure early course correction if required. Another development that will impact target achievement is
the availability of renewable electricity in line with RE100 requirements as global demand increases with production not
necessarily following at the same pace.
In 2024, our scope 1 and net scope 2 emissions reduced by 35% against our baseline. This reduction was mainly driven
by the consolidation of our real estate footprint and our increased coverage of renewable electricity.
Accompanying our scope 1 and 2 net-zero target, we also aim to reduce by 2030 our absolute energy consumption by
35% compared with our 2023 baseline. The ambition level of this energy reduction target was set through forecasting
the expected energy usage reductions resulting from the implementation of the decarbonization levers and actions
described below. In 2024, we achieved a 10% reduction in energy use compared with our baseline, driven by the
consolidation and energy optimization of our real estate and data centers. Our energy reduction target also contributes
to mitigating the risk of not being able to secure full coverage of renewable electricity.
We have also set a target of sourcing 100% renewable electricity from qualifying generation by 2026 in line with RE100
technical guidance, in markets where credible renewable electricity generation and tracking systems exist. This will cover
our corporate real estate portfolio, including data centers. In 2024, 99.8% of the electricity we used across our global
real estate portfolio was from renewable sources, with 30% of bundled electricity and 70% of unbundled electricity
coming from such sources. Out of our total gross scope 2 emissions, 91% is covered by contractual instruments.
We have set 2023 as our baseline year for our scope 1 and 2 net-zero target and our energy reduction target. The
updated baseline reflects material changes for the combined firm and an adjusted scope of our renewable-source
electricity commitment to address markets with limited procurement availability of electricity from renewable sources in
line with RE100. All three targets are led and managed by GRESC in collaboration with GOTO. We have actively engaged
relevant stakeholders in the development of these targets by collecting strategic assessments from topic experts, regional
representatives and real estate managers.
1
with the abatement required to reach global net-zero in 1.5°C pathways; and (ii) neutralizing the impact of any residual emissions (after approximately 90–95% of greenhouse gas emission reduction with the possibility
of justified sectoral variations in line with a recognized sectoral pathway) by permanently removing an equivalent volume of CO
2
.
2
Annual Report 2024 |
Sustainability Statement | Environmental information 41
We aim, at a minimum, to review our targets every five years and, from 2030 onward, to update the base year and target
values after every five-year period to ensure consistency with the most recent climate science and best practices. It is
important to note that progress towards our targets may not be linear, with year-on-year volatility expected due to the
nature of operational requirements and business development.
As part of our global emission accounting to model our 2035 reduction target, we have also assessed the prevalence of
locked-in emissions within the scope of our target. We own and control some buildings with significant on-site fossil fuel
use (such as those heated with natural gas or oil) and are aiming to either replace such systems or move out of the real
estate, wherever possible. For some locations, we are also dependent on municipal action to develop or decarbonize
district heating systems, as electrification with the current infrastructure or location is not a viable alternative.
Decarbonization levers and key actions underpinning our own operations targets
To achieve our targets related to our own operations as outlined above and to manage our climate-related impacts in our
own operations, we have identified key decarbonization levers and actions required in our real estate operations and
service portfolio. The decarbonization levers are aggregated types of mitigation actions. Therefore, actions are structured
by decarbonization lever.
Lever 1: Phase out fossil fuels and switch to greener alternatives (scope 1)
We have established a four-part action plan to phase out fossil fuels and implement greener alternatives in order to
significantly reduce our associated scope 1 emissions. By deploying a series of targeted actions, we can transition to more
sustainable practices and energy sources, ensuring a cleaner and more resilient future for our own operations.
Action 1: Phase out fossil-fuel-powered own vehicles
Across all regions, we plan to phase out our fossil-fuel-powered own vehicles by 2035. In markets where this is not
feasible, we will pursue the best available industry options, such as hybrid vehicles, while continuing to seek greener
alternatives. This will help us ensure compliance with emission standards and optimized operational efficiency while
minimizing our carbon footprint.
Action 2: Switch to more sustainable fuel alternatives and battery replacements
In 2024, we developed high-level plans, which extend through 2035, to reduce and replace fossil fuels in critical
engineering power systems. We will seek to replace those fuels with more sustainable alternatives, such as biofuels,
hydrogenated vegetable oils and battery replacements.
We initiated a cross-regional market analysis of fuel alternatives in 2024, to be completed by 2025, to ensure appropriate
replacements can be procured accordingly to meet our 2035 scope 1 and 2 net-zero target. The outcome of this market
analysis will inform our further detailed planning.
Action 3: Eliminate usage of heating oils and natural gas
We aim to eliminate oil- and natural-gas-based heating systems within our own operations by 2035, in line with industry
decarbonization efforts. We plan to achieve this by identifying and targeting real estate assets for electrification and
switching to district heating to maximize the operational and cost efficiency of each asset’s life cycle.
Action 4: Transition to low-GWP refrigerants
We have initiated the replacement of refrigerants with alternatives with lower global warming potential factors. We plan
to complete this action across all regions by 2035.
Lever 2: Reduce our operational emissions (scope 2)
In parallel with reducing our scope 1 emissions, we are also focusing on reducing our operational emissions through
strategic enhancements to our corporate real estate portfolio. By implementing three key actions, we plan to create more
energy-efficient workspaces and real estate .
Action 1: Consolidate and optimize our corporate real estate portfolio
In collaboration with the individual business divisions, we will prioritize the selective exits from, and downsizing of,
underutilized spaces in our real estate globally through 2035 and beyond. We also plan to optimize our corporate real
estate portfolio’s energy usage either via retrofitting (Action 2) or, in some cases, by relocating to more sustainable
buildings. During 2024, we achieved a 52% reduction of our scope 2 market-based emissions across the consolidated
portfolio against our 2023 baseline.
We are reducing energy consumption in our own data centers as a result of migrating to third-party co-location data
centers and cloud providers where the power usage effectiveness ratio is substantially more efficient.
Action 2: Upgrade and retrofit our corporate real estate portfolio
To effectively address our real estate energy footprint, we intend to upgrade and retrofit our real estate portfolio and fit
out in line with internationally recognized building standards , such as Leadership in Energy and Environmental Design
(LEED) by the USGBC. We expect to improve and extend the existing energy management system within the EMEA
region, with greater implementation of ISO 50001 to drive energy efficiency within our own operations.
Annual Report 2024 |
Sustainability Statement | Environmental information 42
Action 3: Support the decarbonization of district heating and cooling systems
Although we recognize that we do not exert any direct operational control over external district heating and cooling
systems, we plan to support their decarbonization in connection with our real estate consolidation strategy. To achieve
this objective, we intend to establish an engagement plan for stakeholder management activities within the next few
years, including fostering partnerships and exerting influence with stakeholders (e.g. local communities and utility
companies) to promote the decarbonization of district heating systems.
Lever 3: Transition to renewable electricity generation (scope 2)
The uptake of renewable electricity generation is critical for supporting the transition to a low-carbon electricity market.
Since 2020, we have been working on maximizing the use of renewable energy in our own operations globally. In
accordance with our commitments, we want to source 100% of the electricity we use from renewable-source-qualifying
generation by 2026 in line with RE100 technical guidance, in markets where it is feasible to do so.
We aim to leverage our position in the global electricity market to support the transition to a global low-carbon grid
through the key actions listed below.
Action 1: Identify and implement opportunities for direct power purchase agreements
We will regularly review our real estate ownership and lease arrangements to identify substantial, long-term opportunities
to source our electricity for these volumes directly from renewable electricity generators through power purchase
agreements. This will support the build-out of new electricity generation plants and strengthen the chain of custody
between the generation source and the end use of electricity, while decreasing the carbon content of the grid in the
longer term.
Action 2: Improve the transparency of the chain of custody for renewable energy certificates
We will work with our key electricity suppliers to improve the transparency of the chain of custody for renewable energy
certificates associated with the supply of electricity to our assets. We will ensure that existing products / electricity tariffs
meet RE100 technical criteria and we will identify opportunities to support new products / tariffs that improve our
compliance, driving a more competitive and RE100 -aligned marketplace in the future.
Action 3: Build competitive renewable energy certificate supply solutions
In electricity markets where our volumes are not large enough to facilitate tariff negotiations, or where regulated markets
restrict the electricity tariff options available to us, we will continue to purchase additional renewable energy certificates
to meet our residual needs.
We will undertake competitive tendering for broker services and maintain those contracts through our corporate vendor
management practices to ensure the renewable energy certificates we purchase remain aligned to evolving technical
standards. We will also support renewable electricity generators where their products cannot be sold within local energy
products / tariffs.
Action 4: Actively contribute to consultations on renewable electricity tracking systems in markets where infrastructure
is not developed
In a few countries where we operate, the infrastructure to measure and track electricity volumes generated from
renewable sources is either underdeveloped or non-existent, compromising the availability of renewable energy
certificates in line with RE100 technical criteria. In these areas, we will be a strong advocate for the development of
tracking infrastructure, participating in consultations to help change the market, with a view to extending our coverage
of electricity from renewable sources into countries where renewable energy procurement is unfeasible.
Action 5: Assess and install on-site renewable generation of electricity at our owned assets
We regularly review our real estate ownership and lease arrangements to identify those assets where we expect to have
long-term operational control and available infrastructure (e.g. roof space) that could facilitate the installation of on-site
renewable generation of electricity. We will continue to make the necessary investments in on-site renewables where
physically and economically feasible, ensuring we minimize our dependency on grid offerings and reducing the risk of
unforeseen market developments that may compromise our ability to source renewable electricity tariffs or renewable
electricity certificates.
Carbon removals and credits
We plan to purchase technological carbon removal credits to neutralize residual emissions for our 2035 scope 1 and 2
net-zero target. We estimate that we will eventually retire around 5,000 metric tons annually based on our existing
contractual agreements for this purpose. In 2022, we signed two landmark partnerships with Climeworks and neustark
to provide us with carbon removal credits. Both companies are pioneers in innovative carbon removal technologies. We
were also among the five companies that joined the NextGen CDR Facility (NextGen) as founding buyers to scale up
carbon removal technologies and catalyze the market for high-quality carbon removal. These partnerships continued in
2024.
Furthermore, since 2007, we have been committed to purchasing biogenic carbon reduction and removal credits that
correspond to 100% of our air travel emissions for the Group. In 2024, we retired 75,211 credits from biogenic sinks for
our voluntary air travel commitment, with an average “A” rating from third-party carbon ratings agency BeZero Carbon
at the time of retirement.
Annual Report 2024 |
Sustainability Statement | Environmental information 43
We only purchase credits from technological and biogenic sinks that are assessed against the Integrity Council for the
Voluntary Carbon Market (ICVCM) Core Carbon Principles and verified against either the Gold Standard or Verra, among
other international standards. Our carbon credit purchases are strictly aligned to our internal Carbon and Environmental
Markets Guideline, which sets out minimum requirements for such market instruments.
We acknowledge that standards and methodologies for carbon credits are still evolving. We will continue to improve our
portfolio through market partnerships and industry engagement toward a standardized quality benchmark for the future.
Carbon credits canceled (UBS Group)
For the year ended
31.12.24
Carbon credits canceled in reporting year (tCO
2
e)
75,211
Internal carbon pricing
We continue to apply a forward-looking shadow price of USD 400 per metric ton, covering all our scope 1 and net scope
2 emissions, to incentivize the use of low-emission technologies in real estate projects. Through this shadow price, we
also aim to incentivize the replacement of fossil-fuel heating systems, real estate relocation and fuel transition in critical
engineering power systems. The price applied reflects the blended mix of permanent carbon removals that are required
to neutralize any residual emissions that cannot otherwise be abated as part of our existing long-term contracts to
purchase high-quality credits from technological sinks, as described in the section above.
Greenhouse gas emissions reporting
Our gross and market-based GHG emissions across scopes 1, 2 and 3, including a more detailed view of the GHG scope
3 categories, are provided in the tables further below and have been calculated considering the principles, requirements
and guidance provided by the GHG Protocol Corporate Standard (version 2004) and the International Organization for
Standardization (the ISO) in ISO 14064-1:2018.
GHGs in scope and units used
All greenhouse gas (GHG) emission figures for scopes 1, 2 and 3, category 1 to 14, are in metric tons of carbon dioxide
equivalents (CO
2
e). For scopes 1, 2 and 3, category 3, 5 to 8 and 10 to 14 (where relevant), three of the seven GHGs
covered by the Kyoto Protocol are included: carbon dioxide (CO
2
), methane (CH
4
) and nitrous oxide (N
2
O).
Hydrofluorocarbon (HFC) emissions have been included in our reporting where we had losses of refrigerant gases. We
have no material sources of perfluorocarbon (PCF), sulphur hexafluoride (SF
6
) or nitrogen trifluoride (NF
3
) emissions under
our operational control.
For scope 3, category 1, 2, 4 and 9, emission factors are used that include CO
2
, CH
4
, N
2
O, HFCs, PCFs, SF
6
trifluoride (NF
3
).
Quantification of emissions
Scope 1 and 2, along with as scope 3, category 1 to 14, are calculated for UBS Group based on the operational control
approach as detailed by the GHG Protocol Corporate Standard (version 2004).
When possible, the most recent Global Warming Potential (GWP) values published by the IPCC based on a 100-year time
horizon were used to calculate the CO
2
e emissions of non-CO
2
1
included in the calculations.
We have used published national conversion factors and global warming potentials to calculate emissions from our own
operations. In the absence of any such national data, the UK Department for Environment, Food & Rural Affairs (DEFRA)’s
Greenhouse Gas Conversion Factors for Company Reporting and, in some cases, the U.S. Environmental Protection
Agency (EPA), VfU, International Energy Agency (IEA) and WaterShed Comprehensive Environmental Data Archive (CEDA)
emissions factor indicators have been used for the calculation of GHG emissions.
1
Annual Report 2024 |
Sustainability Statement | Environmental information 44
Scope 1
Scope 1 emissions include emissions from burning fossil fuels (e.g. heating oil, natural gas) in buildings, loss of refrigerants
and fuels used in business-related travel in vehicles owned by the company. Emissions are calculated using measured
activity data at building and country level for the following environmental accounts: natural gas, heating oil, diesel /
heating oil for emergency power supply, biomass, wood pellets, wood chips, fuel consumption for own cars, fuel
consumption for own jets and refrigerants. Measured activity data is converted into GHG emissions by means of specific
related emission factors from DEFRA.
Scope 2
Scope 2 emissions include emissions from purchased electricity, including electricity related to IT usage at various types
of data hosting facility not under UBS operational control, and cooling, district heating and other types of heating systems
(e.g. steam) used in buildings. Measured and estimated activity data is converted into GHG emissions by means of specific
related emission factors from DEFRA, EPA and the IEA. In addition, where specific provider-based information regarding
the fuel sources for district heating could be obtained, a corresponding emission factor was used.
Scope 3
Scope 3 emissions are reported for each significant category and have been calculated considering the principles and
provisions of the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard (Version 2011).
Our significant scope 3 categories were determined based on multiple inputs. Firstly, the amount and intensity of the
estimated GHG emissions informed the importance of the category for UBS. Secondly, the availability of data was
assessed to inform whether the category could be estimated as stand-alone emissions. Finally, a peer benchmark
complemented the assessment, allowing comparison of which categories other banks deem important.
We conducted a screening of our total scope 3 GHG emissions based on the 14 scope 3 categories identified by the GHG
Protocol Corporate Standard and GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard
(Version 2011) using appropriate estimates.
To calculate the
scope 3, category 1, 2, 4 and 9
and using supplier-specific actual emissions. The spend-based method is based on our annual spend with vendors and
associated emission factors (supplier specific emissions intensity is taken from the CDP, where data is adequate and
verified, and for others from the Comprehensive Environmental Data Archive (CEDA) by Watershed Factors multi-regional
input / output emissions factor database per industry and country). For supplier -specific actual emissions, our primary
cloud provider’s emissions are taken directly from the emissions impact dashboard provided by them. Scope 3, category
1, 2, 4 and 9 emissions are reported together because they are based primarily on our spend with vendors, which is a
mix of our capital and operating expenditure. Furthermore, they include spend related to transportation and the delivery
of purchased goods and services and related to downstream transport.
Scope 3, category 3
, is calculated based on all relevant energy and fuel indicators represented in scopes 1 and 2.
Scope
3, category 5
, is calculated based on the office waste data collected in our locations. Where activity data could not be
collected, we estimated the kilograms of waste produced.
Scope 3, category 6
, includes emissions from our business
travel by air, and by rail and road where information is available. This is the first time we have also included emissions
from hotels in our calculations.
Scope 3, category 7
, employee commuting, as defined by the Greenhouse Gas Protocol,
includes emissions from employee commuting and from employees working from home. For employee commuting, we
estimate emissions based on the distance traveled, using governmental sources that provide average distances per mode
of transport, as well as the percentage split of transport modes used by commuters. For emissions from employees
working from home, we use the UNFCCC model.
Scope 3, categories 10 to 12
, are not relevant to the UBS business model as we do not supply physical products.
Scope
3, categories 8 and 13
, are currently not reported separately and are partially included in the reporting of our scope 1
and 2 emissions. We are working to gain more clarity on this category.
Scope 3, category 14
, is not applicable to UBS
as we do not have franchises.
Annual Report 2024 |
Sustainability Statement | Environmental information 45
Overview of our environmental indicators (UBS Group)
Environmental indicators
1
For the year ended
31.12.24
2
31.12.23
1,2
31.12.22
2
GRI
3
Absolute
normalized
4
Trend
5
Absolute
normalized
4
Absolute
normalized
4
Environment
Total direct and intermediate energy consumption
6
302-1-e
679 GWh
æ
755 GWh
866 GWh
Total direct energy consumption
7
302-1-e
79 GWh
æ
92 GWh
109 GWh
Natural gas
302-1-a
84.1%
á
67.8%
70.6%
Heating oil
302-1-a
6.5%
â
18.7%
15.3%
Fuels (petrol, diesel, gas, biomass)
8
302-1-a
8.5%
â
12.9%
13.5%
Renewable energy (solar power, etc.)
302-1-b
0.9%
á
0.6%
0.6%
Total intermediate energy purchased
9
302-1-e
600 GWh
æ
663 GWh
757 GWh
Electricity
302-1-c-i
531 GWh
æ
587 GWh
668 GWh
Electricity from gas-fired power stations
10
302-1-c-i
0.1%
â
2.2%
2.8%
Electricity from oil-fired power stations
10
302-1-c-i
0.1%
â
0.6%
0.6%
Electricity from coal-fired power stations
10
302-1-c-i
0.0%
â
1.4%
3.2%
Electricity from nuclear power stations
10
302-1-c-i
0.0%
â
0.2%
2.3%
Electricity from hydroelectric power stations
10
302-1-c-i
35.7%
æ
39.5%
29.5%
Electricity from other renewable resources
10
302-1
64.1%
ä
56.1%
61.6%
Heat (e.g. district heating)
11
302-1-c-ii, iii, iv
70 GWh
æ
76 GWh
89 GWh
Share of electricity from renewable sources
12
302-1
99.8%
à
95.6%
91.1%
Travel
Total business travel
13
305-3
358 m Pkm
á
310 m Pkm
311 m Pkm
Rail travel
14
305-3
2.9%
â
3.6%
3.1%
Road travel
14
305-3
4.9%
â
10.1%
5.4%
Air travel
305-3
92.2%
ä
86.4%
91.5%
Number of flights (segments)
305-3
153,805
á
130,836
137,218
Paper
Total paper consumption
301-1-a
2,400 t
â
3,371 t
3,401 t
Post-consumer recycled
301-1-a-ii
8.8%
á
5.3%
6.0%
New fibers FSC
15
301-1-a-ii
41.2%
â
66.2%
46.7%
New fibers ECF + TCF
15
301-1-a-i
50.1%
á
28.5%
47.3%
New fibers chlorine-bleached
15
301-1-a-i
0.00%
à
0.00%
0.01%
Waste
Total waste
306-3
6,996 t
â
8,485 t
8,381 t
Valuable materials separated and recycled
306-4
52.9%
æ
57.4%
52.2%
Incinerated
306-5-c-ii
22.3%
ä
20.5%
17.3%
Landfilled
306-5-c-iii
24.8%
ä
22.2%
30.5%
Total water consumption
16
303-5
1.23 m m3
à
1.21 m m3
1.04 m m3
Greenhouse gas
(GHG)
Direct GHG emissions (scope 1)
17
305-1
18,168 t
æ
20,796 t
25,167 t
Gross location-based energy indirect GHG emissions (scope 2)
16
305-2
132,284 t
æ
150,735 t
164,717 t
GHG reductions from renewable electricity
18
305-5
120,178 t
à
125,252 t
128,257 t
Market-based energy indirect GHG emissions (scope 2)
17
305-2
12,107 t
â
25,482 t
36,460 t
Gross other indirect GHG emissions (gross scope 3)
17
305-3
1,045,659 t
â
1,354,681 t
107,517 t
Total gross GHG emissions
305-1, 305-2, 305-3
1,196,111 t
â
1,526,212 t
297,401 t
Total net GHG emissions (GHG footprint)
19
305
1,075,934 t
â
1,400,960 t
169,144 t
Legend: GWh = gigawatt hour; Pkm = passenger kilometer; t = metric ton; m
3
2
e = CO
2
1
the scope of Scope 3 Category 1 emissions. As a result of this restatement our previously reported 2023 emissions increased from 168,688 t CO
2
e scope 1, 2 (market-based) and 3 emissions to 1,400,960
t CO
2
e.
2
3
4
due to roundings.
5
→
) if the variance is less than 5%, low decreasing / increasing (
↘
,
↗
) if it is bigger than 5% and less than 15% and decreasing / increasing
(
↓
,
↑
) if the variance is bigger than 15%. Trend arrows relate to the year-on-year change in the displayed number and not underlying figures.
6
boundaries of UBS Group.
7
8
9
to energy purchased that is produced by converting primary energy and consumed within the operational boundaries of UBS Group (electricity and heating/cooling).
10
based on best available information.
11
12
13
These metrics are inputs into GRI 305-3 but not required. They are reported as contextual information.
14
15
for Forest Stewardship Council, ECF for Elementary Chlorine Free and TCF for Totally Chlorine Free. UBS Group regards recycled paper as well as paper with FSC/PEFC certification as renewable and
sustainable. We disclose their share as “Share of recycled and FSC paper”. New Fiber Chlorine Bleached is considered non renewable material.
16
unpolluted withdrawn water.
17
tons of CO2e; scope 1 accounts for direct GHG emissions by UBS Group; scope 2 accounts for gross indirect GHG emissions associated with the generation of imported / purchased electricity (location-
based reflects grid average emission factor, market -based reflects emission factors from contractual instruments), heat or steam; gross scope 3 accounts for other indirect GHG emissions for categories 1,
2, 3, 4, 5, 6, 7, 9. Starting from 2023 additional scope 3 GHG categories are included and category 1 has a significantly enlarged scope. Scope 3 emissions for 2022 do not include these updates. See
table 'Scope 3 subcategories'. Biogenic emissions are not reported separately as not material.
18
19
emissions minus GHG reductions from renewable energy.
Annual Report 2024 |
Sustainability Statement | Environmental information 46
We continue the work on quantifying and providing transparency for our value chain emissions related to our own
operations.
The table below shows a more detailed view of the GHG scope 3 categories for UBS Group.
Overview of GHG emissions across our scope 3 subcategories (UBS Group)
1
For the year ended
Category number
Scope 3 subcategory
Status
31.12.24
GHG emissions (tCO
2
e)
31.12.23
GHG emissions (tCO
2
e)
Category 1
Purchased goods and services
Reported
810,469
1,125,611
Category 2
Capital goods
Not separated from cat. 1
Category 3
Fuel- and energy-related activities
Reported
41,895
47,718
Category 4
Upstream transportation and distribution
Not separated from cat. 1
Category 5
Waste generated in operations
Reported
1,068
1,405
Category 6
Business travel
Reported
81,964
61,150
Category 7
Employee commuting
Reported
110,262
118,798
Category 8
Upstream leased assets
Not reported
Category 9
Downstream transportation and distribution
Not separated from cat. 1
Category 10
Processing of sold products
Not relevant
Category 11
Use of sold products
Not relevant
Category 12
End-of-life treatment of sold products
Not relevant
Category 13
Downstream leased assets
Partially included in scope 1 and 2
Category 14
Franchises
No franchises
Category 15
Investments
Refer to the ”Supporting our clients’ low-carbon
transition” section of this report for further information
1
Scope 3 Category 1 emissions.
GHG intensity per net revenue (UBS AG)
For the year ended
1
31.12.24
Total GHG emissions (location-based) per net revenue (tCO
2
e / USD m)
28.26
Total GHG emissions (market-based) per net revenue (tCO
2
e / USD m)
25.42
1
The total GHG emissions (location - and market-based) exclude scope 3, category 15. For the calculation of the intensity
metrics for UBS AG, the total GHG emissions for UBS Group have been used.
Total revenues for the year end 2024, as disclosed in the UBS AG income statement have been used as equivalent to net
revenues for the purpose of calculating the GHG intensity per net revenue.
Annual Report 2024 |
Sustainability Statement | Environmental information 47
Managing the climate impact of our supply chain
Our key climate-related actions
Increased transparency and reporting of climate information by vendors
We are tracking the scope 1 and 2 emissions reporting of our GHG key vendors. Vendors that collectively account for
more than 50% of our calculated scope 3, category 1, 2, 4 and 9 emissions are classified as “GHG key vendors.” On this
basis, we identified 95 GHG key vendors.
1
Overview of climate-related disclosures of our GHG key vendors (UBS Group)
2022
2
2023
2024
GHG key vendors that disclosed
emissions and declared in CDP a stated
net-zero target
1
49% (41 / 83)
65% (62 / 95)
78% (74 / 95)
1
Shows GHG key vendors that disclosed emissions and declared in CDP a stated net-zero target versus GHG key vendors that did not disclose emissions and / or did not declare in CDP a stated net-zero target.
We do not independently verify our vendors’ goals or progress toward them.
2022 numbers are based on 83 GHG key vendors identified at that time and did not include Credit Suisse vendors. We have since
revised and updated the list of GHG key vendors from 83 to 95 in 2023 to include Credit Suisse vendors. Numbers have, therefore, been tracked against 95 vendors from 2023 onward.
In 2024, 70% (341 out of 487) completed voluntarily climate disclosures on the non-profit, third-party platform run by
CDP. Though this is the same as the percentage achieved in 2023 (307 out of 440), the absolute number of vendors
completing their disclosures increased 11% from 307 in 2023 to 341 in 2024.
Raising awareness on environmental matters through the sustainable procurement guide
In 2024, we curated a sustainable procurement guide to support vendors. From environmental certification to waste
management and sustainability reporting, this guide provides insights on how our vendors can take significant steps
toward reducing their environmental footprint, promoting ethical and inclusive practices in their supply chain and
contributing to the well-being of ecosystems.
›
Refer to our climate disclosure guideline for vendors and our sustainable procurement guide for vendors, available at
ubs.com/suppliers
, for more information
Reduce supply-chain-related carbon emissions
We reduced our scope 3, category 1, 2, 4 and 9 emissions by 28% to 0.81 million metric tons of CO
2
e in 2024 from 1.13
million metric tons of CO
2
e in 2023. This reduction was achieved through a combination of: (i) spend reduction; (ii) carbon
reduction initiatives; (iii) closure of vendor facility offshore development centers (ODCs); (iv) updated emissions factors
(including updated multi-regional input / output emission factors per industry, updated and higher number of supplier-
specific emission factors used (where disclosed and verified) and, for cloud, activity-based emissions data used); and (v)
improved data quality and refinement of calculation methodology. Our focus is to reduce our emissions further by
identifying and implementing multi-year carbon reduction initiatives.
Assess and improve high-ESG-impact vendors’ practices
Through our Responsible Supply Chain Management (RSCM) policy, we identify, assess and monitor vendor practices in
several areas, including climate and the environment.
We identify high-ESG-impact vendors - defined as vendors providing goods and services that could have a substantial
environmental or social impact - when establishing new contracts or renewals. These vendors are required to provide
disclosures about their management practices along with corresponding evidence, which is evaluated by a specialist team.
Actual and potential negative impacts considered in the assessment of the vendor’s environmental practices include, but
are not limited to, the following:
–
adverse environmental impacts due to inefficient use of resources (e.g. water and energy); and
–
hazardous substances, emissions, pollutants and the limited recyclability of products that adversely affect people,
nature and the environment.
Should our assessment reveal any non-compliance with our policy, we define and agree, together with the vendor, on
vendor-specific improvement measures and we closely monitor the implementation progress of these remediation actions.
Vendors are reassessed after 24 months to ensure that, even in long-term contracts, our expectations regarding
environmental aspects are continuously being met and supervised.
In 2024, we carried out risk-based due diligence assessments on 445 vendors of newly sourced contracts, renewals and
ongoing contracts (vs. 266 UBS vendors in 2023 and 15 Credit Suisse vendors). Of the vendors assessed, 33% were
considered in need of improving their management practices (vs. 42% in 2023). Specific remediation actions were agreed
upon and implementation progress is being closely monitored.
1
Unique vendors in line with UBS’s vendor inventory. In 2023, we have revised and updated the list of GHG key vendors from 83 to 95 to include Credit Suisse vendors.
Annual Report 2024 |
Sustainability Statement | Environmental information 48
Supporting our climate approach: key enabling actions
Beyond the individual actions related to supporting our clients’ low-carbon transition and reducing the environmental
impact of our own operations and supply chain as described in the above sections, we have identified five key enabling
actions as listed below to support the implementation of our climate approach and “enable” the implementation of more
specific targets and actions.
Governance and accountabilities (1)
Our sustainability - and climate-related activities are overseen at the highest level of our organization, and we have a
clearly defined Group-wide sustainability governance in place, including a dedicated climate program.
›
Refer to “Governance” in this section for more information about our sustainability governance
Industry, government and public sector engagement (2)
We actively participate in political discussions to share our expertise on proposed regulatory and supervisory changes and
engage in trade associations’ exchanges relating to sustainability and climate (e.g. via the International Institute of
Finance, the Association for Financial Markets in Europe and the Swiss Bankers Association). In Switzerland, where we
are headquartered, we participated in the consultation for a new Swiss Financial Market Supervisory Authority (FINMA)
circular on nature-related financial risks in 2024, where we expressed our support for an approach that is aligned with
the Basel Committee on Banking Supervision (BCBS) Principles for the effective management and supervision of climate-
related financial risks. Furthermore, we launched the Swiss Climate Scores, as we believe they are a key instrument for
further increasing transparency on the climate alignment of financial products. On a regional basis, we engage with policy
makers in the EU, the UK, the Americas and key Asia Pacific jurisdictions. In particular, we have participated in several
industry association efforts in the EU regarding consultations issued by prudential regulators (e.g. the European Banking
Authority draft guidelines for the identification and management of ESG risks under the Capital Requirements Directive).
›
Refer to “Strategy” in this section for details about our partnerships and engagement activities
Training and culture (3)
Educating our workforce on sustainability and sustainable finance is an important part of ensuring we meet our
sustainability and climate ambitions. In 2024, we continued to coordinate the delivery of sustainability training and
awareness activities across UBS through a dedicated sustainability education workstream, with the number of headcount
instances of specialized and awareness training totaling 430,405. For example, the Sustainability and climate risk unit
trained relevant staff on sustainability and climate risks along with emerging risks such as greenwashing.
Elsewhere, in 2024, we provided a variety of climate-related trainings on a Group-wide basis. These included:
–
a series of information sessions following the publication of our UBS Sustainability Report 2023 to raise awareness and
understanding of our own progress in relation to our climate objectives; and
–
climate-related training as part of our all-staff Global Learning Week initiative, including webinars focused on net-zero
fundamentals, nature, greenwashing and impact accounting.
We expect sustainability training and education to become an increasing focus for regulators in the coming years. We
keep abreast of this changing landscape through regular updates with our regulatory monitoring teams and continue
developing climate- and net-zero-specific training for employees and the Board of Directors.
Data and analytics (4)
We implemented various data and analytics solutions to better service our clients and operations.
As part of the efforts to integrate Credit Suisse, we needed to develop a foundational toolset for calculating, monitoring
and reporting the combined firms’ climate-related metrics covering financing corporate loans and facilitated emissions.
In 2023, we successfully completed the related building activity and met all the quality assurance criteria set by our
internal control functions.
In 2024, we worked on defining a more strategic and scalable toolset. Guided by our technology and ESG data strategy,
we developed a fully Cloud-based toolset, which will be operational in 2025. The new toolset will enable us to enhance
and more frequently calculate, monitor and report our climate-related metrics. This will allow our business divisions to
make more informed decisions on their decarbonization pathways and transition financing activities, and facilitate
tracking of progress against our lending sector decarbonization targets.
The new toolset will also enable us to more effectively implement changes related to new climate-related standards,
methodologies and metrics.
Company Transition Assessment Scorecard (5)
In 2024, we introduced the Company Transition Assessment Scorecard (CTAS) to evaluate how advanced a company is
on its path to decarbonization. The CTAS was designed with multiple future purposes in mind, including managing
climate transition risks, supporting clients' climate transition efforts through engagement and product development and
business planning.
Annual Report 2024 |
Sustainability Statement | Environmental information 49
The CTAS categorizes companies into one of eight climate transition readiness categories using a rules-based approach.
This approach is based on sector-agnostic criteria covering emissions disclosure, decarbonization commitments and
targets, decarbonization plans, and the actual carbon performance of the company.
Initially, and in response to regulatory requirements, the CTAS is used as an input for our Climate Risk Rating Models
(CRRM), in particular the transition risk rating model. This model assigns a climate transition risk rating at the counterparty
level, which is then used across various processes across: (i) risk identification and measurement; (ii) monitoring and risk
appetite setting; (iii) risk management and control; and (iv) risk reporting and disclosure. Although a company’s CTAS
score, when available, serves as an input into the CCRM and the credit selection process, it is not used as the sole criterion
for credit application decisions.
Companies are categorized by utilizing publicly available data from external third-party sources, which means it is limited
to public companies providing relevant disclosures. The CTAS will be annually reviewed and updated. The scope of the
CTAS may be broadened in the future by incorporating additional databases or making enhancements that enable the
inclusion of companies lacking public data.
Overview
Module
Factor
Unaware
Aware
Strategic 1 –
Committed to
aligning
Strategic 2 –
Aligning
toward net
zero
Strategic 3 –
Aligned
targets and
plans
Aligned to net
zero
Achieving net
zero
Climate
solution
Emissions
disclosure
Disclosure of GHG
emissions
✓
✓
✓
✓
✓
✓
✓
Commitments
and targets
Long-term net-zero
commitment
✓
✓
✓
✓
✓
Medium- / short-term
net-zero targets
✓
✓
✓
✓
Net-zero commitment
recognized by third
party
✓
✓
✓
Interim targets
validated by third party
✓
✓
✓
Decarbonization
plan
High-level plan
✓
✓
✓
✓
Credible plan
✓
✓
✓
Carbon
performance
Carbon performance in
line with pathway
✓
✓
Carbon performance at
(or close to) net zero
✓
Note that the categories from “Unaware” to “Achieving net zero” reflect a company’s progress toward reducing its negative impact on the
environment. On the other hand, the category “Climate solution” is an overarching category that goes beyond this and includes companies
enabling the transition through their business model by generating green revenues and aligning their capital expenditures accordingly.
›
Refer to “Managing sustainability and climate risks” in this section for more information about how we manage financial and
non-financial climate transition risk
Annual Report 2024 |
Sustainability Statement | Social information 50
Social information
People and culture make the difference
Strategy as it relates to people management
UBS AG’s organization regulations provide principles, organizational structures and control over subsidiaries, including
control over UBS AG, to be held at the Group level by UBS Group AG. Such “group steering” is intended to ensure a
harmonized strategic direction for the Group in line with our corporate governance framework, which sets out the
primary governing guidelines for UBS Group AG and its subsidiaries. Furthermore, the framework provides for clear lines
of responsibility to foster a coherent and effective corporate and compliance culture for the Group. Specifically, the Head
Group Human Resources and Corporate Services (GHRCS) is responsible for defining and executing an HR strategy aligned
with the firm’s objectives and for positioning the Group as an employer of choice.
Regarding workforce data in this chapter, we refer to consolidated UBS Group data unless otherwise specified. This
includes employees from UBS AG consolidated and from UBS Business Solutions AG, as both entities ultimately align with
UBS Group AG, which, as the listed parent company of the Group, directly or indirectly controls all subsidiaries, including
UBS AG consolidated. The setup of UBS Business Solutions AG is specified by “too big to fail” regulatory requirements;
however, all employees of UBS AG and UBS Business Solutions AG employed in the same jurisdiction are subject to the
same employment conditions and employment requirements.
Engagement with our employees
Employee engagement
Our employees want to be heard and to be involved in shaping their daily experience. As such, we offer opportunities
throughout the year for employees to connect with management and provide feedback on topics such as strategic
alignment, employee engagement, well-being, our work environment and line manager effectiveness. As an example,
initiatives such as our regular “Ask the CEO” event give employees the chance to learn about (and ask questions about)
topics such as strategy and direction.
Our multi-faceted employee listening strategy is adaptable and captures feedback in a timely way. We conduct employee
lifecycle surveys, short “pulse” surveys to understand what is top of employees’ minds and in-depth analyses, such as
virtual focus group sessions. In 2024, those conversations allowed participants from every business division and function
to share their perspectives and insights on the integration and provided employee sentiment data points to track progress.
Group-wide surveys measure cultural indicators, such as line manager effectiveness and employee engagement.
The UBS European Employee Forum and the Credit Suisse European Works Council, both of which have formal
agreements in place, together represent all countries in the European Union with a UBS Group presence. They consider
topics related to our performance and operations. Local employee representative bodies discuss topics such as workplace
conditions, benefits and reorganizations.
Employee concerns and whistleblowing
There are many ways to raise concerns at UBS. If an employee sees or suspects any wrongdoing, they are encouraged to
speak up. Raising concerns with their line manager is the most common option; however, if the individual is not
comfortable doing so, dedicated whistleblowing channels ensure they are able to raise concerns in a safe,
confidential
and, if preferred, anonymous way.
All concerns raised are taken seriously and investigated. Clear processes protect individuals from retaliation as a result of
reporting a concern pursuant to the Whistleblowing Protection for Employees Policy.
All employees are required to complete mandatory “Speak Up” training every two years, with new joiners required to
complete it upon onboarding. This training aligns with the Whistleblowing Protection for Employees Policy, raising
awareness of available reporting channels. Throughout the year, there are activities such as communication from the
Group Executive Board (the GEB), newsletters, whistleblowing campaigns and regular employee surveys, aimed at
encouraging employees to speak up and raising awareness regarding the various whistleblower reporting channels that
can be used to raise concerns.
›
Refer to “Business conduct and corporate culture” in the “Sustainability statement” section of this report for more information
about the UBS whistleblowing process available to employees
Annual Report 2024 |
Sustainability Statement | Social information 51
Workforce metrics
Characteristics of our workforce
1,2
As of 31 December 2024, UBS Group had 108,648 employees as full-time equivalents (FTEs) (2023: 112,842) and UBS
AG consolidated had 68,982 (2023: 47,590) FTEs. For the most accurate view of our global workforce, HR reporting
considers one person (working full time or part time) as one headcount. As of the end of 2024, UBS Group had a total
of 110,323 headcount (HC) (2023: 115,038 employees). UBS AG consolidated had 69,891 HC (2023: 48,320 employees).
In addition, UBS Group had a total of 20,335 contractors, consultants and outsourcers employed at the end of 2024
(2023: 25,619). For UBS AG consolidated, it was a total of 9,107 contractors, consultants and outsourcers (2023: 6,335).
1
2
Employees: employment term and region
UBS Group
31.12.24
31.12.23
Number
%
Number
%
Americas
Permanent
25,650
100%
26,905
100%
Limited term
1
0
0.0%
0
0.0%
Total
25,650
100%
26,905
100%
Asia Pacific
Permanent
26,389
99.8%
27,957
99.8%
Limited term
1
42
0.2%
49
0.2%
Total
26,431
100%
28,006
100%
EMEA
Permanent
22,478
100%
23,378
100%
Limited term
1
1
0.0%
2
0.0%
Total
22,479
100%
23,380
100%
Switzerland
Permanent
34,246
95.8%
35,271
96.0%
Limited term
1
1,517
4.2%
1,476
4.0%
Total
35,763
100%
36,747
100%
Grand total
110,323
115,038
1
Employees: employment term and region
UBS AG
31.12.24
31.12.23
Number
%
Number
%
Americas
Permanent
25,643
100%
21,802
100%
Limited term
1
0
0.0%
0
0.0%
Total
25,643
100%
21,802
100%
Asia Pacific
Permanent
11,223
99.6%
8,241
99.4%
Limited term
1
41
0.4%
49
0.6%
Total
11,264
100%
8,290
100%
EMEA
Permanent
8,294
100%
6,184
100%
Limited term
1
1
0.0%
2
0.0%
Total
8,295
100%
6,186
100%
Switzerland
Permanent
23,172
93.9%
11,004
91.4%
Limited term
1
1,517
6.1%
1,038
8.6%
Total
24,689
100%
12,042
100%
Grand total
69,891
48,320
1
Annual Report 2024 |
Sustainability Statement | Social information 52
Employee representation
UBS respects and complies with all European Union, national and local labor laws. Our employee representation groups
(UBS European Employee Forum and European Works Council, Credit Suisse Group AG) generally meet monthly, as well
as on an ad-hoc basis, and collectively represent 52.0% (2023: 51.5%) of our global workforce for UBS Group as
compared with 46.1% (2023: 36.8%) for UBS AG consolidated. In addition, we have local works councils to discuss
topics such as benefits, workplace conditions and reorganizations. No country within the European Economic Area (EEA)
where UBS is present meets the threshold of significant employment, defined as at least 50 employees by headcount,
representing at least 10% of its total number of employees.
Where applicable, our operations are subject to collective bargaining agreements (CBAs). No country within the EEA
where UBS is present meets the threshold of significant employment. We therefore disclose the global percentage of UBS
AG consolidated employees covered by one or more CBAs: 4.6% (2023: 5.1%).
Workforce inclusion
We are committed to being a diverse and inclusive workplace based on meritocracy, and aim to build a culture of
belonging where all employees are recognized and valued, and where everyone can be successful and thrive. At UBS, we
aim to hire and retain the best people for the right roles, to deliver for our clients, our businesses, our shareholders and
the communities we serve. In order to achieve this, we have a diverse workforce with a variety of skills, experiences and
backgrounds that reflect the diversity of our clients to serve them at our best. It is also critically important to us that we
respect an environment where all our employees are treated fairly and able to reach their potential. In every location in
which we operate, we continue to act in accordance with the current law and regulations and will monitor any changes
to ensure we remain consistent.
Transparency is the foundation framework through which we enable leaders to deliver the strategy, and everyone is held
responsible. We leverage various communications channels and line manager objectives to drive awareness,
benchmarking, thought leadership and feedback to inform the strategy, and data monitoring with respective
characteristics, including management dashboards and toolkits, to support our entire workforce.
Our workforce inclusion strategy is reinforced by our public commitments to support all employees, including, but not
limited to, the UN Women’s Empowerment Principles, the Valuable 500 and the Race at Work Charter (UK). Of particular
note is our commitment to the Valuable 500, a global business collective of CEOs and their companies focused on
advancing disability inclusion that we have partnered with since 2021. Disability-focused initiatives in 2024 included
making improvements to our recruitment processes for candidates, sponsoring disability-focused employee networks,
enhancing training and awareness efforts for all employees, and continuing to increase physical and digital accessibility
for employees and clients alike.
For UBS Group, females represented 26.7% (2023: 37.5%) of members of the GEB and 33.8% (2023: 30.3%) of senior
managers who reported directly to a member of the GEB. 41.7% (2023: 33.3%) of members of the BoD were female.
For UBS AG consolidated, females represented 21.4% (2023: 35.7%) of members of the Executive Board (EB) and 32.0%
(2023: 26.9%) of senior managers who reported directly to a member of the EB. 41.7% (2023: 33.3%) of members of
the BoD were female.
For UBS Group, female employees at Director level and above represented 29.8% (2023: 29.5%) compared to 30.0%
(2023: 28.4%) for UBS AG consolidated.
Fair and equitable pay
Fair and consistent pay practices are designed to ensure that employees are appropriately rewarded for their contribution.
We pay for performance, and we take pay equity seriously. We have embedded clear commitments in our compensation
policies and practices and apply the same fair pay standards across all locations. We annually review our approach and
policies, in line with established equal pay methodologies, to support our continuous improvement.
The pay differential measures pay equity, comparing pay for similar roles, management responsibility, performance and
geography. We regularly conduct internal reviews of our HR practices. Our statistical analyses show a pay differential
between male and female employees in similar roles across our major locations of less than 1%. If we find any gaps not
explained by business or by appropriate employee factors such as role, responsibility, experience, performance or location,
we look at the root causes and address them.
We also aim to ensure that all employees are paid at least a living wage. We regularly assess employees ’ salaries against
local living wages, using benchmarks defined by the Fair Wage Network. Our analysis in 2024 showed that employees’
salaries were at or above the respective benchmarks.
Talent management and development
Our talent management approach includes structured talent and succession reviews to help us identify future leaders,
ensure business continuity and proactively manage employee development. Group-wide talent programs that help
employees build skills and understand key issues are supplemented by specific offerings in the business divisions, functions
and regions, including ones aimed at increasing capabilities and career opportunities for a diverse audience ranging from
senior leaders to emerging junior talent.
Annual Report 2024 |
Sustainability Statement | Social information 53
Internal training is delivered via our UBS University platform and is designed to ensure that our people have the necessary
skills and information to appropriately perform their jobs, to reduce risk and to prevent incidents, manual errors,
inappropriate behavior and other negative impacts. We also take care to balance the needs of our business with
employees’ needs, to mitigate any potential negative impacts on our people.
Our Employment of Staff within UBS Policy specifies that all employees are required to meet initial and ongoing training
and competency requirements as appropriate for the activities they undertake on behalf of UBS. Further more, UBS may
require employees to complete mandatory and business-required training, in line with our mandatory learning policy.
In 2024, permanent UBS Group employees completed an average of 24.8 training hours per employee, including
mandatory training. Within that, female employees completed an average of 24.8 hours of training and male employees
completed an average of 24.8 hours.
In 2024, permanent UBS AG consolidated employees completed an average of 25.9 training hours per employee,
including mandatory training. Within that, female employees completed an average of 26.1 hours of training and male
employees completed an average of 25.8 hours.
Training by employee category
UBS Group
UBS AG
Average training hours
31.12.24
31.12.24
Director and above
25.0
25.2
Officer
23.8
24.5
Employee
26.2
29.2
Total average training hours
24.8
25.9
Performance management
Our performance management approach reflects our strategy and supports our high-performance culture. We consider
both performance and behavior-related objectives because we value what an employee accomplishes and how our
Behaviors (accountability with integrity, collaboration and innovation) are demonstrated.
Employee support, including benefits
We are committed to being a responsible employer and to caring for our employees. That is one reason why we offer
flexible working arrangements and promote employee health and well-being. Social, physical, mental and financial well-
being elements are woven into our HR policies and practices. For example, our support for employee well-being includes
a range of programs, benefits and workplace resources, along with a specialized eLearning curriculum to help employees
better manage their health, foster well-being and strengthen their resilience. A dedicated well-being portal consolidates
our global offering and promotes regional networks, initiatives and resources.
In 2024, employees across the firm participated in virtual fitness challenges, mental health initiatives, volunteering
activities and financial education events, and everyone had access to a specialized mindfulness app. We also progressed
with our #WorkingWithCancer commitment through a mentorship program, informational sessions and coffee corners.
All our employees have access to competitive benefits, such as healthcare, well-being and retirement benefits, insurance
(such as life and disability insurance) and flexible leave policies, where applicable. All employees are also covered by
policies to protect against employment injury or disability. Parental leave, including adoption leave, is available to all
employees, as indicated in local HR policies, and all locations offer family-related leave. Benefits are set in the context of
local market practice and are regularly reviewed for competitiveness. Employee assistance programs and internal teams
help employees and their family members manage personal or work-related issues that may affect their well-being.
Should business or organizational circumstances arise that lead to employee redundancy, we offer redeployment and
outplacement services with a focus on redeployment within UBS. We believe these measures help skilled employees
affected by restructuring to favorably position themselves on the labor market. Employees considering retirement also
have access to various resources to help prepare them for this transition.
Annual Report 2024 |
Sustainability Statement | Social information 54
Respecting human rights
UBS is committed to respecting and promoting human rights, as set out in the UN Guiding Principles on Business and
Human Rights. When assessing the firm’s potential human rights impacts, we focus on three key stakeholder groups
(employees, clients and vendors), as well as society at large.
›
Refer to “General information” in this section of the report for more information about our interactions with stakeholders,
including civil society groups
Employees
:
and to meeting the obligations that a responsible company is required to comply with. These are reviewed on a regular
basis in an effort to make sure we continue to respect human and labor rights.
›
Refer to “Social information” in this section of the report for more information about UBS’s human resources policies and
practices
Clients
:
health, education, gender and / or equality. In addition, we take human rights risks into account in solutions that address
a broader range of sustainability issues. We identify and manage actual and potential adverse impacts on human rights
to which our clients’ assets and our own assets are exposed, most notably through our sustainability (including human
rights) and sustainability and climate risk policy framework. Our clients also have access to solutions that help them to
realize their philanthropy goals, including those related to human rights.
›
Refer to “Strategy” in this section of the report for more information about our sustainability and impact strategy, key aspirations
and progress
›
Refer to the “Sustainability and climate risk policy framework”, available at
ubs.com/sustainability-reporting
, for more
information
Vendors
:
when we are establishing new contracts or renewals, we identify high-impact vendors based on whether they provide
goods and services that either have a substantial social impact or are sourced in markets with potentially high social risks.
Vendors that do not meet the minimum applicable standard, because they are associated with actual and potential human
rights risks, have to agree to and comply with a remediation plan before signing a contract with us.
›
Refer to the “UBS Supplier Code of Conduct”, available at
ubs.com/sustainability-reporting,
for more information
UBS’s human-rights-related commitments and actions are set out in the UBS Human Rights Statement. The statement
shows the structures (governance and policies) and mechanisms (procedures and processes) UBS has in place to support
its commitments. UBS also publishes a Modern Slavery and Human Trafficking Statement pursuant to the UK 2015
Modern Slavery Act and to the Australian 2018 Modern Slavery Act.
›
Refer to the “UBS Human Rights Statement” and the “UBS Modern Slavery and Human Trafficking Statement,” available at
ubs.com/sustainability-reporting
, for more information
Cyber and information security
At UBS, the security of our clients’ assets and data is one of our top priorities. As cyber threats to systems and data
increase in volume and sophistication, we continually focus resources and investments on critical cyber and information
security capabilities, with specialist teams working to safeguard our clients’ assets and data.
Our principles and policies guide how we develop and deploy technological solutions. The cyber and information security
(CIS) program is designed to identify, prevent, detect and respond to CIS events, with the goal of maintaining the integrity
and availability of our technology infrastructure. Appropriate technical and organizational measures are implemented to
ensure that data remains confidential and protected against accidental, unauthorized or unlawful destruction, and loss,
alteration, disclosure or access.
Additionally, UBS has a Group-wide incident response process designed to detect, investigate, and respond to information
security threats and incidents that have a potential impact on UBS systems and data. This process enables any UBS person
to report incidents and data breaches, and it also includes processes such as notifying impacted clients about relevant
incidents, in line with all applicable laws and regulations.
In 2024, we have enhanced the CIS awareness and education program for all UBS employees and external workforce,
including an increase in staff testing, refreshed mandatory training, including for highly privileged users, and a firm-wide
Cyber Awareness Month campaign.
Helping clients stay cybersafe
UBS invests in critical cyber and information security capabilities to protect clients' assets and data and provides
cybersafety tips through its website and mobile applications.
›
Refer to Cyber Security at UBS for more information, available at
ubs.com/global/en/our-firm/cybersafe.html
Cybersecurity, information security and data privacy at UBS, available at
ubs.com/global/en/sustainability-impact/sustainability-
reporting.html
Annual Report 2024 |
Sustainability Statement | Managing sustainability and climate risk 55
Managing sustainability and climate risks
Introduction
Managing sustainability and climate risks is a key component of our corporate responsibility. We define sustainability and
climate risk as the risk that we negatively impact on, or are impacted by, climate change, natural capital, human rights
and other environmental and social matters. Sustainability and climate risks may manifest as credit, market, liquidity,
business or non-financial risks for UBS, resulting in potential adverse financial, liability or reputational impacts.
Group Risk Control (GRC) is responsible for our firm-wide sustainability and climate risk framework and the management
of exposure to sustainability and climate (financial) risks on an ongoing basis as a second line of defense. Group
Compliance, Regulatory & Governance (GCRG) monitors the adequacy of our control environment for non-financial risks
(NFR), applying independent control and oversight. We manage sustainability and climate risk within a dedicated risk
management framework. In 2024, the UBS Group (including Credit Suisse) was managed under the same framework.
Our sustainability and climate risk framework continues to evolve through our multi-year initiative focused on meeting
regulatory requirements and enhancing core processes, such as reporting and disclosures.
Sustainability and climate risk management framework
Our firm-wide sustainability and climate risk management framework and related policies, standards and guidelines form
the basis of our management practices and control principles. They enable us to identify and manage potential adverse
impacts on the climate, the environment and human rights, as well as related risks affecting us and our clients, while
supporting the transition to a low-carbon economy.
Overseen by senior management, the framework applies to the balance sheet, our own operations and our supply chain.
It consists of four different phases: (i) risk identification and measurement; (ii) monitoring and risk appetite setting; (iii) risk
management and control; and (iv) risk reporting and disclosure.
›
Refer to the “Sustainability and climate risk policy framework”, available at
ubs.com/sustainability-reporting
Annual Report 2024 |
Sustainability Statement | Managing sustainability and climate risk 56
The Group Chief Risk Officer is responsible for the development of the sustainability and climate risk framework and risk
appetite, along with its integration into existing Group frameworks. The Chief Risk Officer for Sustainability supports the
Group Executive Board by providing leadership on sustainability in collaboration with business divisions and Group
functions and is supported by the sustainability and climate risk unit. In addition, the Risk Committee and the Corporate
Culture and Responsibility Committee of the Board of Directors jointly monitor the progress of our efforts to address
sustainability and climate risk.
Our multi-year sustainability and climate risk initiative (the SCR Initiative), launched in 2020 by the sustainability and
climate risk unit, continues to build capacity through expertise, collaboration, technology and data. This initiative was
created to integrate sustainability and climate risk considerations into our traditional financial and non-financial risk
management frameworks, which address these traditional risks across our business divisions and legal entities, in an ever-
changing regulatory environment.
In 2024, the SCR Initiative further advanced its efforts toward the goal of fully integrating qualitative and quantitative
sustainability and climate risk considerations into the firm’s traditional risk management and stress-testing frameworks.
Developments in 2024 included introducing climate-driven risk analytics into the credit decision-making process for
selected portfolios, introducing climate-driven quantitative risk appetite where mandated, developing climate risk-
adjusted stress models and scenario analysis capabilities, expanding climate risk monitoring internally, and further refining
processes, governance and methodologies to drive forward more comprehensive sustainability and climate risk reporting
and disclosures. Furthermore, to monitor and control the utilization of the divisional contributions toward the 2030
corporate lending sector decarbonization targets, a decarbonization control framework has been established with defined
thresholds per sector and business division and at a Group level. These thresholds are defined annually and the utilization
against the agreed thresholds is monitored on a quarterly basis.
Sustainability and climate risk management activities conducted in 2024 are described below, across the four phases of
the sustainability and climate risk framework.
Annual Report 2024 |
Sustainability Statement | Managing sustainability and climate risk 57
Risk identification and measurement
We assess the materiality of our sustainability- and climate-driven risks and impacts on an annual basis. This is
underpinned by an assessment of how key risk drivers may impact us through financial and non-financial risks (e.g. credit
losses or reputational incidences resulting in lost revenues) and by assessing the proximity of our activities to the potential
negative impact on the environment (including climate) and human rights.
We aim to identify sustainability and climate risks at divisional and cross-divisional levels, both through the sustainability
and climate risk materiality assessment mentioned above and, increasingly, by integrating them into the firm-wide
traditional risk identification and measurement processes.
›
Refer to “Environmental information” in this section for details about our climate-related materiality assessment and the
underlying methodology
Our risk identification methodologies collectively define our focus areas and key risk drivers. The results of these efforts
contribute to our sustainability and climate risk management strategy by:
–
identifying concentrations of climate-sensitive exposure that may make us vulnerable to financial and non-financial
risks, facilitating resource prioritization to enhance risk quantification and subsequent management actions; and
–
supporting the implementation of a client-centric business strategy, in which we support clients with their sustainability
transition and identify clients who can benefit from sustainability-focused UBS products and services.
The outputs of the above process supports senior management in taking informed decisions about sustainability- and
climate-related risks and provides stakeholders with key information through our external disclosures.
Transition risk
Climate-driven transition risks, which arise from the efforts to mitigate the effects of climate change, may contribute to
a structural change across economies and consequently affect banks and the stability of the broader financial sector.
These risks extend to the value of investments and may also affect the value of collateral (e.g. real estate).
In 2024, UBS developed a transition risk rating model (TR RM), aligned with the transition risk heatmap (TR H) and
designed to provide a company-level rating of transition risk, where input data is available The TR RM mainly relies on
two inputs: (i) the output of the transition risk heatmap (TR H) and (ii) the Company Transition Assessment Scorecard
(CTAS), an internal UBS tool that systematically categorizes listed companies based on publicly available data from external
third-party data sources into climate transition readiness categories. Whenever CTAS does not provide an assessment for
a company, the model falls back to an existing transition risk heatmap (TR H).
The climate transition risk profile chart shows that, at the end of 2024, the exposure of the UBS Group to climate-sensitive
sectors and related business activities has decreased due to accelerated winddown of Non-core and Legacy corporate
exposures. Climate-driven transition-risk sensitive exposure accounted for 17.1% of the total gross lending exposure,
down from 19.2% in 2023. Key sectors contributing to sensitive exposure continues to be same as 2023 (i.e. real estate,
industrials and transportation). Compared to last year, our sensitive exposure to Services and Technology sector has
increased, in line with a methodology change where certain business activities that were previously rated non-sensitive
are now rated sensitive due to increased reliance on artificial intelligence (AI) and data center operations requiring higher
use of power.
Annual Report 2024 |
Sustainability Statement | Managing sustainability and climate risk 58
Annual Report 2024 |
Sustainability Statement | Managing sustainability and climate risk 59
Physical risk
Climate-driven physical risks arise from acute hazards, which are increasing in severity and frequency, and chronic climate
risks arise from an incrementally changing climate. Climate -driven physical risks may contribute to a structural change
across economies and consequently affect banks and the stability of the broader financial sector. These risks extend to
the value of investments and may also affect the value of collateral (e.g. real estate).
In 2024, UBS developed a physical risk rating model (PR RM), aligned with the physical risk heatmap model (PR HM). The
PR RM is designed to provide a company-level indication of physical risk while both models are designed to provide the
UBS Group exposure to climate-driven physical risks. The PR RM and PR HM measure how four acute physical risk hazards
(wildfires, heatwave, floods and tropical cyclones) may drive physical risk of the companies.
The climate physical risk profile chart shows that, at the end of 2024, the exposure of the UBS Group to climate-sensitive
sectors and related business activities has decreased due to accelerated winddown of Non-core and Legacy corporate
exposures. Climate-driven physical-risk sensitive exposure accounted for 9.8% of the total gross lending exposure, down
from 11.7% in 2023. Geographically, the majority of the sensitive exposure is from the Americas region, followed by
Switzerland and other geographical locations. Most of the year-on-year reduction in sensitive exposure is due to Non-
core and Legacy exposure winddown in the Americas region. At Group level, most of the climate-sensitive physical risk
exposure is located within countries that have a relatively high adaptive capacity to manage physical risk hazards resulting
in a moderately low risk profile at regional level.
Annual Report 2024 |
Sustainability Statement | Managing sustainability and climate risk 60
Annual Report 2024 |
Sustainability Statement | Managing sustainability and climate risk 61
Climate scenario analysis
We use scenario-based approaches to assess our exposure to physical and transition risks stemming from climate change.
We have introduced several in-house assessments facilitated by industry collaborations to tailor approaches for addressing
methodological and data challenges. We have utilized dedicated risk models incorporating systematic and idiosyncratic
effects to carry out stress testing exercises covering short-, medium- and long-term horizons.
The work performed includes regulatory scenario analysis and stress test exercises such as the Bank of England’s (BoE)
2021 Climate Biennial Exploratory Scenario (CBES), the 2022 Climate Risk Stress Test (CST) of the European Central Bank
(the ECB), which assesses banks’ preparedness for dealing with financial and economic shocks stemming from climate
risk; and the 2024 Swiss Financial Market Supervisory Authority (FINMA) / Swiss National Bank (SNB) climate scenario
analysis exercise. These exercises enabled the identification of financial risks from climate change and made it possible
for UBS to assess management actions in response to different scenario results and perform counterparty-level analysis.
While these exercises showed mild losses and low exposure to climate risk for the entities within scope, given the limited
impact to the macroeconomic financial environment, the analysis allowed UBS to enhance its climate risk scenario analysis
and stress testing, further developing our capabilities for assessing risks and vulnerabilities from climate change.
In 2024, we also advanced our capabilities surrounding internal climate risk scenario analysis and stress testing for the
UBS Group. We refined and expanded our internal climate risk scenarios with a focus on both transition and physical risk
projections across a 30-year time frame. In addition, we developed additional climate risk methodologies to enhance and
broaden portfolio coverage.
Over the last few years, we have also leveraged industry-wide initiatives, such as the Paris Agreement Capital Transition
Assessment (PACTA) exercise launched by the Swiss Federal Office for the Environment (FOEN) in 2020, 2022 and 2024.
Through this exercise, we assessed the climate alignment of our listed investments (including equities and bonds),
mortgages and direct real estate portfolios. The assessment enabled us to compare our results with the aggregated
performance of all participating banks’ portfolios, showing the progress made over time and the efforts still needed.
Annual Report 2024 |
Sustainability Statement | Managing sustainability and climate risk 62
Monitoring and risk appetite setting
Our sustainability and climate risk policy framework defines the qualitative and quantitative risk appetite for sustainability
and climate risk and is subject to periodic updates and enhancements.
As part of the sustainability and climate risk monitoring process, we have developed methodologies and metrics to assess
our continued exposure to carbon-related assets and climate-related risk-sensitive sectors. When developing our metrics,
we consider the inputs and guidance provided by standard-setting organizations, as well as new or enhanced regulatory
requirements for climate disclosures. In 2024, we continued working on methodologies covering climate-driven transition
and physical risks.
The table below includes climate-related risk metrics for the UBS Group AG, UBS AG on a standalone basis and UBS
Switzerland AG and UBS Europe SE, both on a standalone basis. The trend analysis of exposure is available starting 2023
as UBS Group exposures were reported on a consolidated basis post Credit Suisse integration.
The proportion of the UBS Group’s total gross lending exposure accounted for by carbon-related assets decreased to
10.9% in 2024 compared to 12.1% in 2023. The UBS Group metrics were reported on a consolidated basis including
Credit Suisse exposures starting 2023.
Following the mergers of UBS AG and Credit Suisse AG in May 2024 and of UBS Switzerland AG and Credit Suisse
(Schweiz) AG in July 2024, the total gross lending exposures of UBS AG standalone and UBS Switzerland AG have
increased due to the inclusion of legacy Credit Suisse exposure. Consequently, the climate-driven transition risk, physical-
risk-sensitive exposure and carbon-related assets have increased on an absolute basis, as expected.
Risk management – Climate-related metrics
For the year ended
% change from
31.12.24
31.12.23
31.12.23
Climate-related metrics (USD bn)
1, 2, 3, 4
Carbon-related assets: UBS Group AG consolidated
1, 2, 3, 4, 5, 6
76.5
93.9
(18.5)
Carbon-related assets proportion of total gross lending exposure, UBS Group AG consolidated (%)
1, 2, 3, 4, 5, 6
10.9
12.1
Carbon-related assets: UBS AG (standalone)
1, 2, 3, 4, 5, 6
30.3
9.2
228.3
Carbon-related assets: UBS Switzerland AG (standalone)
1, 2, 3, 4, 5, 6
46.6
27.4
69.8
Carbon-related assets: UBS Europe SE (standalone)
1, 2, 3, 4, 5, 6
0.0
0.0
0.0
Total exposure to climate-sensitive sectors, transition risk, UBS Group AG consolidated
1, 2, 3, 4, 6, 7, 8
120.3
149.0
(19.3)
Climate-sensitive sectors, transition risk, proportion of total gross lending exposure, UBS Group AG consolidated (%)
1, 2, 3, 4, 6, 7, 8
17.1
19.2
Total exposure to climate-sensitive sectors, transition risk, UBS AG (standalone)
1, 2, 3, 4, 6, 7, 8
36.6
12.8
186.4
Total exposure to climate-sensitive sectors, transition risk, UBS Switzerland AG (standalone)
1, 2, 3, 4, 6, 7, 8
83.0
49.8
66.6
Total exposure to climate-sensitive sectors, transition risk, UBS Europe SE (standalone)
1, 2, 3, 4, 6, 7, 8
0.0
0.0
0.0
Exposure to climate-sensitive sectors, transition risk, Traded products, UBS Group AG consolidated
1, 2, 3, 4, 7, 8, 9
2.1
Exposure to climate-sensitive sectors, transition risk, Issuer risk, UBS Group AG consolidated
1, 2, 3, 4, 7, 8, 10
6.8
Total exposure to climate-sensitive sectors, physical risk, UBS Group AG consolidated
1, 2, 3, 4, 6,7,8
68.9
90.7
(24.0)
Climate-sensitive sectors, physical risk, proportion of total gross lending exposure, UBS Group AG consolidated (%)
1, 2, 3, 4, 6, 7, 8
9.8
11.7
Total exposure to climate-sensitive sectors, physical risk, UBS AG (standalone)
1, 2, 3, 4, 6, 7, 8
65.7
52.5
25.2
Total exposure to climate-sensitive sectors, physical risk, UBS Switzerland AG (standalone)
1, 2, 3, 4, 6, 7, 8
22.6
15.1
50.0
Total exposure to climate-sensitive sectors, physical risk, UBS Europe SE (standalone)
1, 2, 3, 4, 6, 7, 8
0.0
0.0
0.0
Exposure to climate-sensitive sectors, physical risk, Traded products, UBS Group AG consolidated
1, 2, 3, 4, 7, 8, 9
3.3
Exposure to climate-sensitive sectors, physical risk, Issuer risk, UBS Group AG consolidated
1, 2, 3, 4, 7, 8, 10
12.6
1
approaches. Lombard lending rating is assigned based on the average riskiness of collateral.
2
change is calculated based on the full underlying exposure, which may result in small deviations when calculated using reported figures that are rounded to one decimal.
3
its effort to integrate Credit Suisse systems and data. As a result, the metric calculation process benefits from data enhancement even when the methodology remains the same year on year. At the same time,
integration work is ongoing and expected to bring in further data alignment in future, which may require restatement of reported metrics.
4
challenges, and seeks to integrate both impacts to and dependencies on a changing natural and climatic environment, into how UBS evaluates its risks and opportunities.
5
related Financial Disclosures (the TCFD), in its expanded definition published in 2021, UBS defines carbon-related assets through industry-identifying attributes of the firm’s banking book. UBS further includes the four
non-financial sectors addressed by the TCFD, including, but not limited to, fossil fuel extraction, carbon-based power generation, transportation (air, sea, rail, and auto manufacture), metals production and mining,
manufacturing industries, real estate development, chemicals, petrochemicals, and pharmaceuticals, building and construction materials and activities, forestry, agriculture, fishing, food and beverage production,
including trading companies that may trade any of the above (e.g. oil trading or agricultural commodity trading companies). This metric is agnostic of risk rating, and therefore may include exposures of companies
that may be already transitioning or adapting their business models to climate risks, unlike UBS climate-sensitive sectors methodology, which takes a risk -based approach to defining material exposure to climate
impacts.
6
and is based on consolidated IFRS numbers (inclusive of purchase price allocation adjustments recorded in UBS Group as a result of the acquisition of Credit Suisse in compliance with IFRS 3, Business Combinations).
7
moderately high, and high. The climate-sensitive exposure metrics are determined based upon the top three of the five rated categories, i.e. moderate to high.
8
physical risk heatmap model are embedded further into the risk management framework, we may identify new use cases that could trigger validation of the model for identified use cases and associated enhancements.
As a consequence, restatement of reported metrics may be required.
9
financing transactions (SFTs), consisting of securities borrowing and lending, and repurchase and reverse repurchase agreements.
10
liquidity buffer securities. After the parent bank merger, the issuer risk in legacy Credit Suisse entities is less than 4% of overall UBS Group and considered non-material and excluded from reported metrics.
The table below presents a view of our risk profile and changes year on year (YoY), within sectors and across climate
risks. It first shows our total exposure to each sector (and whether that has increased or decreased compared to 2023),
followed by an exposure-weighted risk rating. The table also shows the YoY weighted average transition risk trend
followed by sensitive exposure for each of climate transition risk and physical risk. Overall, the UBS Group continues to
have an average rating of moderate for transition risk and moderately low for physical risk.
Annual Report 2024 |
Sustainability Statement | Managing sustainability and climate risk 63
Risk exposures by sector for UBS Group
1,2,3,4,5, 6, 7
Transition risk
Physical risk
Sector / Subsector
2024
exposure
(USD bn)
YoY exposure
trend
8
Weighted average
risk rating 2024
9
YoY weighted
average risk trend
8
2024 climate-
sensitive exposure
(USD bn)
5
Weighted average
risk rating 2024
9
YoY weighted
average risk trend
8
2024 climate-
sensitive exposure
(USD bn)
5
Agriculture
Agriculture, fishing and forestry
0.93
↓
Moderate
→
0.42
Moderately low
→
0.54
Food and beverage
6.51
↓
Moderately high
→
6.51
Moderate
→
3.93
Financial services
Financial services
82.75
↓
Moderately low
→
0.03
Moderately low
→
18.85
Fossil fuels
Downstream refining, distribution
0.54
↓
Moderately high
↓
0.54
Moderately low
↑
0.26
Integrated oil and gas
0.32
→
Moderate
↓
0.32
Moderately low
→
0.00
Midstream transport, storage
0.10
↓
Moderate
→
0.10
Moderate
↑
0.10
Trading fossil fuels
6.72
→
Moderately high
→
6.72
Moderately low
→
0.73
Upstream extraction
0.24
↓
High
→
0.24
Moderately low
↓
0.02
Industrials
Cement or concrete manufacture
0.24
↓
High
→
0.24
Moderately low
→
0.03
Chemicals manufacture
3.80
↓
High
→
3.80
Moderately low
↓
1.27
Electronics manufacture
5.29
↓
Moderate
↓
4.48
Moderately low
↓
1.47
Goods and apparel manufacture
5.13
↓
Moderately high
→
5.11
Moderately low
→
2.94
Machinery manufacturing
8.04
↓
Moderately high
→
8.02
Moderately low
→
1.21
Pharmaceuticals manufacture
3.64
↓
Moderately high
→
3.64
Moderately low
↓
1.06
Plastics and petrochemicals manufacture
1.81
↓
Moderately high
→
1.81
Moderately low
↓
0.69
Metals and mining
Mining conglomerates (incl. trading)
2.83
↓
Moderately high
→
2.83
Moderately low
→
0.07
Mining and quarrying
1.10
↓
Moderate
↑
0.66
Moderately low
→
0.59
Production of metals
0.87
↓
Moderately high
→
0.87
Moderate
→
0.39
Private clients
Lombard
151.50
↓
Moderately low
→
0.00
Moderately low
→
0.00
Real estate
Development and management
11.64
↑
Moderately high
→
11.04
Moderately low
↓
0.68
Real estate financing
10
83.34
↓
Moderate
→
36.28
Moderately low
→
2.48
Private clients with mortgages
10
250.59
↓
Moderately low
→
0.00
Low
→
0.00
Services and technology
Services and technology
35.93
↓
Moderately low
→
9.31
Moderately low
→
18.85
Sovereigns
Sovereigns
2.91
↓
Moderate
↓
0.34
Moderately low
→
0.04
Transportation
Air transport
2.98
↓
Moderately high
→
2.84
Moderate
→
2.50
Automotive
1.20
↓
Moderate
↓
0.23
Moderate
→
1.08
Rail freight
0.90
↑
Low
→
0.00
Moderate
→
0.77
Road freight
1.32
↑
Moderately high
→
1.32
Moderately low
↓
0.64
Transit
0.49
↓
Moderately low
→
0.00
Moderately low
↓
0.33
Transportation parts and equipment supply
1.10
↓
Moderately high
→
1.10
Moderate
→
0.64
Water transport
8.55
→
Moderately high
→
8.55
Moderately low
→
5.21
Utilities
Power generation
2.76
↓
High
↑
2.24
Moderately low
↓
1.42
Waste treatment
0.68
↓
Moderately high
→
0.68
Moderately low
↑
0.19
Not classified
11
15.07
↓
Not classified
→
0.00
Not classified
→
0.00
Grand Total
701.80
↓
Moderate
→
120.25
Moderately low
→
68.94
1
approaches. Lombard lending rating is assigned based on the average riskiness of loans.
2
3
exposure consists of total on balance sheet loans and advances to customers and off-balance sheet guarantees and irrevocable loan commitments (within the scope of expected credit loss) and is based on consolidated
IFRS numbers (inclusive of purchase price allocation adjustments recorded in UBS Group as a result of the acquisition of Credit Suisse in compliance with IFRS 3, Business Combinations).
4
collaborate to resolve methodological and industry data challenges, and seeks to integrate both impacts to and dependencies on a changing natural and climatic environment, into how UBS evaluates its risks and
opportunities.
5
low, moderate, moderately high, and high. The climate-sensitive exposure metrics are determined based upon the top three of the five rated categories i.e. moderate to high.
6
continued its effort to integrate Credit Suisse systems and data. As a result, metric calculation process benefits from data enhancement even when methodology remains same year-on-year. At the same time,
integration work is ongoing and expected to bring in further data alignment in future which may require restatement of reported metrics.
7
model are embedded further into the risk management framework, we may identify new use cases that could trigger validation of model for identified use cases and associated enhancements. As a consequence,
restatement of reported metrics may be required.
8
absolute exposure.
9
Displayed ratings represent exposure-weighted averages for a given sector scope.
10
IFRS. Real estate financing includes rental or income-producing real estate financing to private and corporate clients secured by real estate. Private clients with mortgages include lending to private clients secured by
owner-occupied real estate and personal account overdrafts of those clients.
11
Not classified represents the portion of UBS’s business activities where methodologies and data are not yet able to provide a rating.
Annual Report 2024 |
Sustainability Statement | Managing sustainability and climate risk 64
Risk management and control
In 2024, we continued to develop solutions to integrate sustainability and climate risks into traditional risk categories,
such as our credit, market, liquidity, non-financial and reputational risk frameworks. We progressively enhanced our four-
stage approach (defined above in the sustainability and climate risk management framework) by leveraging research on
how sustainability and climate risk drivers may be transmitted to our clients (and their assets) and ultimately to the firm
in the form of financial and non-financial risks. Our approach supports the ongoing management of sustainability and
climate risks as they manifest across traditional risk categories and has been built in line with principles outlined by the
Basel Committee on Banking Supervision (the BCBS) and the Task Force on Climate-related Financial Disclosures (the
TCFD, now organized under the ISSB). As Swiss financial regulator FINMA has mandated financial institutions to
implement nature-related financial risks in their due diligence processes by 2028 (FINMA Circular 2026/1 on nature-
related financial risk), UBS is building its capabilities to embed the management of these risks in its due diligence
processes.
Our progress is summarized in the following table.
Managing sustainability and climate risks within traditional risk categories
Traditional risk
category
Sustainability and climate risk
transmission channels.
Key developments
Credit risk
Our potential credit losses driven by risks
from a changing physical climate, the
transition to a low-carbon economy.
Climate-related risk drivers can impact
household, corporate or sovereign income
and / or wealth. Physical and transition
risk drivers increase our potential losses as
soon as they have a negative effect on a
borrower’s ability to repay and / or fully
recover the value of a loan in the event of
default.
In 2024, we further embedded climate-related risks into our credit risk management framework. By
collaborating across business divisions and between both the first and second lines of defense, we developed
innovative solutions tailored to the risk profiles and material drivers of risk within our businesses:
Investment Bank:
for credit losses driven by climate-related risks for corporate lending and leveraged finance. At the transaction
level, this is achieved by integrating tools such as sector-level climate-related risk heatmaps and company-level
due diligence scorecards into the credit approval analysis and decision-making process. In addition, where
mandated, concentration triggers have been set up and are monitored and reported on a quarterly basis for all
relevant counterparties. Furthermore, at the divisional level, progress has been made to enhance and automate
reporting of the full Investment Bank lending portfolio, on a quarterly basis.
Global Wealth Management:
driven by climate-related risks for Lombard lending in Switzerland and international locations by integrating
climate-related due diligence questions and leveraging the climate risk heatmaps in the credit assessment at a
transaction level. The approach encompasses Lombard loans to operating companies and those backed by
concentrated equity posted as collateral and we aim to further enhance the scope across regions and products
in future. Furthermore, progress was made to enhance and automate reporting of the combined Global Wealth
Management Lombard lending portfolio, on a quarterly basis.
Personal & Corporate Banking:
losses driven by climate-related risks by integrating climate-related due diligence questions and leveraging the
climate risk heatmaps in the credit assessment at a transaction level. This approach was rolled out in 2023 to
the P&C Multinationals business and expanded in 2024 to include a wider coverage of the corporate client
portfolio as well as the commodity trade finance business. Furthermore, at the divisional level progress was
made to enhance and automate reporting of the combined Personal and Corporate lending portfolio, on a
quarterly basis.
Market risk
(traded and
not traded)
Potential financial impacts on the firm
from price shifts and / or market volatility.
A changing physical environment
(including climate change) may affect the
value of companies reliant on the natural
environment and / or how the market
perceives such companies. The transition
to a low-carbon economy through climate
policies, low-carbon technologies,
demand shifts and / or market perception
may also impact the value of our positions
and / or lead to a breakdown in
correlations between risk factors (e.g.
prompting a change in market liquidity
and / or challenging assumptions in our
model).
In 2024, we assessed the risk from planned portfolios, in line with our multi-year sustainability and climate risk
initiative, and established solutions for integrating climate-related risks into our market risk management
framework. Progress on integrating climate-related risks into our market risk management was incrementally
driven by enhancing analytical capacity, applying the climate risk rating model in our market-risk monitoring
systems and developing stress testing capabilities. We have adapted our in-house long-term scenarios to the
specifics of short-term market risk analytical requirements.
Enhancing analytical capacity:
scenario development capacity, we sought to perform a loss-driven materiality assessment. By linking the risk
ratings with adverse-scenario-driven shocks, we were able to further examine the correlations between risk
factors and understand the short-term loss potentials for climate. In 2024, we were able to introduce a climate
risk rating model for the first time.
Automation:
with our centralized climate sector-level heatmap together with climate risk rating model, we are able to
understand and react to drivers of climate impacts on our portfolios through regular assessments and
monitoring.
Quantitative risk appetite:
2023 based on the sector-level climate risk heatmaps.
The solution facilitates daily monitoring of positions that
are considered inherently sensitive to climate risks, including an automated breach escalation process along
with the market risk escalation path for concentration limits, providing an opportunity for remediation actions.
The triggers cover credit delta and equity delta aggregated in accordance with the “sensitivity,” as defined
through our heatmapping methodology.
Annual Report 2024 |
Sustainability Statement | Managing sustainability and climate risk 65
Managing sustainability and climate risks within traditional risk categories
Liquidity risk
The potential impact on liquidity adequacy
is driven by risks from a changing physical
climate, the transition to a low-carbon
economy., Climate events have been
proven to affect funding conditions, and
therefore liquidity buffers across broader
banks. Climate-related risks are
considered an additional driver of liquidity
risk. As such, they may impact our
liquidity adequacy, directly or indirectly,
through our ability to raise funds,
liquidate assets and / or our customers’
demand for liquidity. This could result in
net cash outflows or depletion of our
liquidity buffer.
In 2024, we further integrated climate risk into our liquidity framework for planned portfolios, in line with the
multi-year sustainability and climate risk initiative. Climate risk stress testing and climate risk reporting were
introduced for the first time in 2024, leveraging the heatmap and climate risk rating model. The identification
of material climate-related risks and the integration of those potential risks into the internal liquidity risk
management framework will be an iterative process as we continuously improve the methodology, along with
improving the availability and quality of required data in the industry and enhanced analytics and insights over
time.
Non-financial
risk
This is the non-financial impact on UBS
(compliance, operational risk and financial
crime) from inadequate or failed internal
processes, people and systems and / or
externally due to physical climate events
or stakeholder legal action.
Alignment with the BCBS Principles for the effective management and supervision of climate-related (non-
financial) risks has been key in 2024 and is subject to on-going monitoring as of 2025.
We have completed work to embed ESG (environmental, social and governance)-related risks, including climate
considerations as a standalone risk indicator to the Group non-financial risk identification model governance
used as the basis for scenario coverage and non-financial risk regulatory / economic capital determination.
We will continue to evolve the framework in alignment with our commercial strategy and industry expectations,
with work ongoing to assess the results of ESG risk integration more broadly into non-financial risk taxonomy
risk appetite statements.
Reputational
risk
This is the risk of an unfavorable
perception, or a lessening of our
reputation, from the point of view of
clients, industries, shareholders,
regulators, employees or the general
public, which may lead to potential
financial losses and / or loss of market
share.
Reputational risk is considered across all
business activities, transactions and
decisions and includes sustainability-
related reputational risks, such as
greenwashing risk.
We continue to assess the design of our reputational risk framework as generally robust in terms of roles and
responsibilities, escalation requirements, and review and approval authorities for sustainability-related risks.
Relevant sustainability-related standards have been set, including for the appropriate consideration of high
inherent reputational risks, by leveraging existing firm-wide risk identification and review and approval
processes.
Our 2030 lending sector decarbonization targets for specified sectors at Group level come with agreed
contributions by the individual business divisions (BDs) for the corporate lending sectors.
To monitor and control the utilization of the BDs’ contributions toward the 2030 corporate lending sector
decarbonization targets, a decarbonization control framework was operationalized in 2024, with defined
thresholds per sector and business division and at Group level. These thresholds are defined annually and the
utilization against the agreed thresholds is monitored on a quarterly basis.
Additionally, a material transaction, as defined in the credit approval process, within in-scope business
activities is subject to the pre-deal assessment process. The first line of defense is responsible for identifying
and referring an in-scope transaction to the second line of defense sustainability function for a detailed
assessment. Based on the calculated utilization level, a transaction is subject to the defined approval path.
We manage and escalate material climate-related risks, in accordance with our standard financial and non-financial risk
processes and defining key responsibilities and tools, both at the Group level and across our business divisions. To facilitate
the implementation of consistent risk management practices across the Group, we have conducted climate-risk-related
training for employees across the business divisions and Group functions.
Risk reporting and disclosure
Sustainability and climate risk considerations are an integral part of topics included in our quarterly risk reporting cycle.
Information exchanged during this process includes the number of transactions referred to the sustainability and climate
risk unit with outcomes and underlying reasons, and an associated breakdown by category. The report includes
information on exposure to climate -sensitive sector activities (our climate-related risk heatmaps and climate risk rating
models), leveraging a fully automated process. The heatmaps and climate rating models are also included in quarterly
internal risk reports for key legal entities and business divisions.
For external climate-related risk reporting, we have prepared our annual disclosures across the key areas recommended
by the Task Force on Climate-related Financial Disclosure.
The automated reporting capabilities for climate-related risk were enhanced to include combined (legacy- UBS and legacy-
Credit Suisse) Group-wide climate risk views for internal and external reporting. In addition, the outputs of the CRRM
have been implemented to generate year-end 2024 metrics for further granularity. Internal and external climate-related
risk metrics will continue to evolve in the coming years, as a part of our sustainability and climate risks roadmap, to meet
regulatory expectations and ensure leading practices in this area.
Annual Report 2024 |
Sustainability Statement | Managing sustainability and climate risk 66
Our investment management approach to sustainability and climate risks
Assessing climate-related financial risks in client portfolios
As a global financial institution, we help our clients navigate the challenges of the transition to a low-carbon economy.
We address this by establishing climate risk monitoring and management systems across our Asset Management and
Global Wealth Management business divisions, offering innovative products and services in investment and financing,
and providing transparent reporting and disclosures.
We strive to integrate climate-related financial risk considerations into our decision-making and processes pertaining to
services, strategies or products offered or employed by third parties, including delegates. In doing so, we demonstrate
our commitment to implementing the recommendations of the Task Force on Climate -related Financial Disclosures (the
TCFD). We perform climate risk assessments on discretionary portfolios managed in Singapore and in-scoped collective
investment schemes managed in Hong Kong respectively, in line with the Monetary Authority of Singapore (MAS)
Guidelines on Environmental Risk Management for Asset Managers and the Securities and Futures Commission of Hong
Kong (SFC) Climate Risk regulations. We also disclose portfolio risk across climate scenarios in the UK, in line with TCFD
recommendations.
We work across our industry and with our clients, ensuring they have access to best practice, robust science-based
approaches, standardized methodologies and quality data for measuring and mitigating climate risks.
In the following sections, we outline the UBS approach to quantifying climate risk in clients’ assets as well as how climate
risk information is applied to Asset Management and Global Wealth Management.
Quantifying climate risk: data and metrics
In order to evaluate climate risks at issuer level, we utilize physical and transition climate risk data from various data
providers.
Physical climate risk arises from the impact of weather events and long-term or widespread environmental changes.
Higher levels of physical risks imply higher probability of an issuer or direct assets being impaired in value. Our physical
risk assessment considers the potential impact of extreme climate events on an issuer’s assets or our direct assets, with
each physical risk score representing a sensitivity-adjusted, weighted average of risk scores linked to all associated assets
across different climate hazards, such as heat / cold waves, water stress, flooding, sea level rises, hurricanes, wildfires and
drought.
Transition risk arises from the process of adjusting to an environmentally sustainable economy, including changes in public
policies, disruptive technological developments and shifts in consumer and investor preferences. One of the ways we
assess transition risk is by using a “carbon earnings at risk” approach, which analyzes the unpriced carbon cost to a
company as a percentage of its earnings before interest, taxes, depreciation and amortization (EBITDA). We see carbon
earnings at risk as one of the more directly quantifiable and comparable metrics across industries globally, which is more
suitable for reflecting the reach and complexity of our investments.
For both physical and transition risks, the projections are typically built upon publicly reported company data, restricting
coverage to corporate issuers, which form the bulk of our public markets portfolios. Consequently, exposures to
sovereigns or structured products, for example, are not covered at this point.
Climate risk data remains an evolving area, and best practice standards or norms are still being developed. This results in
acknowledged limitations in data coverage and quality, such as issuer type and the use of proxy or estimation techniques.
Financial models also typically project up to three years into the future, with significant deterioration in visibility beyond
one year. As such, long-term projections used to generate data, even for 2030, may have limited accuracy.
We work closely with our data providers to continuously enhance the scope and quality of data available to us. Climate
risk data continued to improve over 2024, including, for example, improved financial integration and market-adjusted
carbon price assumptions. As our data providers continue to improve on their data methodology and coverage, in line
with industry best practice, these changes may be reflected in climate risk analytics on the client portfolios we manage.
Application in Asset Management
Asset Management’s ESG (environmental, social and governance) integration approach identifies climate-related risks
and opportunities that can be applied in managing existing investment strategies and constructing new portfolios.
Portfolio construction criteria are applied based on the intended objectives of the given strategy. Portfolios are classified
based on their sustainability characteristics, including sustainability-related key performance indicators and minimum
sustainability safeguards. Exclusion criteria address elevated sustainability risks and the scope of portfolios to which such
exclusions are applied is described in the Asset Management exclusion policy. The investment policies in fund
documentation describe the extent to which a strategy targets particular risk or opportunity outcomes. Asset
Management discloses various climate-related metrics in line with the TCFD’s Supplemental Guidance for Asset
Managers. We publish aggregated figures for total emissions, carbon footprint and weighted average carbon intensity in
the “Environmental information” section of this report. Asset Management includes disclosure of portfolio-level metrics
for sustainable investment portfolios in its fund factsheets and in client reporting.
Annual Report 2024 |
Sustainability Statement | Managing sustainability and climate risk 67
In Asset Management, our overall strategy for managing climate risks is to integrate risk data and insights into our
investment management processes. In our public markets investments, this begins with assessing ESG issues based on
our ESG material issues framework. This identifies the most relevant issues by sector, making the connection with key
value drivers that may impact the investment thesis across sectors. Our ESG material issues framework reflects a sector-
based view of exposures to physical and transition climate risks. Our climate risk assessment also uses issuer-level physical
risk data for a range of climate hazards, and transition risk data assessing exposure to changes in carbon pricing. This
assists with identifying issuers with higher levels of risk, which are then subjected to qualitative assessment, including the
location and business segments at risk, and mitigation, including board oversight, company risk assessment, mitigation
and adaptation actions, and engagement with suppliers, customers and local stakeholders. This climate risk assessment
is an additional consideration in the overall assessment of the sustainability performance of the issuer, which informs
investment decisions.
In our Global Real Assets business, we consider key transition risks using our proprietary, in-house ESG dashboard, which
assesses the environmental performance of directly controlled real estate assets against pathways and targets. Assessment
of transition risk using the International Energy Agency framework is applied for some of our direct infrastructure
investments. On the physical risk side, for our direct investments in both real estate and infrastructure, we use a third-
party location risk intelligence tool to analyze asset-level physical risk. We also use third-party data to inform our
assessment of physical risk in our indirect real estate investments. These tools identify each asset’s potential physical risks
under a variety of climate change scenarios and timelines.
Active ownership
The transition of investment portfolios will require real-economy emission reductions. We see our active ownership
strategy as a powerful tool in influencing corporate and other stakeholder behavior to achieve real-economy outcomes.
Asset Management has had a dedicated climate engagement program in place for more than five years, addressing
climate-related risks in companies, with measurable progress tracked. It covers high-emitting companies in our listed
equity and corporate bond universe, taking into account a range of sectors and geographies. This includes companies
from the oil and gas, electricity and other utilities, metals and mining, construction materials, chemicals sectors. The
program is focused on driving ambitious and credible transition strategies across portfolio holdings. It covers climate
governance, targets, transition plans and relevant business model objectives. Since the start of our engagement program,
we have increased the range of our expectations to include more ambitious emissions reduction target setting, quantified
disclosures on decarbonization actions, capital deployment in line with a net-zero pathway, and reporting of progress
toward stated commitments.
In our Global Real Assets business we typically hold a majority in our direct real assets, and thus it is possible to positively
influence outcomes through active ownership; this includes collaboration with tenants, third-party companies,
employees, communities and other stakeholders (via, for example, green lease clauses, tenant satisfaction surveys and
tenant reach-outs) to drive and achieve emission reductions and other climate risk mitigations. Where we do not have
control, we actively engage with owners and stakeholders to address climate-related risks and monitor progress
accordingly. This engagement includes physical risk exposure and mitigation, transition plans, disclosures and net-zero
alignment.
Application in Global Wealth Management
Our overall investment decision-making process is largely driven from the top. Although corporate-level data sourced
from S&P Global has been chosen for Global Wealth Management portfolios, given its credibility, complexity and
coverage, this bottom-up dataset cannot be directly integrated into Global Wealth Management’s investment processes
without the use of significant aggregation and proxies. Considering the above, at this point in time climate risk analyses
are not used to inform investment decisions at either the asset allocation or the instrument selection levels within Global
Wealth Management, due to investment scope, limitations of data availabilities, modeling uncertainties and
implementation hurdles. We actively monitor industry best practice and data developments to ensure we are prepared to
further integrate climate risks into core investment processes, should these bottlenecks be resolved. In the meantime, we
continue to review implied climate risk in our portfolios and continue to make progress on capacity building and making
climate risk assessment findings available across the investment value chain.
Industry engagement
Most of our discretionary portfolios consist of investment funds from third-party fund managers, including UBS Asset
Management, which runs independent processes. Generally, Global Wealth Management acts as an asset allocator and
manager of these portfolios, but it does not control portfolio construction and management within the underlying fund
investment solutions. Therefore, in addition to developing a climate risk assessment management framework for
portfolios based on underlying investment holdings, we aim to understand the climate risk management practices
established by the managers of the underlying funds.
To that end, we regularly ask investment fund partners of approved investment funds for information about their
approach to climate risk issues, including the extent to which climate risk management processes have been developed
and implemented within their businesses, with relevance to frameworks such as TCFD and the MAS Guidelines on
Environmental Risk Management for Asset Managers, where required by relevant regulators. We are committed to
continuing regular communication with our fund partners about the development of climate risk management processes,
as relevant to their strategies.
Annual Report 2024 |
Sustainability Statement | Other supplemental information 68
Other supplemental information
Additional UBS Europe SE considerations for sustainability and climate risk
management
UBS Europe SE is a significant Group entity of UBS Group. Therefore, UBS Group’s management of sustainability and
climate risks, and related risk assessments, implicitly cover UBS Europe SE’s portfolios. In addition, UBS Europe SE carries
out explicit management and assessment of sustainability and climate risk. This includes a tailored risk strategy and
business strategy, review of the UBS decarbonization commitments at the level of UBS Europe SE, and dedicated
materiality assessments, stress testing, a control framework and reporting with respect to sustainability and climate risks.
Materiality assessment
UBS
Europe
SE considers sustainability and climate risks as part of the regular risk identification process that feeds into its
risk strategy. This includes an evaluation of whether sustainability and climate risks have a material impact on other risk
categories, such as credit risk, market risk, liquidity and funding risk, business risk, non-financial risks (including
compliance and operational risks), litigation risk, and reputational risk (including greenwashing). It also considers distinct
risk types (climate risk, both transition risk and physical risks, as well as environmental risk / nature-related risk).
The materiality assessment for sustainability and climate risks is performed leveraging different analyses and capabilities,
ranging from sensitivity analyses based on a heatmap methodology as well as climate risk rating model to climate scenario
analyses considering different severities and time horizons , as well as qualitative subject matter expert assessments. It
also takes into consideration the relevant offering for UBS Europe SE across the different business divisions.
Based on these evaluations, and as reflected below, after considering risk-mitigating measures as of Q4 2024,
sustainability and climate risk in UBS Europe SE as a whole is currently assessed as material, driven by non-financial risks
and reputational risk. There is a defined and implemented framework and adherence to the established framework is
guaranteed by implementing and executing clear established controls and having environmental-, social- and
governance-related metrics in place.
The detailed analyses underpinning these materiality assessment results are documented further internally.
Annual Report 2024 |
Sustainability Statement | Other supplemental information 69
Business model
Pursuant to the German Banking Act in connection with the European Banking Authority guidelines on Internal
Governance and the Minimum Requirements for Risk Management (MaRisk) published by the Federal Financial
Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin), UBS Europe SE executes a robust and
durable business strategy. The business strategy, risk strategy and risk profile of UBS Europe SE are core elements for the
approach to, and assessment of, sustainability and climate risks. The risk profile, which considers all business activities as
described in the business strategy, allows UBS Europe SE to understand the risks and impacts on the business environment
and to inform the risk appetite as established in the risk strategy.
In line with UBS Group, sustainability is dealt with as a key strategic imperative in UBS Europe SE’s business strategy,
where applicable business activities related to sustainability and measures are established, monitored and annually
reviewed at entity level. Assessing the different risks and opportunities that are linked to sustainability is crucial to
developing a consistent sustainability business strategy. Hence, UBS Europe SE analyzes topics such as market trends,
regulatory frameworks, climate risks and clients’ needs across its business divisions from a sustainability perspective to
ensure such aspects are fully embedded in its business strategy.
As one of Europe’s largest managers of private and institutional wealth, UBS Europe SE has a role to play in tackling the
challenges faced within sustainable finance. It has established targets and key performance indicators (KPIs) following
the UBS Group sustainability and impact strategy across environmental, social and product-related areas, which are
currently under development.
UBS Europe SE has determined the following topics as its sustainability priorities:
–
continuing to address and progressing with its sustainability strategy and decarbonization commitments, through
active monitoring and reporting to dedicated stakeholders and senior management;
–
ongoing enhancement of the sustainability sections of the UBS Europe SE Business Strategy document, including
further development and implementation of UBS Europe SE-applicable KPIs around environmental, social and product-
related topics, enabling monitoring and reporting over time; and
–
ensuring compliance with regulatory requests, expectations and upcoming legislation related to sustainability under
which UBS Europe SE is in scope of.
UBS Europe SE is fully aligned with the UBS Group sustainability and impact strategy, including its ambitions and
implementation timeline. Our sustainability and impact ambition is to be the bank for the next generation. To help us
realize that vision, our sustainability and impact strategy is based on three overarching strategic pillars: Protect, Grow and
Attract, representing a natural evolution in our strategic approach.
›
Refer to “Strategy” in this section for more information about our sustainability and impact strategy, which fully applies to UBS
ESE
Globally, UBS Group is a member of several associations and networks, supporting sustainable finance principles based
on international standards, where the aforementioned topics are addressed and further considered, including for
European entities. At the level of UBS Europe SE this includes: the Green and Sustainable Finance Cluster Germany; the
Association of German Banks (Bundesverband deutscher Banken e.V.); the European Bank Federation (Sustainable
Finance Team); and the Sustainable Finance teams of the Association for Financial Markets in Europe (AFME). In 2022,
UBS Europe SE became a member and sponsor of the International Sustainability Standards Board (ISSB) to support the
development of more consistent corporate reporting on sustainability matters, which can in turn support the integration
of sustainability factors into financial markets and decision-making.
Governance
The members of the UBS Europe SE Management Board are overall responsible for adequate risk management and for
establishing an integrated and institution-wide risk culture. This includes determining the firm’s risk principles, risk
appetite, major portfolio limits and their allocation to the business divisions and treasury. The Management Board
develops and implements the risk and control frameworks, oversees the entity’s risk profile and approves key UBS Europe
SE risk policies. The oversight and controls include all business conducted in the entity, including its branches and their
associated risks, and further ensure compliance with local legal and regulatory requirements. Notwithstanding the joint
responsibility of the Management Board, each member of the Management Board is responsible for establishing
adequate controls and monitoring processes in their respective area of responsibility.
UBS Europe SE’s Supervisory Board is responsible for supervising and advising the Management Board, which informs the
Supervisory Board about risk-relevant topics, including risk strategy and risk appetite, on a regular basis. The Supervisory
Board has established a Risk Committee, which monitors and supervises the firm’s risk profile and the implementation of
the risk framework as approved by the Management Board, as well as monitors the firm’s key risk measurement
methodologies, including sustainability and climate risk.
UBS Europe SE’s risk management organization is based on the “three lines of defense” model, fulfilling the general risk
management requirements according to “Mindestanforderungen an das Risikomanagement (MaRisk) AT°4.3.1”
(Minimum Requirements for Risk Management). Furthermore, it is embedded into the broader risk governance framework
of the UBS Group.
The UBS ESE Management Board ensures the effectiveness of the organization’s risk management framework and relies
on adequate line functions – including monitoring and assurance – by implementing the three lines of defense model.
Annual Report 2024 |
Sustainability Statement | Other supplemental information 70
According to the sustainability and climate risk policy framework, the business (as the first line of defense – 1st LoD)
identifies sustainability and climate risks in in-scope products, services, activities, transactions, onboardings or periodic
reviews, and refers them to the sustainability and climate risk (SCR) unit, as the second line of defense (2nd LoD) unit or
business-aligned 2nd
LoD (e.g. credit risk controllers), where applicable.
The SCR unit (2nd LoD) approves or declines the referred cases after assessing their compliance with the firm’s Risk
Appetite standards defined by the UBS Europe SE Management Board. SCR also measures, monitors and reports the
exposure to sustainability and climate risks. Moreover, the SCR unit supports the Chief Risk Officer (CRO) in overseeing
sustainability topics. It develops and implements UBS Europe SE´s risk framework, specifically risk appetite, for
sustainability and climate risk topics, monitors emerging issues and reviews UBS Europe SE´s exposure to sustainability
and climate risk. Furthermore, it ensures the SCR policy framework is embedded in UBS Europe SE´s culture, management
practices and control principles across the firm and conducts sustainability and climate-risk-specific assessments of
transactions and client and supplier onboarding.
The compliance framework applied by the Group Compliance, Regulatory & Governance (GCRG) function as part of the
2nd LoD includes (but is not limited to) standards set for the appropriate consideration of ESG-related risks in (i) the
product service life cycle through the New Business Enablement Framework (NBE); (ii) the client life cycle framework (at
onboarding and during the lifetime of the business relationships); (iii) transaction and proposal review; and (iv) the
investment suitability framework (capturing of client sustainability preferences in the investors’ profiles). These
supplement the existing processes and controls in place to identify risks that arise through the firm´s business activities,
including ESG-related risks, to ensure that these are appropriately evaluated.
GCRG undertakes monitoring of greenwashing risks focusing on performing a periodic, sample-based control in all
jurisdictions where Sustainable Investment labelled products / services are distributed and mapping of materially-relevant
ESG 1st and 2nd LoD controls by non-financial risk taxonomy to support a focused assessment of ESG as a risk driver.
From a third line of defense (3rd LoD) perspective, Internal Audit assures design and operating effectiveness of UBS
Europe SE's internal risk and control framework and escalates / reports to relevant governance forums (e.g. Risk Control
Committee) and UBS Europe SE Audit Committee.
In addition to the UBS Group structure for the identification, assessment and management of sustainability and climate
risk, UBS Europe SE has established its own governance. Since 2021, UBS Europe SE has had in place a Sustainability and
SCR Steering Forum. It meets monthly, with full Management Board representation including CEO, and oversees the
strategy and the implementation of plans to address regulatory expectations concerning the impact of climate-related
and environmental risks on the legal entity. Furthermore, to ensure sustainability is handled as a key priority and according
to UBS Europe SE´s Schedule of Responsibilities, the responsibility for sustainability and climate risks at Management
Board level is allocated to the CRO, while the Chief Financial Officer is responsible for sustainability. Both co-chair the
Sustainability and SCR Steering Forum and they are supported by the roles of UBS Europe SE SCR Lead (2nd LoD), as
Head of the SCR unit and part of Group Risk Control, and UBS Europe SE Sustainability Lead (1st LoD), part of the Group’s
Chief Sustainability Office.
In 2023, enhancements were made to the Sustainability and SCR Steering Forum and its formal reporting to the
Management Board, providing quarterly and, when required, bespoke extraordinary updates and update of the forum
Guiding Principles. This allows sustainability and SCR to be addressed and monitored at the highest level in the entity.
Additionally, a semi-annual report to the Management and Supervisory Boards on progress against the decarbonization
commitment is in place.
›
Refer to “Our sustainability governance” in the “Sustainability statement” section of this report for more information about UBS
sustainability governance
Risk management
The UBS sustainability and climate risk policy framework included in the “Managing sustainability and climate risks”
section of this report, is also embedded in the UBS Europe SE risk control framework.
The SCR initiative follows a multi-year roadmap across our firm’s business divisions and legal entities, and hence also
covers UBS Europe SE. It is designed to integrate sustainability and climate risk considerations into our firm’s various
traditional financial risk management frameworks, and related policies and processes. This is necessary to meet
expectations regarding the management of sustainability and climate risks and to deliver on climate stress testing
exercises. There will be continuous enhancement of the sustainability and climate risk management framework as
additional capabilities and enhanced data become available.
›
Refer to “Managing sustainability and climate risks” in this section and the sustainability and climate risk policy framework,
available at
ubs.com/sustainability-reporting
, for further details on the implementation plans to integrate sustainability and
climate risk into other risk categories as well as progress to date
Climate scenario analysis is part of UBS Europe SE’s stress testing framework. Climate scenario analysis allows the
assessment of transition and physical risks across different severities of climate change and time horizons. UBS Europe SE
leverages corresponding risk models for major risk types including credit, market, liquidity, business and non-financial
risks.
Annual Report 2024 |
Sustainability Statement | Other supplemental information 71
Generally, the material residual risk categories are capitalized within the internal capital adequacy assessment process
(ICAAP). Therefore, the potential impact of sustainability and climate risk on non-financial risks and reputational risk is
considered in both ICAAP perspectives.
›
Refer to “Managing sustainability and climate risks“ in this section and in particular to the sections “Risk identification and
measurement” and “Climate-related risk methodologies and scenarios” for further information on climate scenario analysis.
Metrics and targets
Regarding metrics, UBS Europe SE’s exposure to carbon-related assets and climate risk (both physical and transition risk)
as well as nature-related risk is disclosed below. Additional information on climate risk and also information on UBS AG
and UBS Europe SE pursuant to Art. 8 of the EU Taxonomy Regulation is disclosed in the below referred sections.
›
Refer to “Managing sustainability and climate risks” in this section for the “Risk management – climate-related metrics” table
›
Refer to the “Sustainability and climate risk policy framework”, available at
, for more
information about the sustainability and climate risk assessments table
›
Refer to “Information pursuant to Art. 8 of the EU Taxonomy Regulation” in the “Sustainability statement” section of this report
In relation to the decarbonization commitment and associated aspirations and targets, UBS Europe SE, as part of the UBS
Group, works with a long-term focus on providing appropriate returns to our stakeholders in a responsible manner. UBS
is committed to providing transparent aspirations, goals and targets and reporting on the progress made against them.
›
Refer to “Environmental information” in this section for detailed information on financed emissions and targets
›
Refer to “Environmental information” in this section for more information about financed emissions methodologies (with UBS
Europe SE fully embedded in these)
Regarding financed emissions, UBS Europe SE has low exposure to the specified sectors defined by the Group. For the
reporting period, the exposure within the scope of UBS Europe SE to decarbonization targets is concentrated in two
single positions related to the power generation sector, which are being tracked at the Group level. In relation to exposure
to the residential real estate sector, the mortgages portfolio is very limited, and it is not an active business; its situation in
relation to the decarbonization commitment is in line with the Group targets.
The following sections explain the methodologies used by UBS Europe SE to assess the impact that transition risk, physical
risk and environmental / nature-related risk have on the risk profile and business model of the legal entity.
›
Refer to “Managing sustainability and climate risks” in this section, in particular the transition and physical risks sections and
”Risk identification and measurement“, as well as “Climate-related risk methodologies and scenarios” for more information
The nature-related risk metric provides a snapshot of UBS’s exposure to economic sectors rated as nature sensitive. This
metric is defined as the maximum (worst-case) rating of either that sector’s dependency on the environment or impacts
to the environment. As a result, lending exposure data is categorized by risk ratings based on the current state of the
world.
UBS Europe SE climate transition and physical risks exposures and nature-related risk exposures are shown below. In
2024, the exposure to carbon-related assets, transition risk and nature-related risk has increased due to addition of real
estate exposure from the Credit Suisse integration. The increase in climate-driven transition risk, traded product and issuer
risk is on account of a methodology change of services and technology sector, where certain business activities are rated
as sensitive due to increased use of artificial intelligence (AI) and data center operations requiring higher use of energy.
Annual Report 2024 |
Sustainability Statement | Other supplemental information 72
Risk management – Climate- and nature-related metrics
For the year ended
31.12.24
31.12.23
Climate- and nature-related metrics for UBS Europe SE (standalone) (USD m)
1, 2
Carbon-related assets
3, 4, 5, 6
24.9
6.3
Total exposure to climate-sensitive sectors, transition risk
3, 5, 6, 7
25.2
9.4
Exposure to climate-sensitive sectors, transition risk: Traded products
6, 7, 8
92.9
1.3
Exposure to climate-sensitive sectors, transition risk: Issuer risk
6, 7, 9
96.5
4.4
Total exposure to climate-sensitive sectors, physical risk
3, 5, 6, 7
24.3
21.2
Exposure to climate-sensitive sectors, physical risk: Traded products
6, 7, 8
237.3
436.6
Exposure to climate-sensitive sectors, physical risk: Issuer risk
6, 7, 9
54.4
225.4
Total exposure to nature-related risks
3, 5, 7
24.8
7.3
Exposure to nature-related risks: Traded products
7, 8
11.0
30.4
Exposure to nature-related risks: Issuer risk
7, 9
2.7
3.8
1
measurement approaches. Lombard lending rating is assigned based on the average riskiness of collateral.
2
integrate both impacts to and dependencies on a changing natural and climatic environment, in how UBS evaluates its risks and opportunities.
3
Banking Products metrics for 2023 are recalculated and restated
based on the 2024 methodology for comparison purpose.
4
assets through industry-identifying attributes of the firm’s banking book. UBS further includes the four non-financial sectors addressed by the TCFD, including, but not limited to, fossil fuel extraction, carbon-based
power generation, transportation (air, sea, rail, and auto manufacture), metals production and mining, manufacturing industries, real estate development, chemicals, petrochemicals, and pharmaceuticals, building
and construction materials and activities, forestry, agriculture, fishing, food and beverage production, including trading companies that may trade any of the above (e.g. oil trading or agricultural commodity trading
companies). This metric is agnostic of risk rating, and therefore may include exposures of companies that may be already transitioning or adapting their business models to climate risks, unlike UBS climate-sensitive
sectors methodology, which takes a risk-based approach to defining material exposure to climate impacts.
5
balance sheet guarantees and irrevocable loan commitments (within the scope of expected credit loss).
6
risk management framework, we may identify new use cases that could trigger validation of model for identified use cases and associated enhancements. As a consequence, restatement of reported metrics may be
required.
7
moderately low, moderate, moderately high, and high. The climate- and nature-sensitive exposure metrics are determined based upon the top three of the five rated categories i.e. moderate to high.
8
products, the metric is calculated using over-the-counter (OTC) derivatives, exchange-traded derivatives (ETDs) and securities financing transactions (SFTs), consisting of securities borrowing and lending, and repurchase
and reverse repurchase agreements.
9
The table below presents the risk exposures by sector across climate- and nature-related risks. It first shows total exposure
to each sector, followed by share of sensitive risk exposure for each risk type.
Climate- and nature-related risk exposures by sector for UBS Europe SE (standalone)
1, 2, 3, 4, 5, 6
Transition risk
Physical risk
Nature-related risk
7
Sector / Subsector
2024 exposure
(USD m)
2024 transition risk
climate-sensitive
exposure (USD m)
3
2024 physical risk
climate-sensitive
exposure (USD m)
3
2024 nature-related
risk exposure (USD m)
Agriculture
Agriculture, fishing and forestry
1.32
0.00
1.31
1.26
Food and beverage
1.54
1.54
0.79
0.01
Financial services
Financial services
247.59
0.00
0.01
0.00
Industrials
Electronics manufacture
0.05
0.05
0.00
0.00
Goods and apparel manufacture
1.15
1.15
0.00
1.15
Machinery manufacturing
0.83
0.83
0.00
0.83
Private lending
Lombard
8,041.92
0.00
0.00
0.00
Real estate
Development and management
20.41
20.41
0.00
20.41
Private clients with mortgages
8
315.24
0.00
0.00
0.00
Services and technology
Services and technology
85.63
0.13
22.17
0.00
Utilities
Power generation
1.13
1.13
0.00
1.13
Not classified
9
185.82
0.00
0.00
0.00
Grand Total
8,902.62
25.25
24.29
24.78
1
Methodologies for assessing climate- and nature-related risks are emerging and may change over time. As the methodologies, tools and data availability improve, we will further develop our risk identification and
measurement approaches. Lombard lending rating is assigned based on the average riskiness of loans.
2
guarantees and irrevocable loan commitments (within the scope of expected credit loss) and is based on standalone IFRS numbers.
3
and seeks to integrate both impacts to and dependencies on a changing natural and climatic environment, into how UBS evaluates its risks and opportunities.
4
and 1, based on sustainability and climate risk transmission channels. Risk ratings represent a range of scores across five rating categories: low, moderately low, moderate, moderately high, and high. The climate- or nature-
sensitive exposure metrics are determined based upon the top three of the five rated categories i.e. moderate to high.
5
As a result, metric calculation process benefits from data enhancement even when methodology remains same year on year. At the same time, integration work is ongoing and expected to bring in further data alignment
in future, which may require restatement of reported metrics.
6
new use cases that could trigger validation of model for identified use cases and associated enhancements. As a consequence, restatement of reported metric may be required.
7
has been further strategically enhanced, with updates carried out internally by UBS.
8
includes rental or income-producing real estate financing to private and corporate clients secured by real estate. Private clients with mortgages include lending to private clients secured by owner-occupied real estate and
personal account overdrafts of those clients.
9
Annual Report 2024 |
Sustainability Statement | Other supplemental information 73
Transition risk
The transition risk heatmap below shows that at year-end 2024, the majority of UBS Europe SE exposure is rated as
moderately low (95.84%), whereas the climate-sensitive exposure of total gross lending exposure is immaterial (0.28%).
The majority of the climate-sensitive exposure is concentrated mainly in the real estate sector.
Physical risk
The physical risk heatmap below shows that at year-end 2024, the majority of UBS Europe SE exposure is rated at
moderately low (91.55%) , whereas the climate-sensitive exposure of total gross lending exposure is immaterial (0.27%).
Annual Report 2024 |
Sustainability Statement | Other supplemental information 74
Annual Report 2024 |
Sustainability Statement | Other supplemental information 75
Nature-related risk
The nature-related risk heatmap below shows that at year-end 2024, the majority of UBS Europe SE exposure is rated as
low (96.88%), whereas the nature -sensitive sectors exposure is immaterial (0.28%).
Annual Report 2024 |
Sustainability Statement | Other supplemental information 76
Basis of preparation – UBS Europe SE climate- and nature-related metrics
The basis of preparation provides information on the definition, scope, methodology and assumptions used to calculate
and report 2024 metrics that UBS discloses. Each metric is prepared in accordance with an internal procedure that
specifies processes, reporting systems, data sourcing, roles and responsibilities, methodologies and controls. The design
of these metrics considers prevailing reporting frameworks and industry best practices. UBS regularly reviews the metrics
that are disclosed and may make updates or changes in line with its business priorities, regulatory requirements, industry
standards and market practices.
Theme
Sustainability and climate risk
Metric(s)
Carbon-related assets (USD m)
Legal entity
UBS Europe SE (standalone)
Definition
and method
Carbon-related assets are defined as concentrations of credit exposure to assets tied to the four non-financial groups as defined by the
Task Force on Climate-related Financial Disclosures (TCFD) (using Global Industry Classification Standard, GICS). These four groups are:
(i) energy; (ii) transportation; (iii) materials and buildings; and (iv) agriculture, food and forest products. Recognizing that the term
carbon-related assets is currently not well defined, the TCFD encourages banks to use a consistent definition to support comparability.
The metric is calculated for UBS Europe SE (standalone) on the total on-balance sheet loans and advances to customers and off-
balance sheet guarantees and irrevocable loan commitments (within the scope of expected credit loss) and is based on standalone IFRS
numbers.
The carbon-related assets metric is the total exposure of assets in the four non-financial groups as defined by the TCFD in its expanded
definition published in 2021. UBS defines carbon-related assets through industry-identifying attributes of the firm’s banking book. It
also includes the four non-financial sectors addressed by the TCFD, including but not limited to, fossil fuel extraction, carbon-based
power generation, transportation (air, sea, rail and auto manufacture), metals production and mining, manufacturing industries, real
estate development, chemicals, petrochemicals, and pharmaceuticals, building and construction materials and activities, forestry,
agriculture, fishing and food and beverage production, also including trading companies that may trade any of the above (e.g. oil
trading or agricultural commodity trading companies). This metric is agnostic of risk rating, and therefore may include exposures of
companies that may be already transitioning or adapting their business models to climate risks, unlike UBS climate-sensitive sectors
methodology, which takes a risk-based approach to defining material exposure to climate impacts. Economic sectors are classified
according to the Group Industry Code 2.0 (GIC2.0) which comprises a hierarchical structure, and further dissected using the heatmap
segmentation. Internal UBS GIC2.0 sectors / subsectors are utilized.
Theme
Sustainability and climate risk
Metric(s)
Total exposure to climate-sensitive sectors, transition risk (USD m)
Legal entity
UBS Europe SE (standalone)
Definition
and method
Sustainability and climate risks may manifest as credit, market, liquidity and / or non-financial risks for UBS, resulting in potential
adverse financial, liability and / or reputational impacts. These risks extend to the value of investments and may also affect the value of
collateral (e.g. real estate).
Climate risks can arise from efforts to mitigate climate change (transition risks). Transition risks from efforts to address a changing
climate may contribute to a structural change across economies and can consequently affect banks and the stability of the broader
financial sector through financial and non-financial impacts.
The metric is calculated for UBS Europe SE (standalone) for banking products, traded products and issuer risk.
For banking products, the metric is calculated on total on-balance sheet loans and advances to customers and off-balance sheet
guarantees and irrevocable loan commitments (within the scope of expected credit loss) and is based on standalone IFRS numbers.
For traded products, the metric is calculated on over-the-counter (OTC) derivatives, exchange-traded derivatives (ETDs) and securities
financing transactions (SFTs), consisting of securities borrowing and lending, and repurchase and reverse repurchase agreements.
Issuer risk, also known as tradable single name exposures, refers to the price and other risks resulting from changes in the financial
condition of a specific issuer that cannot be attributed to general market risk. For issuer risk, the metric is calculated on HQLA assets,
debt securities, bonds and liquidity buffer securities.
In 2024, UBS launched a transition risk rating model (TR RM), designed to provide a company-level rating of transition risk, where
input data is available. The model methodology mainly relies on two inputs: the output of the transition risk heatmap (TR HM), which
is based on the counterparty’s sectoral classification and country group, and the Company Transition Assessment Scorecard (CTAS).
CTAS is an internal UBS tool that provides sector-agnostic assessment of companies, categorizes large, listed companies based on the
data collected from external providers and summarizes them into a category that is indicative of each firm’s stance towards net-zero
alignment. In the TR RM, the counterparty’s TR HM rating is adjusted based on the distance between the net-zero stance of a
company and that of its group’s median via the CTAS. Whenever CTAS does not provide an assessment for a company, the model
relies exclusively on the TR HM. The coverage of TR RM depends on CTAS, which in turn, depends on the data collected from external
providers. Once data is available for a wider set of companies, the coverage of TR RM is expected to improve.
The TR HM methodology is based upon a risk segmentation process, first dividing financing types and then rating economic sectors
and sub-industry segments that share similar climate-risk vulnerability characteristics. Climate transition risk scores and ratings are
assigned to sectors and segments according to their vulnerability to (i) climate policy, (ii) low-carbon technology risks, and (iii) revenue
or demand shifts under an immediate, ambitious, and disorderly approach to meeting the well-below-2˚C Paris Agreement goal. The
risk ratings can be used to support the identification of potential climate-sensitive concentrations and further analysis. The ratings in
the heatmap reflect the levels of risk that would likely occur under an ambitious transition (in the short term, 0–3 years) and disorderly
with respect to diversification of policy stringency across developing and industrialized countries. The countries are classified as either
industrialized countries ("IC") or emerging markets countries ("EM"), as per UBS country risk policy.
UBS derived the methodological approach for the transition risk assessment from an active collaboration with the United Nations
Environment Programme Finance Initiative (UNEP-FI) and Oliver Wyman. Assessments are derived as part of the 2018–2022
collaboration with the UNEP-FI based on Integrated Assessment Modelling Consortium (the IAMC) scenario information along with
academic research supporting risk rating analysis. The collaboration included development of the initial TR HM methodology. Since the
original version, UBS has further established the ratings and risk segmentation process in-house, reflecting changes in risk profile on
the ground, evolving in-house views on climate risk materiality, and UBS’s own business footprint.
Annual Report 2024 |
Sustainability Statement | Other supplemental information 77
The TR HM provides transition risk ratings based on both the country of risk domicile and internal UBS industry classification Group
Industry Code 2.0 (GIC2.0), while the TR RM provides company-level ratings. Both the TR HM and the TR RM rely on a five -point
rating scale: low, moderately low, moderate, moderately high, high and moderately high. Climate sensitive sectors and subsectors are
defined as those business activities that are rated as having high, moderately high, or moderate vulnerability to transition risks.
UBS lending exposure is then mapped to the counterparty-level rating (TR RM), or else, when counterparty-specific input data is
missing or data quality is not sufficient, the transition risk ratings from TR HM are used as fallback based on the counterparty’s country
of risk domicile and sector classification (GIC2.0). The exposures that are not mapped due to the absence of counterparty-level ratings
and sector / country-based risk ratings are treated as “not classified”.
Additionally, to increase the granularity of risk ratings and coverage for key financial institutions and corporate clients booked in
specific legal entities, a bespoke company-level assessment is carried out. The assessment is done outside of TR RM; however, the
rating is combined with the TR RM output in a final unified output table.
Lombard lending is assigned an overall rating based on the average riskiness of the collaterals that are posted backing the loans,
applying the heatmap methodology to the issuer of the collaterals, and on an internal adverse scenario analysis (yielding an overall
moderately low-risk rating).
For real estate financing and private clients with mortgages, an expert-based overall rating is assigned based on internal analyses of
UBS real estate portfolios. Additionally, real estate financing to corporate clients is assigned the worst of the portfolio rating and the
client rating as per TR HM.
Theme
Sustainability and climate risk
Metric(s)
Total exposure to climate-sensitive sectors, physical risk (USD m)
Legal entity
UBS Europe SE (standalone)
Definition
and method
Sustainability and climate risks may manifest as credit, market, liquidity and / or non-financial risks for UBS, resulting in potential
adverse financial, liability and / or reputational impacts. These risks extend to the value of investments and may also affect the value of
collateral (e.g. real estate). Climate risks can arise from changing climate conditions (physical risks). Physical risks from a changing
climate may contribute to a structural change across economies and can consequently affect banks and the stability of the broader
financial sector through financial and non-financial impacts.
The metric is calculated for UBS Europe SE (standalone) for banking products, traded products, and issuer risk.
For banking products, the metric is calculated on total on-balance sheet loans and advances to customers and off-balance sheet
guarantees and irrevocable loan commitments (within the scope of expected credit loss) and is based on standalone IFRS numbers.
For traded products, the metric is calculated on over-the-counter (OTC) derivatives, exchange-traded derivatives (ETDs) and securities
financing transactions (SFTs), consisting of securities borrowing and lending, and repurchase and reverse repurchase agreements.
Issuer risk, also known as Tradable Single Name Exposures, refers to the price and other risks resulting from changes in the financial
condition of a specific issuer that cannot be attributed to general market risk. For issuer risk, the metric is calculated on HQLA assets,
debt securities, bonds and liquidity buffer securities.
In 2024, UBS developed a physical risk rating model (PR RM) that is aligned with the physical risk heatmap model (PR HM) and provides
the rating at a company-level when its asset-level data is available. Both the PR RM and the PR HM consider company type, and neither
the existence or the type of collateral, nor the type of relationship the bank has with the company are factored in. The PR HM has a
broader scope of application compared to the PR RM. The PR HM applies an aggregation logic to generate ratings for all companies in
relevant sector-country combinations, providing average estimates, while the PR RM provides a company-level rating when its asset-
level data has information on the associated climate physical risk. The developed physical risk heatmap methodology will be validated
for the corporate entities in real estate financing and in Global Wealth Management for non-Lombard loans and unsecured lending in
due course.
The PR RM and PR HM measure how four acute physical risk hazards (wildfires, heatwave, floods, and tropical cyclones) may drive
current physical risk of UBS counterparties.
The physical risk is measured by a score calculated by combining a physical risk exposure metric derived from asset-level data, sourced
from ESG data vendors. The PR HM isolates assets falling under the same sector and location (country of risk domicile) to calculate a
sector-country level physical risk score for each of the four hazards. Due to data limitations from our vendor feed, for some sector-
country combinations such representative population is not large enough to infer reliable metrics. In these cases, increasingly wider
geographies are considered until reliability is minimally ensured. To account for data concentrations, a penalization factor is applied to
sector-country exposure scores. The hazard specific physical exposure scores are further amplified / mitigated by considering the level
to which each sector is vulnerable / resilient to a particular hazard. At this step, multiple risk transmission channels are taken into
account. Specific to the PR RM, sufficient geographic diversification of a counterparty’s assets acts as a mitigant of the physical risk
exposure scores.
At the final stage, exposure scores are aggregated across transmission channels and hazards to derive a single physical rating score.
The score is mapped to a five-point rating scale: low, moderately low, moderate, moderately high, high. Climate-sensitive sectors are
defined as those business activities that are rated as having high, moderately high or moderate vulnerability to physical risk.
UBS lending exposure is then mapped to the counterparty-level rating (PR RM), or else, when counterparty-specific asset data is
missing or data quality is not sufficient in our vendor feed, the physical risk ratings from PR HM are used as fallback based on the
counterparty’s country of risk domicile and sector classification. The exposures that are not mapped due to absence of counterparty-
level rating and sector / country-based risk rating are treated as “not classified”. To drive the top-down classification of risk, the
internal UBS Group Industry Code 2.0 (GIC2.0) is used to classify economic sectors in a hierarchical structure.
For real estate financing and private clients with mortgages, an expert-based overall rating is assigned based on internal analyses of
UBS real estate portfolios, with a focus on flooding risk in Switzerland. Additionally, real estate financing to corporate clients is
assigned the worst of the portfolio rating and the client rating as per PR HM.
Lombard lending is assigned an overall rating based on the average riskiness of the collaterals that are posted backing the loans,
applying the heatmap methodology to the issuer of the collaterals, and on an internal adverse scenario analysis (yielding an overall
moderately low-risk rating).
Annual Report 2024 |
Sustainability Statement | Other supplemental information 78
Theme
Sustainability and climate risk
Metric(s)
Total exposure to nature-related risks (USD m)
Legal entity
UBS Europe SE (standalone)
Definition
and method
Sustainability and climate risks may manifest as credit, market, liquidity and / or non-financial risks for UBS, resulting in potential
adverse financial, liability and / or reputational impacts. These risks extend to the value of investments and may also affect the value of
collateral (e.g. real estate). Nature-related risks can arise from economic and human dependency upon ever-changing environmental
conditions and / or how human activities (and economies) may adversely impact those very conditions, which we rely upon. A
degrading environment, and its ecosystem services (like biodiversity, clean air, fresh water, and more) may contribute to a structural
change across economies and consequently can affect banks and the stability of the broader financial sector through financial and
non-financial impacts.
The metric is calculated for UBS Europe SE (standalone) for banking products, traded products, and issuers (issuer risk).
For banking products, the metric is calculated on total on-balance sheet loans and advances to customers and guarantees along with
off-balance sheet irrevocable loan commitments (within the scope of expected credit loss) and is based on standalone IFRS numbers
For traded products, the metric is calculated using over the counter (OTC) derivatives, exchange-traded derivatives (ETDs) and securities
financing transactions (SFTs), consisting of securities borrowing and lending, and repurchase and reverse repurchase agreements.
Issuer risk, also known as Tradable Single Name Exposures, refers to the price and other risks resulting from changes in the financial
condition of a specific issuer that cannot be attributed to general market risk. For issuer risk, the metric is calculated based on HQLA
assets, debt securities, bonds, liquidity buffer securities.
The nature-related risk metric provides a snapshot of UBS’s exposure to economic sectors rated as nature sensitive. This metric is
defined as the maximum (worst-case) rating of either that sector’s dependency on the environment or impacts to the environment. As
with climate-related risks, sensitive is defined as the top three ratings (high, moderately high, or moderately rated) on a five-point
rating scale. Moderately low and low ratings are defined as non-sensitive.
The driving methodology is derived from the Exploring Natural Capital Opportunities, Risks and Exposure (ENCORE) methodology
(2018-2023).
ENCORE (2018-2023) is based on a four-tier system:
–
Natural capital assets: defined as the most basic unit of the environment (e.g. geology, soil, air, water).
–
Ecosystem services: assets combine to form services (i.e. air and trees combine to purify carbon dioxide and provide oxygen).
–
Economic production processes: they are grouped into more classical economic sub-sectors.
–
The scientifically informed ratings given by ENCORE on how production processes may impact and / or depend on ecosystem
services.
UBS internal primary industry codes (Group Industry Code, GIC 2.0) are mapped to the ENCORE database through the link to Global
Industry Classification Standard (GICS) codes provided by ENCORE. UBS maintains official bank-wide mapping of the external GICS to
the internal GIC 2.0 database. This is one of the improvements to the nature-related risk heatmap in 2024 improving the quality of the
mapping process.
The ratings for nature-related risk dependencies of a sector consider the potential (i) loss of functionality of a production process and
(ii) financial loss, if for example the ecosystem service is disrupted. The ratings for nature-related impact consider how severe, quick
and frequent a production process can disrupt ecosystem services or deplete natural capital stocks. Ratings (ranging from low to high)
are based on integral scores (ranging from 0 to 5 for dependencies, 0 to 4 for impacts). For each production process, dependency
values are summed across ecosystem services and impact values are summed across impact drivers, which gives two aggregated values
per production process. These values are then normalized to 0-1 scores by setting the largest observed value (across production
processes) to the maximum relative risk and the smallest observed value to the minimum relative risk and treating all others linearly. If
more than one production process is associated with the sub-industry, the worst (highest risk, highest value) dependency score and the
worst impact score are mapped to the sub-industry. The use of normalized scores for each production process is one of the key
methodology updates in 2024. For each UBS GIC2.0 code, an overall nature-related risk rating is determined by taking the maximum
score across dependency and impact. UBS lending exposure is then mapped to the nature-related risk heatmap based on the
counterparty’s GIC2.0. Exposures that are not mapped are treated as “not classified”.
For real estate financing and private clients with mortgages, an expert-based rating is assigned based on internal analyses of UBS real
estate portfolios. Additionally, real estate financing to corporate clients is assigned the worst of the portfolio rating and the client
rating.
Lombard lending is assigned an overall rating based on the average riskiness of the collaterals that are posted backing the loans,
applying the heatmap methodology to the issuer of the collaterals, and on an internal adverse scenario analysis (yielding an overall
low-risk rating).
Annual Report 2024 |
Sustainability Statement | Other supplemental information 79
Climate-related risk methodologies and scenarios
This section provides an overview of our target approach to integrating climate-related risks into other risk categories,
along with an overview of our scenario analysis and of the methodological approaches taken in developing our
sustainability and climate risk analytics.
UBS’s target approach to integrating climate risk into risk management framework across risk categories
Integration of climate risk: target approach
Credit risk
Market risk
(traded and non-traded)
Non-financial risk (NFR)
Reputational risk
Liquidity risk
Systematic integration of climate risk into the firm’s risk identification processes and stress testing framework
Risk identification and
measurement
UBS identifies and measures
material concentrations of
exposure to climate-related
risk across sensitive
geographies, sectors and
counterparties.
Climate risk scenario analysis
and stress testing enable UBS
to assess risks along different
climate-related pathways and
time horizons up to 30 years,
for an assessment of capital
and risk-weighted asset
(RWA).
UBS identifies new
transmission channels of
market risk impacts by
assessing market-based
responses to climate-related
risk drivers.
This process involves
monitoring potential impacts
on the value of UBS’s
positions that may be
materially affected by climate-
related-risk-driven price and /
or volatility shifts.
UBS deploys custom climate-
related stress modeling to
quantify potential losses from
changes in market variables,
such as interest rates, foreign
exchange rates, credit
spreads, equity and
commodity prices, as well as
correlations and volatility, etc.
NFR implications are
assessed across compliance,
financial crime and
operational risk taxonomies,
including business continuity
risk, to enable UBS to identify
potential deficiencies in
internal processes or
vulnerabilities to external
events.
Clients, new transactions,
products and services go
through standard review and
decision processes prior to
UBS conducting business.
These processes support the
identification, assessment and
escalation of potential
reputational risk.
The design and operating
effectiveness of the
framework rely on including
the sustainability and climate-
related risk management
processes. Examples include:
–
client onboarding (financial
crime prevention / anti-
money laundering / know
your customer);
–
sustainability and climate
risks;
–
suitability and
appropriateness review;
–
new business and complex
transaction approval
processes; and
–
third-party risk
management and
outsourcing and offshoring
processes.
As part of the
sustainability and
climate risk initiative,
we will continue to
build out the climate-
related risk
identification process
for liquidity risk.
We plan to assimilate
insights gained from
our efforts to quantify
and integrate climate -
related credit and
market risks, to
collectively determine
how liquidity risks may
be more accurately
captured. We see the
integration of climate
risk into liquidity risk
management (as with
other climate risks) as
an iterative process,
improving the quality
of data, analytics and
insights over time.
Execution of BoD- and GEB-defined risk appetite for sustainability and climate risks, based on identified material risks
Monitoring and risk
appetite setting
Integration of (quantitative)
climate-related risks into
the firm’s risk appetite
framework, including, but
not limited to, climate-
related portfolio
concentration limits
(considering materiality
thresholds). The process
includes ongoing
monitoring of potential
emerging sources of credit
risk related to climate-
related risk.
Integration into market risk-
monitoring processes,
reflecting insights from risk
identification and ongoing
assessment of exposure to
industry sectors, sovereign
debt, commodity prices,
foreign exchanges rates and
interest rates.
This includes an assessment
of potential material
climate-sensitive exposure
(to sectoral, geographic and
/ or asset type).
Monitoring and risk
appetite setting based on
BCBS principle alignment
into existing NFR
assessment and monitoring
processes to explicitly
contemplate sustainability
and climate risks and
support control mapping
considerations to trigger
standard NFR materiality
determinations for related
risk exposures when
conducting taxonomy risk
appetite statement
assessments.
Our risk appetite
framework ensures that
risk-taking at every level of
the firm is in line with our
strategic priorities and
capital and liquidity plans,
and with our pillars,
principles and behaviors.
The framework takes a
comprehensive approach,
integrating all material risks
from across the firm.
Ongoing monitoring and
surveillance activities and
escalation processes are in
place to protect UBS’s
franchise and reputation.
We aim to integrate
material climate-related
risks into the liquidity risk
monitoring processes
based on insights from risk
identification and ongoing
assessments of additional
liquidity impacts from a
climate-related risk
perspective.
Annual Report 2024 |
Sustainability Statement | Other supplemental information 80
Integration of climate risk: target approach
Credit risk
Market risk
(traded and non-traded)
Non-financial risk (NFR)
Reputational risk
Liquidity risk
Quantitative and qualitative integration of sustainability and climate risk principles into risk management frameworks and processes
Risk management and
control
Integrating climate-related
risk considerations into the
credit lifecycle, including
onboarding, deal review,
collateral valuation and
periodic credit processes,
enables UBS to mitigate the
potential for climate-related
credit losses.
Driven by proprietary
methodologies (e.g.
heatmaps, counterparty-
level / issuer-level rating
models) and qualitative or
quantitative integration
into risk metrics (e.g.
probability of default) and
decision-making.
Management and controls
measures may include the
setting of limits, portfolio
management (e.g. hedges)
and / or business
acceptance criteria.
Climate-related
considerations are
integrated into market risk
processes, which may result
in enhancements to
management systems and
processes and challenges to
existing risk control
measures.
Embedding of ESG
(environmental, social and
governance) factors into
NFR assessment and
control frameworks,
including enhancements to
new business initiatives,
client onboarding, oversight
of marketing materials
related to sustainability,
business continuity
planning adaptations and /
or minimum product
standards of sustainability
characteristics.
Ongoing review of
framework design and the
operating effectiveness and
ESG controls embedded in
key processes, such as new
business controls and
suitability and
appropriateness reviews,
enables UBS to
continuously evolve its
reputational risk
management capacity.
We aim to integrate
identified material risks
into our internal liquidity
risk management
framework. We recognize
climate-related risk drivers
may transmit to liquidity
adequacy through our
ability to raise funds and
liquidate assets, or
indirectly through our
customers’ demands for
liquidity (e.g. given a
market or physical climate
shock).
Internal reporting and external disclosures on climate-related risk
Timely reporting of material changes in climate-driven risk identification, quantification and monitoring, and in utilization of risk appetite and / or key risk management and control
decisions. This includes integration of climate-related credit and market risk metrics (e.g. climate-driven delta risk or expected credit loss from climate-sensitive loans) in standard
internal risk reports at the level of the Group, significant Group entities and / or business divisions.
A Group-consolidated view of all high-inherent-risk cases that have been raised through the reputational risk review process is integrated quarterly into the Group Risk Report.
Enhance automation of risk metrics into external disclosure processes, accompanied by materially relevant information on climate risk identification, monitoring (e.g. new transmission
channels), exposure trends and mitigating actions.
Note: As climate risk analysis is a novel area of research, with methodologies, tools and data availability still evolving, we will continue to develop our risk identification and measurement approaches.
Climate-related risk methodologies
We have developed climate-related risk methodologies, which rate cross-sectoral exposures to climate-related risk
sensitivity on a scale from high to low. Following a risk segmentation approach, these methodologies define “climate-
sensitive” exposures by aggregating the riskier three of five risk ratings (absolute, in USD) over the total lending exposure
to customers (on- and off-balance sheet, percent). In general, our climate-related sector-level heatmaps and company-
level climate risk rating models provide three key benefits in UBS risk management strategy, by helping with:
–
risk identification and measurement: by identifying sectors and segments that are potentially vulnerable to the
transmission channels of climate-driven financial and non-financial risks, which, in turn, enables resource prioritization
for detailed bottom-up risk analysis;
–
monitoring and risk appetite setting: by helping to monitor sustainability and climate risk exposures and to facilitate
risk appetite setting for material risks;
–
risk management and control: by helping to understand and monitor UBS's exposure to climate-related risks and which
transmission channels may increase or augment the risk profile supporting a risk mitigating strategy; and
–
risk reporting and disclosure: by providing decision-relevant information in internal reports to executive and board
leadership and external disclosure to stakeholders.
Annual Report 2024 |
Sustainability Statement | Other supplemental information 81
Transition risk
Physical risk
Methodology
(heatmap)
Originally developed in collaboration with UNEP-FI and Oliver Wyman, our
expert-based transition risk ratings have been further refined in-house by
UBS. These ratings and risk segmentation processes now reflect changes in
risk profiles, evolving views on climate risk materiality, and UBS's business
footprint. Sectors are assigned climate transition risk scores (0-1) and
ratings (low to high). Geographic information and counterparties is captured
by distinguishing between emerging and industrialized countries. As a
result, lending exposure data is categorized by risk ratings, through their
sectoral and country designation.
A score is calculated at sector / country level based on a geographically and
economically representative physical asset population collected from vendor
data. A hazard-specific exposure score is determined as an average, with a
penalty applied for the variance of the population, which is augmented by
channels that amplify / mitigate the risk at sector level. A final score is then
obtained by aggregating across hazards. This score is ranged within a rating
(low / moderately low / moderate / moderately high / high). As a result,
lending exposure data is categorized by risk ratings, through their sectoral
and country designation.
Methodology (rating
models)
The model produces a counterparty-level assessment (on the same scale as
described above) by adjusting the heatmap rating using data on a
company’s alignment to net-zero targets, captured via CTAS, where
available.
The model generates firm-level physical risk scores by aggregating physical
hazards and transmission channels, and applying suitable mitigants, when
data on a representative number of assets is available for a company. This
approach aligns with the physical risk heatmap methodology and provides a
company-level rating based on asset-level data.
Timelines
Short-term (0–3 years)
Short-term (0–3 years)
Scenario
Ambitious and disorderly approach to meeting <2˚C goals of the Paris
Agreement
Current state of world
Interpretation
Reflect levels of risk and likelihood of financial impact and exposure based
on the defined scenario.
Reflect level of risk and likelihood of financial impact and exposure based
on a current state of world
Examples
At sector / country level:
High for most fossil fuel sectors; moderate for most transportation and
industrial sectors.
At sector / country level:
Moderately high for some manufacturers in Southeast Asia (due to
typhoons); moderately low for the same manufacturers in Switzerland (due
to fluvial dynamics).
Below table provides climate-driven transition and physical risk sensitive exposure for UBS AG (standalone), UBS
Switzerland AG (standalone) and UBS Europe SE (standalone).
Risk management – Climate-related metrics
For the year ended
31.12.24
31.12.23
Climate-related metrics (USD bn)
1, 2, 3, 4, 5
Exposure to climate-sensitive sectors, transition risk: Traded products, UBS AG (standalone)
6
0.70
0.23
Exposure to climate-sensitive sectors, transition risk: Traded products, UBS Switzerland AG (standalone)
6
1.27
0.66
Exposure to climate-sensitive sectors, transition risk: Traded products, UBS Europe SE (standalone)
6
0.09
0.00
Exposure to climate-sensitive sectors, transition risk: Issuer risk, UBS AG (standalone)
7
6.05
4.29
Exposure to climate-sensitive sectors, transition risk: Issuer risk, UBS Switzerland AG (standalone)
7
0.25
0.00
Exposure to climate-sensitive sectors, transition risk: Issuer risk, UBS Europe SE (standalone)
7
0.10
0.00
Exposure to climate-sensitive sectors, physical risk: Traded products, UBS AG (standalone)
6
1.23
4.51
Exposure to climate-sensitive sectors, physical risk: Traded products, UBS Switzerland AG (standalone)
6
0.21
1.08
Exposure to climate-sensitive sectors, physical risk: Traded products, UBS Europe SE (standalone)
6
0.24
0.44
Exposure to climate-sensitive sectors, physical risk: Issuer risk, UBS AG (standalone)
7
7.76
8.52
Exposure to climate-sensitive sectors, physical risk: Issuer risk, UBS Switzerland AG (standalone)
7
0.40
0.84
Exposure to climate-sensitive sectors, physical risk: Issuer risk, UBS Europe SE (standalone)
7
0.05
0.23
1
approaches. Lombard lending rating is assigned based on the average riskiness of collateral.
2
calculation process benefits from data enhancement even when methodology remains same year on year. At the same time, integration work is ongoing and expected to bring in further data alignment in future which
may require restatement of reported metrics.
3
and climatic environment, into how UBS evaluates its risks and opportunities.
4
a range of scores across five rating categories: low, moderately low, moderate, moderately high, and high. The climate-sensitive exposure metrics are determined based upon the top three of the five rated categories
i.e. moderate to high.
5
validation of model for identified use cases and associated enhancements. As a consequence, restatement of reported metrics may be required.
6
(OTC) derivatives, exchange-traded derivatives (ETDs) and securities financing transactions (SFTs), consisting of securities borrowing and lending, and repurchase and reverse repurchase agreements.
7
the metric is calculated upon HQLA assets, debt securities, bonds, liquidity buffer securities.
Annual Report 2024 |
Sustainability Statement | Other supplemental information 82
Scenario analysis
We have been using scenario-based approaches to assess our exposure to physical and transition risks stemming from
climate change since 2014. The table below summarizes the scenarios used by UBS.
Scenario name
Developed
by
Temperature
alignment
Type
3
Carbon
dioxide
removal
(CDR)
4
Description (as provided by the developing organization)
Net Zero 2050
(2023)
NGFS
+1.5°C
Orderly
Moderate
reliance
Net Zero 2050 is an ambitious scenario that limits global warming to 1.5°C, with
stringent climate policies and innovation, reaching net-zero CO₂ emissions around
2050. Some jurisdictions, such as the US, the EU and Japan, reach net zero for all
greenhouse gases by this point. This scenario assumes that ambitious climate
policies are introduced immediately. CDR is used to accelerate decarbonization but
is kept to the minimum possible and broadly in line with sustainable levels of
bioenergy production. Net CO₂ emissions reach zero around 2050, giving at least a
50% chance of limiting global warming to below 1.5°C by the end of the century,
with no or low overshoot (<
0.1°C) of 1.5°C in earlier years. Physical risks are
relatively low, but transition risks are high.
Delayed
Transition
(2023)
NGFS
+1.8°C
Disorderly
Low
reliance
Delayed Transition assumes that global annual emissions do not decrease until
2030. Strong policies are then needed to limit warming to below 2°C. Negative
emissions are limited. This scenario assumes that new climate policies are not
introduced until 2030 and the level of action differs across countries and regions
based on currently implemented policies, leading to a “fossil recovery” out of the
economic crisis brought about by COVID-19. The availability of CDR technologies is
assumed to be low, pushing carbon prices higher than in Net Zero 2050. As a result,
emissions exceed the carbon budget temporarily and decline more rapidly than in
well-below 2°C after 2030, to ensure a 67% chance of limiting global warming to
below 2°C. This leads to both higher transition and physical risks than Net Zero
2050 and below 2°C scenarios.
Below 2°C
(2023)
NGFS
+1.8°C
Orderly
Moderate
reliance
Below 2°C gradually increases the stringency of climate policies, giving a 67%
chance of limiting global warming to below 2°C. This scenario assumes that climate
policies are introduced immediately and become gradually more stringent, though
not as high as in Net Zero 2050. CDR deployment is relatively low. Net-zero CO₂
emissions are achieved after 2070. Physical and transition risks are both relatively
low.
Fragmented
World (2023)
NGFS
+2.3 °C
Too little
too late
Low–
medium
reliance
Fragmented World assumes a delayed and divergent climate policy response among
countries globally, leading to high physical and transition risks. Countries with net-
zero targets achieve them only partially (80% of the target), while the other
countries follow current policies.
Current Policies
(2023)
NGFS
+3.0°C
Hothouse
world
Low
reliance
Current Policies assumes that only currently implemented policies are preserved,
leading to high physical risks. Emissions increase until 2080, leading to about 3°C of
warming and severe physical risks. This includes irreversible changes, such as higher
sea levels. This scenario can help central banks and supervisors consider the long-
term physical risks to the economy and financial system if we continue on our
current path to a “hothouse world”.
Nationally
Determined
Contributions
(2023)
NGFS
~2.5°C
Hothouse
world
Low
reliance
Nationally Determined Contributions (NDCs) includes all pledged policies, even if not
yet implemented. This scenario assumes that the moderate and heterogeneous
climate ambition reflected in the NDCs at the beginning of 2021 continues over the
course of the 21st century (low transition risks). Emissions decline but lead
nonetheless to about 2.5°C of warming associated with moderate to severe physical
risks. Transition risks are relatively low.
Low Demand
(2023)
NGFS
Orderly
Moderate
reliance
Low Demand assumes that significant behavioral changes – reducing energy
demand – in addition to (shadow) carbon price and technology induced efforts,
would mitigate pressure on the economic system to reach global net zero CO
2
emissions around 2050.
Information on non-financial disclosures
Risk evaluation
Pursuant to the requirements of the German law implementing EU directive 2014/95 on non-financial disclosures (CSR-
Richtlinie-Umsetzungsgesetz, or CSR-RUG), this section includes an evaluation of the risks that have a high probability of
potential negative impacts upon the “aspects” covered by said law.
Annual Report 2024 |
Sustainability Statement | Other supplemental information 83
Developments in sustainability, climate, environmental and social standards and regulations may affect our business and
impact our ability to fully realize our goals. We are subject to separate, and sometimes conflicting, ESG (environmental,
social and governance) regulations and regulator expectations in the various jurisdictions in which UBS AG operates. For
example, in certain jurisdictions, we are required to set diversity targets or other ESG-related goals that are considered
illegal or contrary to regulatory expectations in other jurisdictions. In addition, with respect to decarbonization mandates,
there is substantial uncertainty as to the scope of actions that may be required of us, governments and others to achieve
the goals we have set, and many of our goals and objectives are only achievable with a combination of government and
private action. National and international standards and expectations, industry and scientific practices, regulatory
taxonomies, and disclosure obligations addressing these matters are relatively immature and are rapidly evolving. In
addition, there are significant limitations in the data available to measure our climate and other goals. Although we have
defined and disclosed our goals based on the standards existing at the time of disclosure, there can be no assurance
(i) that the various ESG regulatory and disclosure regimes under which we operate will not come into conflict with one
another, (ii) that the current standards will not be interpreted differently than our understanding or change in a manner
that substantially increases the cost or effort for us to achieve such goals or (iii) that additional data or methods, whether
voluntary or required by regulation, may substantially change our calculation of our goals and ambitions. It is possible
that such goals may prove to be considerably more difficult or even impossible to achieve. The evolving standards may
also require us to substantially change the stated goals and ambitions. If we are not able to achieve the goals we have
set, or can only do so at significant expense to our business, we may fail to meet regulatory expectations, incur damage
to our reputation or be exposed to an increased risk of litigation or other adverse action.
While ESG regulatory regimes and international standards are being developed, including to require consideration of ESG
risks in investment decisions, some jurisdictions, notably in the US, have developed rules restricting the consideration of
ESG factors in investment and business decisions. Under these anti-ESG rules, companies that are perceived as boycotting
or discriminating against certain industries may be restricted from doing business with certain governmental entities. Our
businesses may be adversely affected if we are considered as discriminating against companies based on ESG
considerations, or if further anti-ESG rules are developed or broadened.
A major focus of US and other countries’ governmental policies relating to financial institutions in recent years has been
on fighting money laundering and terrorist financing. We are required to maintain effective policies, procedures and
controls to detect, prevent and report money laundering and terrorist financing, and to verify the identity of our clients
under the laws of many of the countries in which we operate. We are also subject to laws and regulations related to
corrupt and illegal payments to government officials by others, such as the US Foreign Corrupt Practices Act and the UK
Bribery Act. We have implemented policies, procedures and internal controls that are designed to comply with such laws
and regulations. Notwithstanding this, regulators have found deficiencies in the design and operation of anti-money-
laundering programs in our US operations. We have undertaken a significant program to address these regulatory findings
with the objective of fully meeting regulatory expectations for our programs. Failure to maintain and implement adequate
programs to combat money laundering, terrorist financing or corruption, or any failure of our programs in these areas,
could have serious consequences both from legal enforcement action and from damage to our reputation. Frequent
changes in sanctions imposed and increasingly complex sanctions imposed on countries, entities and individuals, as
exemplified by the breadth and scope of the sanctions imposed in relation to the war in Ukraine, increase our cost of
monitoring and complying with sanctions requirements and increase the risk that we will not identify in a timely manner
client activity that is subject to a sanction.
The financial services industry is characterized by intense competition, continuous innovation, restrictive, detailed and
sometimes fragmented regulation and ongoing consolidation. We face competition at the level of local markets and
individual business lines and from global financial institutions that are comparable to us in their size and breadth, as well
as competition from new technology-based market entrants, which may not be subject to the same level of regulation.
Barriers to entry in individual markets and pricing levels are being eroded by new technology. We expect these trends to
continue and competition to increase. Our competitive strength and market position could be eroded if we are unable
to identify market trends and developments, do not respond to such trends and developments by devising and
implementing adequate business strategies, do not adequately develop or update our technology, including our digital
channels and tools, or are unable to attract or retain the qualified people needed.
The amount and structure of our employee compensation is affected not only by our business results but also by
competitive factors and regulatory considerations.
In response to the demands of various stakeholders, including regulatory authorities and shareholders, and in order to
better align the interests of our staff with other stakeholders, we have increased average deferral periods for stock
awards, expanded forfeiture provisions and, to a more limited extent, introduced clawback provisions for certain awards
linked to business performance. We have also introduced individual caps on the proportion of fixed to variable pay for
the members of the Group Executive Board (the GEB), as well as certain other employees. UBS will also be required to
maintain and enforce provisions requiring UBS to recover from GEB members and certain other executives a portion of
performance-based incentive compensation in the event that the UBS Group or another entity with securities listed on a
US national securities exchange, is required to restate its financial statements as a result of a material error.
›
R
efer to the “Risk factors” and “Risk management and control” sections of this report for more information
Annual Report 2024 |
Sustainability Statement | Other supplemental information 84
Key terms and definitions
Sustainability
Commonly defined as “meeting the needs of the present without compromising the ability of future generations to meet
their own needs“ (United Nations (UN) Brundtland Commission, 1987). In this way, we sometimes refer to sustainability
to imply a broader scope of resources that may be exhausted beyond those that impact climate change. Our ambition is
to conduct business and operations without negatively impacting the environment, society or the economy as a whole
and, through our sustainability disclosure, to be transparent about how we are pursuing this.
ESG (Environmental, Social, Governance)
A framework to help stakeholders understand how an organization is managing risks and opportunities related to ESG
criteria or factors. It is often used in the context of investing, but – beyond the investment community – clients, suppliers,
and employees are also increasingly interested in how sustainable an organization’s operations are.
Sustainable finance
Sustainability focus: Strategies that have explicit sustainable intentions or objectives that drive the strategy. Underlying
investments may contribute to positive sustainability outcomes through products / services / use of proceeds.
Impact investing: Investment strategies that have an explicit intention to generate measurable, verifiable, positive
sustainability outcomes. Impact generated is attributable to investor action and / or contribution.
Green, social and sustainability loans and bonds are instruments made available exclusively to finance or re-finance, in
whole or in part, new and / or existing eligible green and / or social projects that form part of a credible program from
the borrower / issuer to improve their environmental and / or social footprint.
Sustainability-linked loans and bonds are any types of instruments that incentivize the borrower / issuer’s achievement of
ambitious, predetermined Sustainable Performance Targets (SPTs) that are measured using predefined sustainability KPIs.
Low-carbon economy
Refers to a type of decarbonized economy that is based on low energy consumption and low levels of greenhouse gas
(GHG) emissions:
Scope 1: accounts for GHG emissions by UBS.
Scope 2: accounts for indirect GHG emissions associated with the generation of imported / purchased electricity (grid
average emission factor), heat or steam.
Scope 3: accounts for GHG emissions resulting from activities from assets not owned or controlled by the reporting
organization, but that the organization indirectly impacts in its value chain.
Net zero: refers to cutting GHG emissions to as close to zero as possible, with any remaining emissions re-absorbed from
the atmosphere.
GHG key vendor: a top GHG scope 3 emitter relative to UBS’s overall scope 3 supply chain emissions and with which UBS
has a long-term ongoing relationship.
Sustainability disclosure
Task Force on Climate-related Financial Disclosures (TCFD): Provider of climate-related financial disclosure
recommendations designed to help companies provide better information to support informed capital allocation.
Materiality assessment
The TCFD requires companies to conduct a double materiality assessment that looks at both the inside-out impact the
company has on the environment and the outside-in impact climate-related activities may have on the company
performance.
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation 85
Information on UBS AG standalone and UBS
Europe SE consolidated pursuant to Art. 8 of the EU
Taxonomy Regulation
The European Commission has set out the EU taxonomy classification system through the adoption of the EU Taxonomy
Regulation (the Regulation).
1
financial information pursuant to Art. 19a or Art. 29a of Accounting Directive, as transposed, to provide information to
investors about the environmental performance of economic activities associated with certain of their balance sheet and
off-balance sheet exposures against the following environmental objectives:
–
climate change mitigation;
–
climate change adaptation;
–
the sustainable use and protection of water and marine resources ;
–
the transition to a circular economy;
–
pollution prevention and control; and
–
the protection and restoration of biodiversity and ecosystems .
Under the Regulation, UBS AG and UBS Europe SE are required to provide information on the proportion of taxonomy-
eligible exposures, and starting from 2023, on the proportion of taxonomy-aligned exposures for Climate change
mitigation and Climate change
adaptation
, alongside other qualitative information. The EU taxonomy reporting is based
on the prudential scope of consolidation, which for UBS AG is on a standalone basis (by virtue of the prudential scope of
consolidation not being applicable to it) and for UBS Europe SE is on a consolidated basis. These disclosures have been
prepared based on the requirements applicable to credit institutions, which reflects the principal business activity of both
UBS AG at a standalone level and UBS Europe SE at a consolidated level, whereby neither meet the definition of a financial
conglomerate as set out in Directive 2002/87/EC. Under the Regulation, credit institutions are required to report EU
taxonomy key performance indicators (KPIs), to demonstrate the extent to which their in-scope exposures relate to
environmentally sustainable economic activities, as defined by the Regulation.
Taxonomy-eligible activities are activities identified as being in scope for technical screening under the Regulation.
Taxonomy-aligned activities represent the proportion of taxonomy-eligible activities that satisfy the requirements set out
in the Regulation, meaning that they contribute substantially to defined environmental objectives, do not significantly
harm any other environmental objectives and are carried out in compliance with certain minimum safeguards, to the
extent these apply to credit institutions.
The green asset ratio (the GAR) is a KPI calculated as a proportion of EU taxonomy-aligned assets of total covered assets,
whereby:
–
the numerator is determined based on loans and advances, debt securities, equity instruments and repossessed
collateral, and EU taxonomy KPIs reported by respective counterparties or issuers, or based on the information on the
use of proceeds, if available; and
–
the denominator is represented by total covered assets, which include total assets irrespective of whether the
associated counterparty or issuer is subject to EU taxonomy reporting, excluding expected credit loss allowance
reported under IFRS Accounting Standards – the denominator excludes financial assets held for trading and exposures
to central banks, central governments and supranational issuers.
Credit institutions are required to calculate and disclose KPIs based on the turnover KPIs and, separately, the capital
expenditure (CapEx) KPIs reported by counterparties and investees. Credit institutions are also required to calculate and
disclose turnover-based and CapEx-based KPIs for off-balance sheet exposures, including financial guarantees issued, but
excluding loan commitments, and assets under management (AuM). Consequently, all pre-defined templates, as set out
on the following pages, are presented twice, leveraging information published by counterparties and investees on the
proportion of their activities associated with environmentally sustainable economic activities, based on their turnover and
CapEx.
GAR KPI
stock
GAR KPI flow
reported period. Under the Regulation there is no requirement to report comparative information when reporting EU
taxonomy KPIs, except for the “Assets for the calculation of the GAR”
and “GAR KPI Stock”
tables presented on following
pages.
KPI Trading book portfolio
KPI on fees and commission income from services other than lending and asset
management
are not required to be reported for the year ended 31 December 2024.
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation 86
Because credit institutions are required to prepare their EU taxonomy disclosures based on the information obtained from
counterparties, there is implicit dependency on quality of that information and the interpretations applied therein. With
the ongoing implementation of the Regulation and the development of market practices, the availability and quality of
relevant information is expected to improve. This may affect the basis of preparation and result in disclosures in future
periods being refined.
Limitations in implementation of the third Commission Notice
2
In November 2024, the European Commission issued the finalized third Commission Notice on the interpretation and
implementation of certain legal provisions of the Disclosures Delegated Act under Article 8 of the EU Taxonomy
Regulation (the third Commission Notice), which contains guidance on a number of aspects of the Regulation. These
disclosures have been prepared on a best-efforts basis after taking into consideration, to the extent practicable, the
guidance provided in the third Commission Notice. Consequently, comparative information has not been restated to
reflect the impact of revisions as a result of the implementation of the third Commission notice, except for the
reclassification of derivatives classified as held for trading under IFRS Accounting Standards consistent with the third
Commission Notice from the
Derivatives
line into the
Trading book
tables presented on the following pages, to enhance the understandability of the presented comparative information.
Basis of preparation for EU taxonomy disclosures
In compliance with the Regulation, the classification and total gross carrying amounts of the assets of UBS AG standalone
and UBS Europe SE consolidated presented in the tables below have been determined based on IFRS Accounting
Standards and attributed to the taxonomy-eligible and taxonomy-aligned activities of relevant investees and
counterparties.
Taxonomy-eligibility and taxonomy-alignment KPIs are required to be determined by financial institutions based on the
actual information reported by counterparties and investees. More specifically, when the use of proceeds is not known,
the taxonomy-eligibility and taxonomy-alignment KPIs presented below are determined based on the turnover and CapEx-
based KPIs of non-financial counterparties and investees, and any applicable KPIs of financial counterparties and
investees. Where the KPI of the counterparty or the investee is not available, the KPI of the closest reporting parent,
where available, was used to assess the respective exposures as clarified by the third Commission Notice.
Entities are required to provide disclosures on the proportion of taxonomy-eligible economic activities pursuant to the
non-climate-related environmental objectives
Water and marine resources
,
Circular economy, Pollution
, and
Biodiversity
and ecosystems
from 1 January 2024, which for UBS AG and UBS Europe SE would be the reporting for the year ended
31 December 2023. As financial institutions report their EU taxonomy eligibility and alignment based on the KPIs reported
by their counterparties, the effective date of 1 January 2024 for all reporting entities implies that generally no reported
EU taxonomy-eligibility-related information was available to financial institutions to carry out the EU taxonomy eligibility
assessment on the four non-climate-related environmental objectives in respect of non-financial counterparties in their
first reporting period and in respect of the financial counterparties in their first and second reporting periods. EU
taxonomy alignment reporting on the non-climate-related environmental objectives is required for non-financial
undertakings from 1 January 2025 and for financial undertakings from 1 January 2026, which for UBS AG and UBS
Europe SE would be for the year ended 31 December 2025. In the disclosures presented below, taxonomy alignment in
respect of the four non-climate-related objectives is reported when the respective counterparties have early adopted the
requirements in the Regulation.
The information required for EU taxonomy reporting is sourced from the independent data provider. To address data
gaps, manual searches are carried out to the extent this is practicable.
Exposures to mortgages to households collateralized by residential immovable property are considered to be taxonomy
eligible irrespective of whether or not the real estate is located in the EU or the borrower is a national of an EU Member
State. As regards the taxonomy alignment of these exposures, given current data limitations to complete the assessment
thereof against technical screening criteria, all residential mortgages to households have been considered as not
taxonomy aligned.
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation 87
In the absence of specific guidance in the Regulation, and with reporting practice still evolving, these disclosures have
been prepared based on the following interpretations.
–
Assets under management (AuM): for the purposes of AuM related KPIs consist of client assets that are managed by
or deposited with UBS AG or UBS Europe SE for investment purposes, including managed fund assets, managed
institutional assets, discretionary and advisory wealth management portfolios, and wealth management securities or
brokerage accounts.
–
Calculations for AuM-related KPIs are determined on the basis of Non-financial Reporting Directive
3
counterparties, as required by the standardized template. For fund units that form part of the AuM, a look-through
approach is applied, where practicable, in which both the numerator and denominator are determined by reference
to investments made by the fund that are attributable to NFRD issuers.
–
For transactions transacted through central clearing houses, the counterparty subject to taxonomy assessment is
considered to be the central clearing house.
Due to limitations in data availability, the methodology for determining taxonomy eligibility and taxonomy alignment as
set out in the tables below has been developed on the basis of the following.
–
Where in the most recent reporting period counterparties reported no disaggregation for taxonomy eligibility and / or
taxonomy alignment per environmental objective, no information has been reported in the tables below in respect of
these counterparties, on taxonomy eligibility and / or taxonomy alignment for each environmental objective, with the
entire amount related to taxonomy eligibility and / or taxonomy alignment attributed to the “Total” column. As a
result, the sum of the amounts presented under each environmental objective may differ from the “Total” column.
–
In the absence of actual more detailed information about the use of proceeds, including in respect of environmentally
sustainable bonds, the assessment of taxonomy eligibility and taxonomy alignment has been performed at the issuer
level, except for residential mortgages to households, where in the absence of the information to assess taxonomy
alignment, exposures were considered to be not aligned.
–
For the purposes of flow KPIs, the AuM flows are determined on the basis of actual outflows incurred to acquire
respective positions, while for the balance sheet positions and financial guarantee contracts the difference between
the highest balance outstanding toward a counterparty or investee during the reporting period and the opening
balance has been considered to be the most reasonable approximation of new exposures incurred during the reporting
period that was practicable to determine.
–
When the look-through approach is applied to investments in funds for the purposes of AuM-related KPIs, in the
absence of the information to assess whether the issuer of the investment held by the fund is subject to NFRD disclosure
obligations, that issuer was considered to be a non-NFRD counterparty, both for the purposes of the numerator and
the denominator.
The “Summary of Key Performance Indicators (KPIs)” table for UBS AG standalone and UBS Europe SE consolidated
summarizes UBS AG and UBS Europe SE KPIs for the year ended 31 December 2024, with further details disclosed in the
tables below.
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation 88
UBS AG standalone – Summary of Key Performance Indicators (KPIs)
31.12.24
Total
environmentally
sustainable assets
– turnover based
(USD m)
Total
environmentally
sustainable assets
– capex based
(USD m)
Turnover KPI (%)
CapEx KPI (%)
Coverage over
total assets (%)
1
Assets excluded
from the
numerator of the
GAR (%)
2
Assets excluded
from the
denominator of
the GAR (%)
3
Main KPI
GAR stock
54.6
49.6
45.4
Total
environmentally
sustainable assets
– turnover based
(USD m)
Total
environmentally
sustainable assets
– capex based
(USD m)
Turnover KPI (%)
CapEx KPI (%)
Coverage over
total assets (%)
4
Assets excluded
from the
numerator of the
GAR (%)
4
Assets excluded
from the
denominator of
the GAR (%)
4
Additional KPIs
GAR flow
230
231
Financial guarantees
Assets under management
31.12.23
Total
environmentally
sustainable assets
– turnover based
(USD m)
Total
environmentally
sustainable assets
– capex based
(USD m)
Turnover KPI (%)
CapEx KPI (%)
Coverage over
total assets (%)
1
Assets excluded
from the
numerator of the
GAR (%)
2
Assets excluded
from the
denominator of
the GAR (%)
3
Main KPI
GAR stock
0
5
0
5
0.0
0.0
51.8
6
47.4
6
48.2
6
Total
environmentally
sustainable assets
– turnover based
(USD m)
Total
environmentally
sustainable assets
– capex based
(USD m)
Turnover KPI (%)
CapEx KPI (%)
Coverage over
total assets (%)
4
Assets excluded
from the
numerator of the
GAR (%)
4
Assets excluded
from the
denominator of
the GAR (%)
4
Additional KPIs
GAR flow
1
5
1
5
Financial guarantees
Assets under management
203
464
1.5
3.4
1 Proportion calculated as a percentage of the gross carrying amount of eligible assets, relative to the total asset. 2 Article 7(2) and (3) and Section 1.1.2. of Annex V of the Disclosures Delegated Act. 3 Article
7(1) and Section 1.2.4 of Annex V of the Disclosures Delegated Act. 4 Left blank, as calculation implies determination of flows for amounts that are not otherwise explicitly included by regulation in the flow KPI
calculations. 5 Comparatives revised in line with developments in methodology used for the assessment against technical screening criteria. 6 Comparative information was restated, refer to the tables Assets for
the calculation of the GAR.
UBS Europe SE consolidated – Summary of Key Performance Indicators (KPIs)
31.12.24
Total
environmentally
sustainable assets
– turnover based
(USD m)
Total
environmentally
sustainable assets
– capex based
(USD m)
Turnover KPI (%)
CapEx KPI (%)
Coverage over
total assets (%)
1
Assets excluded
from the
numerator of the
GAR (%)
2
Assets excluded
from the
denominator of
the GAR (%)
3
Main KPI
GAR stock
24
0.1
0.1
44.2
25.9
55.8
Total
environmentally
sustainable assets
– turnover based
(USD m)
Total
environmentally
sustainable assets
– capex based
(USD m)
Turnover KPI (%)
CapEx KPI (%)
Coverage over
total assets (%)
4
Assets excluded
from the
numerator of the
GAR (%)
4
Assets excluded
from the
denominator of
the GAR (%)
4
Additional KPIs
GAR flow
50
56
Financial guarantees
Assets under management
31.12.23
Total
environmentally
sustainable assets
– turnover based
(USD m)
Total
environmentally
sustainable assets
– capex based
(USD m)
Turnover KPI (%)
CapEx KPI (%)
Coverage over
total assets (%)
1
Assets excluded
from the
numerator of the
GAR (%)
2
Assets excluded
from the
denominator of
the GAR (%)
3
Main KPI
GAR stock
0.0
0.0
38.5
5
26.1
5
61.5
5
Total
environmentally
sustainable assets
– turnover based
(USD m)
Total
environmentally
sustainable assets
– capex based
(USD m)
Turnover KPI (%)
CapEx KPI (%)
Coverage over
total assets (%)
4
Assets excluded
from the
numerator of the
GAR (%)
4
Assets excluded
from the
denominator of
the GAR (%)
4
Additional KPIs
GAR flow
Financial guarantees
Assets under management
723
1,786
2.1
5.2
1 Proportion calculated as a percentage of the gross carrying amount of eligible assets, relative to the total asset. 2 Article 7(2) and (3) and Section 1.1.2. of Annex V of the Disclosures Delegated Act. 3 Article
7(1) and Section 1.2.4 of Annex V of the Disclosures Delegated Act. 4 Left blank, as calculation implies determination of flows for amounts that are not otherwise explicitly included by regulation in the flow KPI
calculations. 5 Comparative information was restated, refer to the tables
Assets for the calculation of the GAR
.
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation 89
The main KPIs have remained largely consistent with those of the previous year.
UBS AG standalone and UBS Europe SE consolidated contribute 45.5% to the total assets of the UBS Group AG
consolidated scope under IFRS Accounting Standards. UBS AG standalone and UBS Europe SE consolidated have low KPIs
for balance sheet stock and flow, and off-balance sheet, because:
–
a significant proportion of the business, and, correspondingly, the total assets of both entities, is outside the scope of
EU taxonomy reporting, i.e. it is transacted with counterparties and investees that are not subject to EU taxonomy
reporting requirements, for example because they are not domiciled in the EU or due to the nature of their underlying
business activity, such as Global Wealth Management Lombard lending to private individuals;
–
UBS AG standalone and UBS Europe SE consolidated include a significant amount of activity in Group Treasury and
the Investment Bank in their scopes – most assets in these activities are within categories that are excluded from
taxonomy eligibility and taxonomy alignment assessments (e.g. derivatives, trading assets, etc.); and
–
the increase in total assets and AuM of UBS AG and UBS Europe SE following the 2024 merger of Credit Suisse AG
into UBS AG and Credit Suisse (Luxembourg) S.A. into UBS Europe SE did not significantly impact their EU Taxonomy
KPIs.
Economic activities in the fossil gas and nuclear energy sectors are required to be reported in separate templates as per the
Complementary Climate Delegated Act. As of 31 December 2024, the direct balance sheet exposures to non-financial
counterparties in the fossil gas and nuclear energy sectors were immaterial for UBS AG and UBS Europe SE. The balance
sheet exposures towards financial institutions indirectly involved in the fossil gas and nuclear energy sectors through the
provision of financial services as of 31 December 2024 were of USD 3.1bn for UBS AG and USD 1.7bn for UBS Europe SE.
Business strategy
As EU taxonomy reporting evolves, and the data quality improves, UBS AG and UBS Europe SE look to establish an
understanding of how taxonomy-aligned activities affect their business strategy, product design and engagement with
clients in order to incorporate such into UBS’s climate strategy.
UBS’s approach to the climate transition is guided by its climate ambition and key objectives. UBS aims to support its
clients in the transition to a low-carbon world by embedding climate considerations into its financing, investment and
capital markets offerings. One of the most significant contributions UBS can make is mobilizing capital towards an orderly
transition to a low-carbon economy. UBS has set climate-related targets, including reducing its scope 1 and 2 emissions
to achieve net zero by 2035 and aligning its in-scope lending and investment portfolios to the objectives of the Paris
Agreement. The climate transition plan is included in the annual objective-setting process and is overseen by the
Corporate Culture and Responsibility Committee of the Board of Directors of the UBS Group. UBS recognizes that its
climate transition plan does not cover all of its business activities.
1
;
Regulation (EU) 2023/2486 (the “Environmental Delegated Act”) supplementing Taxonomy Regulation and amending Disclosures Delegated Act; Commission Delegated Regulation (EU) 2021/2139 (the “Climate
Delegated Act”) supplementing Taxonomy Regulation; and the Commission Delegated Regulation (EU) 2022/1214 (the "Complementary Climate Delegated Act"); Commission Delegated Regulation (EU) 2023/2485
amending Climate Delegated Act;.
2
Taxonomy-aligned economic activities and assets.
3
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 90
UBS AG standalone
1
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 91
Assets for the calculation of the GAR
Assets for the calculation of the GAR (Turnover)
31.12.24
Total
gross
carrying
amount
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally
sustainable
(Taxonomy-aligned)
USD m
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
GAR - Covered assets in both numerator and denominator
Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation
Financial undertakings
Credit institutions
Loans and advances
Debt securities, including UoP
Equity instruments
Other financial corporations
of which investment firms
Loans and advances
Debt securities, including UoP
Equity instruments
of which management companies
Loans and advances
Debt securities, including UoP
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities, including UoP
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities, including UoP
Equity instruments
Households
2
of which loans collateralised by residential immovable property
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession: residential and commercial immovable properties
Assets excluded from the numerator for GAR calculation (covered in the denominator)
Financial and Non-financial undertakings
3
SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations
Loans and advances
of which loans collateralised by commercial immovable property
of which building renovation loans
Debt securities
Equity instruments
Non-EU country counterparties not subject to NFRD disclosure obligations
Loans and advances
Debt securities
Equity instruments
Derivatives
4
On demand interbank loans
Cash and cash-related assets
Other categories of assets (e.g. Goodwill, commodities etc.)
Total GAR assets
Assets not covered for GAR calculation
Central governments and Supranational issuers
Central banks exposure
Trading book
4
Total assets
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
5
Financial guarantees
Assets under management
of which debt securities
of which equity instruments
1 Within tables in this section, blank fields indicate non-applicability, non-availability of required information, actual zero or that presentation of any content would not be meaningful. Zero values generally indicate that the respective
figure is zero on a rounded basis. 2 Includes loans collateralized by commercial immovable property. 3 Includes USD 3bn (2023: USD 1.7bn) exposures to multi-development bank, which in comparative period was presented under
Central governments and Supranational issuers. 4 Comparatives revised to reclassify derivatives classified as held for trading under IFRS Accounting Standards from Derivatives line to Trading book line consistent with clarifications
contained in the third Commission notice issued in November 2024. 5 As required by the standardized template, the total gross carrying amount was calculated on the basis of off-balance sheet exposures to undertakings subject to
NFRD.
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 92
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
of which environmentally sustainable
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 93
31.12.23
Total
gross
carrying
amount
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally
sustainable
(Taxonomy-aligned)
USD m
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
GAR - Covered assets in both numerator and denominator
Loans and advances, debt securities and equity instruments not held-for-trading eligible for GAR
calculation
Financial undertakings
Credit institutions
1
Loans and advances
1
Debt securities
Equity instruments
2
Other financial corporations
of which investment firms
Loans and advances
Debt securities
Equity instruments
of which management companies
Loans and advances
Debt securities
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities
Equity instruments
Households
of which loans collateralized by residential immovable property
3
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession: residential and commercial immovable properties
Assets excluded from the numerator for GAR calculation (covered in the denominator)
Financial and Non-financial undertakings
SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations
Loans and advances
1
of which loans collateralised by commercial immovable property
of which building renovation loans
Debt securities
1
Equity instruments
2
Non-EU country counterparties not subject to NFRD disclosure obligations
Loans and advances
1
Debt securities
1
Equity instruments
Derivatives
4
On demand interbank loans
Cash and cash-related assets
Other categories of assets
Total GAR assets
Assets not covered for GAR calculation
Central governments and supranational issuers
5
Central banks exposure
Trading book
4
Total assets
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
6
Financial guarantees
7
Assets under management
of which debt securities
of which equity instruments
1 Comparatives restated to reclassify exposures from the Loans and advances lines to the Debt securities lines with no impact on total GAR ratio (Credit institutions: USD 0.1bn; SMEs and NFCs (other than SMEs) not subject to NFRD
disclosure obligations: USD 0.2bn; Non-EU country counterparties not subject to NFRD disclosure obligations: USD 1.1bn). 2 Comparatives restated to reclassify exposures of USD 3.3bn from section Assets excluded from the
numerator for GAR calculation (covered in the denominator) to section GAR - Covered assets in both numerator and denominator. 3 Comparatives revised in line with developments in methodology used for the assessment against
technical screening criteria. 4 Revised to reclassify derivatives of USD 126.3bn classified as held for trading under IFRS Accounting Standards from Derivatives line (as presented in 2023 disclosures) to Trading book line consistent
with clarifications contained in the third Commission notice issued in November 2024. 5 Includes local governments financing when the use of proceeds is not known. 6 As required by the standardized template, the total gross
carrying amount was calculated on the basis of off-balance sheet exposures to undertakings subject to NFRD. 7 Comparatives restated to include exposures of USD 4.4bn which were previously not deemed to be subject to NFRD
disclosure obligations.
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 94
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
of which environmentally sustainable
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 95
Assets for the calculation of the GAR (CapEx)
31.12.24
1
Total
gross
carrying
amount
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally
sustainable
(Taxonomy-aligned)
USD m
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
GAR - Covered assets in both numerator and denominator
Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation
Financial undertakings
Credit institutions
Loans and advances
Debt securities, including UoP
Equity instruments
Other financial corporations
of which investment firms
Loans and advances
Debt securities, including UoP
Equity instruments
of which management companies
Loans and advances
Debt securities, including UoP
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities, including UoP
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities, including UoP
Equity instruments
Households
2
of which loans collateralised by residential immovable property
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession: residential and commercial immovable properties
Assets excluded from the numerator for GAR calculation (covered in the denominator)
Financial and Non-financial undertakings
3
SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations
Loans and advances
of which loans collateralised by commercial immovable property
of which building renovation loans
Debt securities
Equity instruments
Non-EU country counterparties not subject to NFRD disclosure obligations
Loans and advances
Debt securities
Equity instruments
Derivatives
4
On demand interbank loans
Cash and cash-related assets
Other categories of assets (e.g. Goodwill, commodities etc.)
Total GAR assets
Assets not covered for GAR calculation
Central governments and Supranational issuers
Central banks exposure
Trading book
4
Total assets
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
5
Financial guarantees
Assets under management
of which debt securities
of which equity instruments
1 Within tables in this section, blank fields indicate non-applicability or that presentation of any content would not be meaningful. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. 2
Includes loans collateralized by commercial immovable property. 3 Includes USD 3bn (2023: USD 1.7bn) exposures to multi-development bank, which in comparative period was presented under Central governments and Supranational
issuers. 4 Comparatives revised to reclassify derivatives classified as held for trading under IFRS Accounting Standards from Derivatives line to Trading book line consistent with clarifications contained in the third Commission notice
issued in November 2024. 5 As required by the standardized template, the total gross carrying amount was calculated on the basis of off-balance sheet exposures to undertakings subject to NFRD.
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 96
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
of which environmentally sustainable
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 97
31.12.23
Total
gross
carrying
amount
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally
sustainable
(Taxonomy-aligned)
USD m
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
GAR - Covered assets in both numerator and denominator
Loans and advances, debt securities and equity instruments not held-for-trading eligible for GAR
calculation
Financial undertakings
Credit institutions
Loans and advances
1
Debt securities
1
Equity instruments
2
Other financial corporations
of which investment firms
Loans and advances
Debt securities
Equity instruments
of which management companies
Loans and advances
Debt securities
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities
Equity instruments
Households
of which loans collateralized by residential immovable property
3
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession: residential and commercial immovable properties
Assets excluded from the numerator for GAR calculation (covered in the denominator)
Financial and Non-financial undertakings
SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations
Loans and advances
1
of which loans collateralised by commercial immovable property
of which building renovation loans
Debt securities
1
Equity instruments
2
Non-EU country counterparties not subject to NFRD disclosure obligations
Loans and advances
1
Debt securities
1
Equity instruments
Derivatives
4
On demand interbank loans
Cash and cash-related assets
Other categories of assets
Total GAR assets
Assets not covered for GAR calculation
Central governments and supranational issuers
5
Central banks exposure
Trading book
4
Total assets
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
6
Financial guarantees
7
Assets under management
of which debt securities
of which equity instruments
1 Comparatives restated to reclassify exposures from the Loans and advances lines to the Debt securities lines with no impact on total GAR ratio (Credit institutions: USD 0.1bn; SMEs and NFCs (other than SMEs) not subject to NFRD
disclosure obligations: USD 0.2bn; Non-EU country counterparties not subject to NFRD disclosure obligations: USD 1.1bn). 2 Comparatives restated to reclassify exposures of USD 3.3bn from section Assets excluded from the
numerator for GAR calculation (covered in the denominator) to section GAR - Covered assets in both numerator and denominator. 3 Comparatives revised in line with developments in methodology used for the assessment against
technical screening criteria. 4 Revised to reclassify derivatives of USD 126.3bn classified as held for trading under IFRS Accounting Standards from Derivatives line (as presented in 2023 disclosures) to Trading book line consistent
with clarifications contained in the third Commission notice issued in November 2024. 5 Includes local governments financing when the use of proceeds is not known. 6 As required by the standardized template, the total gross
carrying amount was calculated on the basis of off-balance sheet exposures to undertakings subject to NFRD. 7 Comparatives restated to include exposures of USD 4.4bn which were previously not deemed to be subject to NFRD
disclosure obligations.
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 98
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
of which environmentally sustainable
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 99
GAR sector information
GAR sector information (Turnover)
Breakdown by sector - NACE 4 digits level
(code and label)
1
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
USD
thousands
of which
environmen-
tally
sustainable
(CCM)
USD
thousands
of which
environmen-
tally
sustainable
(CCM)
USD
thousands
of which
environmen-
tally
sustainable
(CCA)
of which
environmen-
tally
sustainable
(CCA)
USD
thousands
of which
environmen-
tally
sustainable
(WTR)
USD
thousands
of which
environmen
-tally
sustainable
(WTR)
USD thousand
0600 - Extraction of crude petroleum and natural gas
2000 - Manufacture of chemicals and chemical products
2410 - Manufacture of basic iron and steel and of ferro-
alloys
2700 - Manufacture of electrical equipment
2732 - Manufacture of other electronic and electric wires
and cables
6800 - Real estate activities
3500 - Electricity, gas, steam and air conditioning supply
3511 - Production of electricity
6000 - Programming and broadcasting activities
6100 - Telecommunications
8622 - Specialist medical practice activities
2013 - Manufacture of other inorganic basic chemicals
8299 - Other business support service activities n.e.c.
3011 - Building of ships and floating structures
8899 - Other social work activities without accommodation
n.e.c.
9600 - Other personal service activities
4110 - Development of building projects
1 The information included in this table represents taxonomy-eligible and taxonomy-aligned amounts as reported in table Assets for the calculation of the GAR (Turnover), irrespective of whether the NACE code for principal activity is
associated with taxonomy-eligible or taxonomy-aligned economic activities.
GAR sector information (CapEx)
Breakdown by sector - NACE 4 digits level
(code and label)
1
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
USD
thousands
of which
environmen-
tally
sustainable
(CCM)
USD
thousands
of which
environmen-
tally
sustainable
(CCM)
USD
thousands
of which
environmen-
tally
sustainable
(CCA)
of which
environmen-
tally
sustainable
(CCA)
USD
thousands
of which
environmen-
tally
sustainable
(WTR)
USD
thousands
of which
environmen
-tally
sustainable
(WTR)
USD thousand
0600 - Extraction of crude petroleum and natural gas
2000 - Manufacture of chemicals and chemical products
2410 - Manufacture of basic iron and steel and of ferro-
alloys
2700 - Manufacture of electrical equipment
2732 - Manufacture of other electronic and electric wires
and cables
6800 - Real estate activities
8600 - Human health activities
3500 - Electricity, gas, steam and air conditioning supply
3511 - Production of electricity
6000 - Programming and broadcasting activities
6020 - Television programming and broadcasting activities
6100 - Telecommunications
8622 - Specialist medical practice activities
2013 - Manufacture of other inorganic basic chemicals
6110 - Wired telecommunications activities
7490 - Other professional, scientific and technical activities
n.e.c.
8299 - Other business support service activities n.e.c.
3011 - Building of ships and floating structures
8899 - Other social work activities without accommodation
n.e.c.
9600 - Other personal service activities
1106 - Manufacture of malt
1107 - Manufacture of soft drinks; production of mineral
waters and other bottled waters
5821 - Publishing of computer games
1 The information included in this table represents taxonomy-eligible and taxonomy-aligned amounts as reported in table Assets for the calculation of the GAR (CapEx), irrespective of whether the NACE code for principal activity is
associated with taxonomy-eligible or taxonomy-aligned economic activities.
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 100
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
USD
thousands
of which
environmen-
tally
sustainable
(CE)
USD
thousands
of which
environmen-
tally
sustainable
(CE)
USD
thousands
of which
environmen-
tally
sustainable
(PPC)
USD
thousands
of which
environmen-
tally
sustainable
(PPC)
USD
thousands
of which
environmen-
tally
sustainable
(BIO)
USD
thousands
of which
environmen-
tally
sustainable
(BIO)
USD
thousands
of which
environmen-
tally
sustainable
(CCM +
CCA + WTR
+ CE + PPC
+ BIO)
USD
thousands
of which
environmen-
tally
sustainable
(CCM +
CCA + WTR
+ CE + PPC
+ BIO)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
USD
thousands
of which
environmen-
tally
sustainable
(CE)
USD
thousands
of which
environmen-
tally
sustainable
(CE)
USD
thousands
of which
environmen-
tally
sustainable
(PPC)
USD
thousands
of which
environmen-
tally
sustainable
(PPC)
USD
thousands
of which
environmen-
tally
sustainable
(BIO)
USD
thousands
of which
environmen-
tally
sustainable
(BIO)
USD
thousands
of which
environmen-
tally
sustainable
(CCM +
CCA + WTR
+ CE + PPC
+ BIO)
USD
thousands
of which
environmen-
tally
sustainable
(CCM +
CCA + WTR
+ CE + PPC
+ BIO)
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 101
GAR KPI stock
GAR KPI stock (Turnover)
31.12.24
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
% (compared to total covered assets in the
denominator)
1
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator and
denominator
Loans and advances, debt securities and equity
instruments not HfT eligible for GAR calculation
Financial undertakings
Credit institutions
Loans and advances
Debt securities, including UoP
Equity instruments
Other financial corporations
of which investment firms
Loans and advances
Debt securities, including UoP
Equity instruments
of which management companies
Loans and advances
Debt securities, including UoP
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities, including UoP
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities, including UoP
Equity instruments
Households
of which loans collateralised by residential
immovable property
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession:
residential and commercial immovable properties
Total GAR assets
1 Proportions calculated as a percentage of Total Gross Carrying Amount of each individual line as reported in table Assets for the calculation of the GAR (Turnover) 2 Proportions calculated as a percentage of Total Gross Carrying
Amount of each individual line as reported in table Assets for the calculation of the GAR (Turnover) relative to Total Assets as reported in the same table
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 102
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion
of total
assets
covered
2
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 103
31.12.23
1, 2
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
% (compared to total covered assets in the
denominator)
3
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator and
denominator
Loans and advances, debt securities and equity
instruments not held-for-trading eligible for GAR
calculation
Financial undertakings
Credit institutions
Loans and advances
Debt securities
Equity instruments
Other financial corporations
of which investment firms
Loans and advances
Debt securities
Equity instruments
of which management companies
Loans and advances
Debt securities
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities
Equity instruments
Households
of which loans collateralized by residential
immovable property
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession:
residential and commercial immovable properties
Total GAR assets
5
1 Comparatives restated as exposures of USD 3.3bn were reclassified from the denominator to the numerator under Credit institutions/Equity instruments. 2 Comparatives restated to reclassify exposures from the Loans and advances
lines to the Debt securities lines with no impact on total GAR ratio, refer to table
Assets for the calculation of the GAR
(Turnover)
. 3 Proportions calculated as a percentage of Total Gross Carrying Amount of each individual line as
reported in the table
Assets for the calculation of the GAR (Turnover)
. 4 Proportions calculated as a percentage of Total Gross Carrying Amount of each individual line as reported in table
Assets for the calculation of the GAR
(Turnover)
under IFRS Accounting Standards from Derivatives line (as presented in EU Taxonomy 2023 disclosures) to Trading book line consistent with clarifications contained in the third Commission notice issued in November 2024.
Annual Report 2024 |
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Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion
of total
assets
covered
4
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 105
GAR KPI stock (CapEx)
31.12.24
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
% (compared to total covered assets in the
denominator)
1
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator and
denominator
Loans and advances, debt securities and equity
instruments not HfT eligible for GAR calculation
Financial undertakings
Credit institutions
Loans and advances
Debt securities, including UoP
Equity instruments
Other financial corporations
of which investment firms
Loans and advances
Debt securities, including UoP
Equity instruments
of which management companies
Loans and advances
Debt securities, including UoP
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities, including UoP
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities, including UoP
Equity instruments
Households
of which loans collateralised by residential
immovable property
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession:
residential and commercial immovable properties
Total GAR assets
1 Proportions calculated as a percentage of Total Gross Carrying Amount of each individual line as reported in Assets for the calculation of the GAR (CapEx) 2 Proportions calculated as a percentage of Total Gross Carrying Amount
of each individual line as reported in table Assets for the calculation of the GAR (CapEx) relative to Total Assets as reported in the same table.
Annual Report 2024 |
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Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion
of total
assets
covered
2
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 107
31.12.23
1, 2
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
% (compared to total covered assets in the
denominator)
3
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator and
denominator
Loans and advances, debt securities and equity
instruments not held-for-trading eligible for GAR
calculation
Financial undertakings
Credit institutions
Loans and advances
Debt securities
Equity instruments
Other financial corporations
of which investment firms
Loans and advances
Debt securities
Equity instruments
of which management companies
Loans and advances
Debt securities
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities
Equity instruments
Households
of which loans collateralized by residential
immovable property
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession:
residential and commercial immovable properties
Total GAR assets
5
1 Comparatives restated as exposures of USD 3.3bn were reclassified from the denominator to the numerator under Credit institutions/Equity instruments. 2 Comparatives restated to reclassify exposures from the Loans and advances
lines to the Debt securities lines with no impact on total GAR ratio, refer to table
Assets for the calculation of the GAR
(CapEx)
. 3 Proportions calculated as a percentage of Total Gross Carrying Amount of each individual line as
reported in the table
Assets for the calculation of the GAR (CapEx)
. 4 Proportions calculated as a percentage of Total Gross Carrying Amount of each individual line as reported in table
Assets for the calculation of the GAR (CapEx)
relative to Total Assets as reported in the same table. 5 Taxonomy-eligibility revised from 0.5% as reported in 2023 EU Taxonomy disclosures to 0.7% due to reclassification of derivatives classified as held for trading under IFRS
Accounting Standards from Derivatives line (as presented in EU Taxonomy 2023 disclosures) to Trading book line consistent with clarifications contained in the third Commission notice issued in November 2024 .
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 108
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion
of total
assets
covered
4
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 109
GAR KPI flow
GAR KPI flow (Turnover)
% (compared to flow of total eligible assets)
31.12.24
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
GAR - Covered assets in both numerator and denominator
Loans and advances, debt securities and equity instruments
not held-for-trading eligible for GAR calculation
Financial undertakings
Credit institutions
Loans and advances
Debt securities
Equity instruments
Other financial corporations
of which investment firms
Loans and advances
Debt securities
Equity instruments
of which management companies
Loans and advances
Debt securities
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities
Equity instruments
Households
of which loans collateralized by residential
immovable property
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession: residential
and commercial immovable properties
Total GAR assets
1
1 Proportion calculated as a percentage of the total flow in relation to exposures to counterparties and issuers reporting under the EU Taxonomy. 2 Proportion calculated as a percentage of the flow of total assets for each individual
line, relative to the overall flow of total GAR assets.
Annual Report 2024 |
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31.12.24
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion
of total
new assets
covered
2
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-aligned)
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 111
GAR KPI flow (CapEx)
% (compared to flow of total eligible assets)
31.12.24
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
GAR - Covered assets in both numerator and denominator
Loans and advances, debt securities and equity instruments
not held-for-trading eligible for GAR calculation
Financial undertakings
Credit institutions
Loans and advances
Debt securities
Equity instruments
Other financial corporations
of which investment firms
Loans and advances
Debt securities
Equity instruments
of which management companies
Loans and advances
Debt securities
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities
Equity instruments
Households
of which loans collateralized by residential
immovable property
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession: residential
and commercial immovable properties
Total GAR assets
1
1 Proportion calculated as a percentage of the total flow in relation to exposures to counterparties and issuers reporting under the EU Taxonomy. 2 Proportion calculated as a percentage of the flow of total assets for each individual
line, relative to the overall flow of total GAR assets.
Annual Report 2024 |
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31.12.24
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion
of total
new assets
covered
2
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-aligned)
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
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KPI off-balance sheet exposures and flow
KPI off-balance sheet exposures (Turnover)
% (compared to total eligible off-balance sheet
assets)
31.12.24
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
Financial guarantees (FinGuar KPI)
Assets under management (AuM KPI)
KPI off-balance sheet exposures (CapEx)
% (compared to total eligible off-balance sheet
assets)
31.12.24
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
Financial guarantees (FinGuar KPI)
Assets under management (AuM KPI)
GAR KPI flow – off-balance sheet exposures (Turnover)
% (compared to flow of total eligible off-balance
sheet assets)
31.12.24
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
Financial guarantees (FinGuar KPI)
Assets under management (AuM KPI)
GAR KPI flow – off-balance sheet exposures (CapEx)
% (compared to flow of total eligible off-balance
sheet assets)
31.12.24
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
Financial guarantees (FinGuar KPI)
Assets under management (AuM KPI)
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 114
31.12.24
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
31.12.24
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
31.12.24
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
Proportion of total covered assets funding taxonomy
relevant sectors
(Taxonomy-aligned)
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
31.12.24
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
Proportion of total covered assets funding taxonomy
relevant sectors
(Taxonomy-aligned)
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 115
Nuclear and fossil gas related activities
Nuclear and fossil gas related activities – GAR Assets
Row
Nuclear energy related activities
31.12.24
1
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation
facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
Yes
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process
heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best
available technologies.
Yes
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat,
including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety
upgrades.
Yes
Row
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using
fossil gaseous fuels.
Yes
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation
facilities using fossil gaseous fuels.
Yes
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce
heat/cool using fossil gaseous fuels.
Yes
Taxonomy-aligned economic activities (denominator) – GAR Assets (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the denominator of the applicable KPI
8
Total of the applicable KPI
Taxonomy-aligned economic activities (denominator) – GAR Assets (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the denominator of the applicable KPI
8
Total of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 116
Taxonomy-aligned economic activities (numerator) – GAR Assets (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the numerator of the applicable KPI
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the
applicable KPI
Taxonomy-aligned economic activities (numerator) – GAR Assets (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the numerator of the applicable KPI
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the
applicable KPI
Taxonomy-eligible but not taxonomy-aligned economic activities – GAR Assets (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-eligible but not Taxonomy -aligned economic activities
in the denominator of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 117
Taxonomy-eligible but not taxonomy-aligned economic activities – GAR Assets (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-eligible but not Taxonomy -aligned economic activities
in the denominator of the applicable KPI
Taxonomy non-eligible economic activities – GAR Assets (Turnover)
Line
Economic activities
USD m
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI
Taxonomy non-eligible economic activities – GAR Assets (CapEx)
Line
Economic activities
USD m
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 118
Nuclear and fossil gas related activities – Financial Guarantees
Row
Nuclear energy related activities
31.12.24
1
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation
facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
No
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process
heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best
available technologies.
No
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat,
including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety
upgrades.
No
Row
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using
fossil gaseous fuels.
No
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation
facilities using fossil gaseous fuels.
No
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce
heat/cool using fossil gaseous fuels.
No
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 119
Nuclear and fossil gas related activities – AuM
Row
Nuclear energy related activities
31.12.24
1
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation
facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
Yes
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process
heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best
available technologies.
Yes
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat,
including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety
upgrades.
Yes
Row
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using
fossil gaseous fuels.
Yes
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation
facilities using fossil gaseous fuels.
Yes
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce
heat/cool using fossil gaseous fuels.
Yes
Taxonomy-aligned economic activities (denominator) – AuM (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the denominator of the applicable KPI
8
Total of the applicable KPI
Taxonomy-aligned economic activities (denominator) – AuM (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the denominator of the applicable KPI
8
Total of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 120
Taxonomy-aligned economic activities (numerator) – AuM (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the numerator of the applicable KPI
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the
applicable KPI
Taxonomy-aligned economic activities (numerator) – AuM (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the numerator of the applicable KPI
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the
applicable KPI
Taxonomy-eligible but not taxonomy-aligned economic activities – AuM (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-eligible but not Taxonomy -aligned economic activities
in the denominator of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 121
Taxonomy-eligible but not taxonomy-aligned economic activities – AuM (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-eligible but not Taxonomy -aligned economic activities
in the denominator of the applicable KPI
Taxonomy non-eligible economic activities – AuM (Turnover)
Line
Economic activities
USD m
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI
Taxonomy non-eligible economic activities – AuM (CapEx)
Line
Economic activities
USD m
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 122
Nuclear and fossil gas related activities – Flow GAR Assets
Row
Nuclear energy related activities
31.12.24
1
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation
facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
Yes
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process
heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best
available technologies.
Yes
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat,
including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety
upgrades.
Yes
Row
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using
fossil gaseous fuels.
Yes
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation
facilities using fossil gaseous fuels.
Yes
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce
heat/cool using fossil gaseous fuels.
Yes
Taxonomy-aligned economic activities (denominator) – Flow GAR Assets (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the denominator of the applicable KPI
8
Total of the applicable KPI
Taxonomy-aligned economic activities (denominator) – Flow GAR Assets (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the denominator of the applicable KPI
8
Total of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 123
Taxonomy-aligned economic activities (numerator) – Flow GAR Assets (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the numerator of the applicable KPI
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the
applicable KPI
Taxonomy-aligned economic activities (numerator) – Flow GAR Assets (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the numerator of the applicable KPI
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the
applicable KPI
Taxonomy-eligible but not taxonomy-aligned economic activities – Flow GAR Assets (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-eligible but not Taxonomy -aligned economic activities
in the denominator of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 124
Taxonomy-eligible but not taxonomy-aligned economic activities – Flow GAR Assets (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-eligible but not Taxonomy -aligned economic activities
in the denominator of the applicable KPI
Taxonomy non-eligible economic activities – Flow GAR Assets (Turnover)
Line
Economic activities
USD m
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI
Taxonomy non-eligible economic activities – Flow GAR Assets (CapEx)
Line
Economic activities
USD m
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 125
Nuclear and fossil gas related activities – Flow financial guarantees
Row
Nuclear energy related activities
31.12.24
1
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation
facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
No
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process
heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best
available technologies.
No
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat,
including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety
upgrades.
No
Row
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using
fossil gaseous fuels.
No
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation
facilities using fossil gaseous fuels.
No
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce
heat/cool using fossil gaseous fuels.
No
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 126
Nuclear and fossil gas related activities – Flow AuM
Row
Nuclear energy related activities
31.12.24
1
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation
facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
Yes
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process
heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best
available technologies.
Yes
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat,
including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety
upgrades.
Yes
Row
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using
fossil gaseous fuels.
Yes
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation
facilities using fossil gaseous fuels.
Yes
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce
heat/cool using fossil gaseous fuels.
Yes
Taxonomy-aligned economic activities (denominator) – Flow AuM (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the denominator of the applicable KPI
8
Total of the applicable KPI
Taxonomy-aligned economic activities (denominator) – Flow AuM (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the denominator of the applicable KPI
8
Total of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS AG standalone 127
Taxonomy-aligned economic activities (numerator) – Flow AuM (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the numerator of the applicable KPI
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the
applicable KPI
Taxonomy-aligned economic activities (numerator) – Flow AuM (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the numerator of the applicable KPI
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the
applicable KPI
Taxonomy-eligible but not taxonomy-aligned economic activities – Flow AuM (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-eligible but not Taxonomy -aligned economic activities
in the denominator of the applicable KPI
Annual Report 2024 |
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Taxonomy-eligible but not taxonomy-aligned economic activities – Flow AuM (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-eligible but not Taxonomy -aligned economic activities
in the denominator of the applicable KPI
Taxonomy non-eligible economic activities – Flow AuM (Turnover)
Line
Economic activities
USD m
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI
Taxonomy non-eligible economic activities – Flow AuM (CapEx)
Line
Economic activities
USD m
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI
Annual Report 2024 |
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UBS Europe SE consolidated
1
Annual Report 2024 |
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Assets for the calculation of the GAR
Assets for the calculation of the GAR (Turnover)
31.12.24
Total
gross
carrying
amount
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally
sustainable
(Taxonomy-aligned)
USD m
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
GAR - Covered assets in both numerator and denominator
Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation
Financial undertakings
Credit institutions
Loans and advances
Debt securities, including UoP
Equity instruments
Other financial corporations
of which investment firms
Loans and advances
Debt securities, including UoP
Equity instruments
of which management companies
Loans and advances
Debt securities, including UoP
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities, including UoP
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities, including UoP
Equity instruments
Households
2
of which loans collateralised by residential immovable property
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession: residential and commercial immovable properties
Assets excluded from the numerator for GAR calculation (covered in the denominator)
Financial and Non-financial undertakings
3
SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations
Loans and advances
of which loans collateralised by commercial immovable property
of which building renovation loans
Debt securities
Equity instruments
Non-EU country counterparties not subject to NFRD disclosure obligations
Loans and advances
Debt securities
Equity instruments
Derivatives
4
On demand interbank loans
Cash and cash-related assets
Other categories of assets (e.g. Goodwill, commodities etc.)
Total GAR assets
Assets not covered for GAR calculation
Central governments and Supranational issuers
Central banks exposure
Trading book
4
Total assets
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
5
Financial guarantees
Assets under management
of which debt securities
of which equity instruments
1 Within tables in this section, blank fields indicate non-applicability, non-availability of required information, actual zero or that presentation of any content would not be meaningful. Zero values generally indicate that the respective
figure is zero on a rounded basis. 2 Includes loans collateralized by commercial immovable property. 3 Includes USD 342.7m (2023: USD 228.2m) exposures to multi-development bank, which in comparative period was presented
under Central governments and Supranational issuers. 4 Comparatives revised to reclassify derivatives classified as held for trading under IFRS Accounting Standards from Derivatives line to Trading book line consistent with
clarifications contained in the third Commission notice issued in November 2024. 5 As required by the standardized template, the total gross carrying amount was calculated on the basis of off-balance sheet exposures to undertakings
subject to NFRD.
Annual Report 2024 |
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)
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
of which environmentally sustainable
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
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31.12.23
Total
gross
carrying
amount
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally
sustainable
(Taxonomy-aligned)
USD m
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
GAR - Covered assets in both numerator and denominator
Loans and advances, debt securities and equity instruments not held-for-trading eligible for GAR
calculation
Financial undertakings
Credit institutions
Loans and advances
Debt securities
Equity instruments
Other financial corporations
of which investment firms
Loans and advances
Debt securities
Equity instruments
of which management companies
Loans and advances
Debt securities
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities
Equity instruments
Households
of which loans collateralized by residential immovable property
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession: residential and commercial immovable properties
Assets excluded from the numerator for GAR calculation (covered in the denominator)
Financial and Non-financial undertakings
SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations
Loans and advances
of which loans collateralised by commercial immovable property
of which building renovation loans
Debt securities
Equity instruments
Non-EU country counterparties not subject to NFRD disclosure obligations
Loans and advances
Debt securities
Equity instruments
Derivatives
1
On demand interbank loans
Cash and cash-related assets
Other categories of assets
Total GAR assets
Assets not covered for GAR calculation
Central governments and supranational issuers
2
Central banks exposure
Trading book
1
Total assets
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
3
Financial guarantees
Assets under management
of which debt securities
of which equity instruments
1 Revised to reclassify derivatives of USD 13.8bn classified as held for trading under IFRS Accounting Standards from Derivatives line (as presented in 2023 disclosures) to Trading book line consistent with clarifications contained in
the third Commission notice issued in November 2024. 2 Includes local governments financing when the use of proceeds is not known. 3 As required by the standardized template, the total gross carrying amount was calculated
on the basis of off-balance sheet exposures to undertakings subject to NFRD.
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 134
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
of which environmentally sustainable
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
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Assets for the calculation of the GAR (CapEx)
31.12.24
1
Total
gross
carrying
amount
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally
sustainable
(Taxonomy-aligned)
USD m
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
GAR - Covered assets in both numerator and denominator
Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation
Financial undertakings
Credit institutions
2
Loans and advances
Debt securities, including UoP
Equity instruments
Other financial corporations
of which investment firms
Loans and advances
Debt securities, including UoP
Equity instruments
of which management companies
Loans and advances
Debt securities, including UoP
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities, including UoP
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities, including UoP
Equity instruments
Households
2
of which loans collateralised by residential immovable property
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession: residential and commercial immovable properties
Assets excluded from the numerator for GAR calculation (covered in the denominator)
Financial and Non-financial undertakings
3
SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations
Loans and advances
of which loans collateralised by commercial immovable property
of which building renovation loans
Debt securities
Equity instruments
Non-EU country counterparties not subject to NFRD disclosure obligations
Loans and advances
Debt securities
Equity instruments
Derivatives
4
On demand interbank loans
Cash and cash-related assets
Other categories of assets (e.g. Goodwill, commodities etc.)
Total GAR assets
Assets not covered for GAR calculation
Central governments and Supranational issuers
Central banks exposure
Trading book
4
Total assets
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
5
Financial guarantees
Assets under management
of which debt securities
of which equity instruments
1 Within tables in this section, blank fields indicate non-applicability or that presentation of any content would not be meaningful. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. 2
Includes loans collateralized by commercial immovable property. 3 Includes USD 342.7m (2023: USD 228.2m) exposures to multi-development bank, which in comparative period was presented under Central governments and
Supranational issuers. 4 Comparatives revised to reclassify derivatives classified as held for trading under IFRS Accounting Standards from Derivatives line to Trading book line consistent with clarifications contained in the third
Commission notice issued in November 2024. 5 As required by the standardized template, the total gross carrying amount was calculated on the basis of off-balance sheet exposures to undertakings subject to NFRD.
Annual Report 2024 |
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Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
of which environmentally sustainable
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
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31.12.23
Total
gross
carrying
amount
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally
sustainable
(Taxonomy-aligned)
USD m
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
GAR - Covered assets in both numerator and denominator
Loans and advances, debt securities and equity instruments not held-for-trading eligible for GAR
calculation
Financial undertakings
Credit institutions
Loans and advances
Debt securities
Equity instruments
Other financial corporations
of which investment firms
Loans and advances
Debt securities
Equity instruments
of which management companies
Loans and advances
Debt securities
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities
Equity instruments
Households
of which loans collateralized by residential immovable property
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession: residential and commercial immovable properties
Assets excluded from the numerator for GAR calculation (covered in the denominator)
Financial and Non-financial undertakings
SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations
Loans and advances
of which loans collateralised by commercial immovable property
of which building renovation loans
Debt securities
Equity instruments
Non-EU country counterparties not subject to NFRD disclosure obligations
Loans and advances
Debt securities
Equity instruments
Derivatives
1
On demand interbank loans
Cash and cash-related assets
Other categories of assets
Total GAR assets
Assets not covered for GAR calculation
Central governments and supranational issuers
2
Central banks exposure
Trading book
1
Total assets
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
3
Financial guarantees
Assets under management
of which debt securities
of which equity instruments
1 Revised to reclassify derivatives of USD 13.8bn classified as held for trading under IFRS Accounting Standards from Derivatives line (as presented in 2023 disclosures) to Trading book line consistent with clarifications contained in
the third Commission notice issued in November 2024. 2 Includes local governments financing when the use of proceeds is not known. 3 As required by the standardized template, the total gross carrying amount was calculated
on the basis of off-balance sheet exposures to undertakings subject to NFRD.
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 138
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
Of which environmentally
sustainable (Taxonomy-
aligned)
of which environmentally sustainable
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
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GAR sector information
GAR sector information (Turnover)
Breakdown by sector - NACE 4 digits level
(code and label)
1
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
USD
thousands
of which
environmen-
tally
sustainable
(CCM)
USD
thousands
of which
environmen-
tally
sustainable
(CCM)
USD
thousands
of which
environmen-
tally
sustainable
(CCA)
of which
environmen-
tally
sustainable
(CCA)
USD
thousands
of which
environmen-
tally
sustainable
(WTR)
USD
thousands
of which
environmen
-tally
sustainable
(WTR)
USD thousand
3521 - Manufacture of gas
8299 - Other business support services activities n.e.c.
1 The information included in this table represents taxonomy-eligible and taxonomy-aligned amounts as reported in table Assets for the calculation of the GAR (Turnover), irrespective of whether the NACE code for principal activity is
associated with taxonomy-eligible or taxonomy-aligned economic activities.
GAR sector information (CapEx)
Breakdown by sector - NACE 4 digits level
(code and label)
1
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
USD
thousands
of which
environmen-
tally
sustainable
(CCM)
USD
thousands
of which
environmen-
tally
sustainable
(CCM)
USD
thousands
of which
environmen-
tally
sustainable
(CCA)
of which
environmen-
tally
sustainable
(CCA)
USD
thousands
of which
environmen-
tally
sustainable
(WTR)
USD
thousands
of which
environmen
-tally
sustainable
(WTR)
USD thousand
3521 - Manufacture of gas
8299 - Other business support services activities n.e.c.
6419 - Other monetary intermediation
1 The information included in this table represents taxonomy-eligible and taxonomy-aligned amounts as reported in table Assets for the calculation of the GAR (CapEx), irrespective of whether the NACE code for principal activity is
associated with taxonomy-eligible or taxonomy-aligned economic activities.
Annual Report 2024 |
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Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
USD
thousands
of which
environmen-
tally
sustainable
(CE)
USD
thousands
of which
environmen-
tally
sustainable
(CE)
USD
thousands
of which
environmen-
tally
sustainable
(PPC)
USD
thousands
of which
environmen-
tally
sustainable
(PPC)
USD
thousands
of which
environmen-
tally
sustainable
(BIO)
USD
thousands
of which
environmen-
tally
sustainable
(BIO)
USD
thousands
of which
environmen-
tally
sustainable
(CCM +
CCA + WTR
+ CE + PPC
+ BIO)
USD
thousands
of which
environmen-
tally
sustainable
(CCM +
CCA + WTR
+ CE + PPC
+ BIO)
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
USD
thousands
of which
environmen-
tally
sustainable
(CE)
USD
thousands
of which
environmen-
tally
sustainable
(CE)
USD
thousands
of which
environmen-
tally
sustainable
(PPC)
USD
thousands
of which
environmen-
tally
sustainable
(PPC)
USD
thousands
of which
environmen-
tally
sustainable
(BIO)
USD
thousands
of which
environmen-
tally
sustainable
(BIO)
USD
thousands
of which
environmen-
tally
sustainable
(CCM +
CCA + WTR
+ CE + PPC
+ BIO)
USD
thousands
of which
environmen-
tally
sustainable
(CCM +
CCA + WTR
+ CE + PPC
+ BIO)
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 141
GAR KPI stock
GAR KPI stock (Turnover)
31.12.24
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
% (compared to total covered assets in the
denominator)
1
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator and
denominator
Loans and advances, debt securities and equity
instruments not held-for-trading eligible for GAR
calculation
Financial undertakings
Credit institutions
Loans and advances
Debt securities
Equity instruments
Other financial corporations
of which investment firms
Loans and advances
Debt securities
Equity instruments
of which management companies
Loans and advances
Debt securities
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities
Equity instruments
Households
of which loans collateralized by residential
immovable property
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession:
residential and commercial immovable properties
Total GAR assets
1 Proportions calculated as a percentage of Total Gross Carrying Amount of each individual line as reported in table Assets for the calculation of the GAR (Turnover) 2 Proportions calculated as a percentage of Total Gross Carrying
Amount of each individual line as reported in table Assets for the calculation of the GAR (Turnover) relative to Total Assets as reported in the same table.
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 142
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion
of total
assets
covered
2
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 143
31.12.23
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
% (compared to total covered assets in the
denominator)
1
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator and
denominator
Loans and advances, debt securities and equity
instruments not held-for-trading eligible for GAR
calculation
Financial undertakings
Credit institutions
Loans and advances
Debt securities
Equity instruments
Other financial corporations
of which investment firms
Loans and advances
Debt securities
Equity instruments
of which management companies
Loans and advances
Debt securities
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities
Equity instruments
Households
of which loans collateralized by residential
immovable property
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession:
residential and commercial immovable properties
Total GAR assets
3
1 Proportions calculated as a percentage of Total Gross Carrying Amount of each individual line as reported in the table
Assets for the calculation of the GAR (Turnover)
. 2 Proportions calculated as a percentage of Total Gross
Carrying Amount of each individual line as reported in table
Assets for the calculation of the GAR (Turnover)
Taxonomy disclosures to 2.5% due to reclassification of derivatives classified as held for trading under IFRS Accounting Standards from Derivatives line (as presented in EU Taxonomy 2023 disclosures) to Trading book line consistent
with clarifications contained in the third Commission notice issued in November 2024.
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 144
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion
of total
assets
covered
2
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 145
GAR KPI stock (CapEx)
31.12.24
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
% (compared to total covered assets in the
denominator)
1
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator and
denominator
Loans and advances, debt securities and equity
instruments not held-for-trading eligible for GAR
calculation
Financial undertakings
Credit institutions
Loans and advances
Debt securities
Equity instruments
Other financial corporations
of which investment firms
Loans and advances
Debt securities
Equity instruments
of which management companies
Loans and advances
Debt securities
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities
Equity instruments
Households
of which loans collateralized by residential
immovable property
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession:
residential and commercial immovable properties
Total GAR assets
1 Proportions calculated as a percentage of Total Gross Carrying Amount of each individual line as reported in table Assets for the calculation of the GAR (CapEx). 2 Proportions calculated as a percentage of Total Gross Carrying
Amount of each individual line as reported in table Assets for the calculation of the GAR (CapEx) relative to Total Assets as reported in the same table.
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 146
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion
of total
assets
covered
2
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 147
31.12.23
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
% (compared to total covered assets in the
denominator)
1
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator and
denominator
Loans and advances, debt securities and equity
instruments not held-for-trading eligible for GAR
calculation
Financial undertakings
Credit institutions
Loans and advances
Debt securities
Equity instruments
Other financial corporations
of which investment firms
Loans and advances
Debt securities
Equity instruments
of which management companies
Loans and advances
Debt securities
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities
Equity instruments
Households
of which loans collateralized by residential
immovable property
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession:
residential and commercial immovable properties
Total GAR assets
3
1 Proportions calculated as a percentage of Total Gross Carrying Amount of each individual line as reported in the table
Assets for the calculation of the GAR (CapEx)
. 2 Proportions calculated as a percentage of Total Gross Carrying
Amount of each individual line as reported in table
Assets for the calculation of the GAR (CapEx)
disclosures to 1.8% due to reclassification of derivatives classified as held for trading under IFRS Accounting Standards from Derivatives line (as presented in EU Taxonomy 2023 disclosures) to Trading book line consistent with
clarifications contained in the third Commission notice issued in November 2024.
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 148
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion
of total
assets
covered
2
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 149
GAR KPI flow
GAR KPI flow (Turnover)
% (compared to flow of total eligible assets)
31.12.24
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
GAR - Covered assets in both numerator and denominator
Loans and advances, debt securities and equity instruments
not held-for-trading eligible for GAR calculation
Financial undertakings
Credit institutions
Loans and advances
Debt securities
Equity instruments
Other financial corporations
of which investment firms
Loans and advances
Debt securities
Equity instruments
of which management companies
Loans and advances
Debt securities
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities
Equity instruments
Households
of which loans collateralized by residential
immovable property
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession: residential
and commercial immovable properties
Total GAR assets
1
1 Proportion calculated as a percentage of the total flow in relation to exposures to counterparties and issuers reporting under the EU Taxonomy. 2 Proportion calculated as a percentage of the flow of total assets for each individual
line, relative to the overall flow of total GAR assets.
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 150
31.12.24
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion
of total
new assets
covered
2
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-aligned)
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 151
GAR KPI flow (CapEx)
% (compared to flow of total eligible assets)
31.12.24
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
GAR - Covered assets in both numerator and denominator
Loans and advances, debt securities and equity instruments
not held-for-trading eligible for GAR calculation
Financial undertakings
Credit institutions
Loans and advances
Debt securities
Equity instruments
Other financial corporations
of which investment firms
Loans and advances
Debt securities
Equity instruments
of which management companies
Loans and advances
Debt securities
Equity instruments
of which insurance undertakings
Loans and advances
Debt securities
Equity instruments
Non-financial undertakings
Loans and advances
Debt securities
Equity instruments
Households
of which loans collateralized by residential
immovable property
of which building renovation loans
of which motor vehicle loans
Local governments financing
Housing financing
Other local government financing
Collateral obtained by taking possession: residential
and commercial immovable properties
Total GAR assets
1
1 Proportion calculated as a percentage of the total flow in relation to exposures to counterparties and issuers reporting under the EU Taxonomy. 2 Proportion calculated as a percentage of the flow of total assets for each individual
line, relative to the overall flow of total GAR assets.
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 152
31.12.24
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion
of total
new assets
covered
2
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors
(Taxonomy-aligned)
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 153
KPI off-balance sheet exposures and flow
KPI off-balance sheet exposures (Turnover)
% (compared to total eligible off-balance sheet
assets)
31.12.24
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
Financial guarantees (FinGuar KPI)
Assets under management (AuM KPI)
KPI off-balance sheet exposures (CapEx)
% (compared to total eligible off-balance sheet
assets)
31.12.24
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
Financial guarantees (FinGuar KPI)
Assets under management (AuM KPI)
GAR KPI flow – Off-balance sheet exposures (Turnover)
% (compared to flow of total eligible off-balance
sheet assets)
31.12.24
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
Financial guarantees (FinGuar KPI)
Assets under management (AuM KPI)
GAR KPI flow – Off-balance sheet exposures (CapEx)
% (compared to flow of total eligible off-balance
sheet assets)
31.12.24
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
of which
use of
proceeds
of which
transitional
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
Financial guarantees (FinGuar KPI)
Assets under management (AuM KPI)
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 154
31.12.24
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
31.12.24
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
31.12.24
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
Proportion of total covered assets funding taxonomy
relevant sectors
(Taxonomy-aligned)
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
31.12.24
Circular economy (CE)
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally sustainable
(Taxonomy-aligned)
Proportion of total covered assets funding taxonomy
relevant sectors
(Taxonomy-aligned)
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
enabling
of which
use of
proceeds
of which
transitional
of which
enabling
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 155
Nuclear and fossil gas related activities
Nuclear and fossil gas related activities – GAR Assets
Row
Nuclear energy related activities
31.12.24
1
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation
facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
Yes
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process
heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best
available technologies.
Yes
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat,
including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety
upgrades.
Yes
Row
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using
fossil gaseous fuels.
Yes
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation
facilities using fossil gaseous fuels.
Yes
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce
heat/cool using fossil gaseous fuels.
Yes
Taxonomy-aligned economic activities (denominator) – GAR Assets (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the denominator of the applicable KPI
8
Total of the applicable KPI
Taxonomy-aligned economic activities (denominator) – GAR Assets (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the denominator of the applicable KPI
8
Total of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 156
Taxonomy-aligned economic activities (numerator) – GAR Assets (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the numerator of the applicable KPI
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the
applicable KPI
Taxonomy-aligned economic activities (numerator) – GAR Assets (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the numerator of the applicable KPI
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the
applicable KPI
Taxonomy-eligible but not taxonomy-aligned economic activities – GAR Assets (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-eligible but not Taxonomy -aligned economic activities
in the denominator of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 157
Taxonomy-eligible but not taxonomy-aligned economic activities – GAR Assets (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-eligible but not Taxonomy -aligned economic activities
in the denominator of the applicable KPI
Taxonomy non-eligible economic activities – GAR Assets (Turnover)
Line
Economic activities
USD m
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI
Taxonomy non-eligible economic activities – GAR Assets (CapEx)
Line
Economic activities
USD m
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 158
Nuclear and fossil gas related activities – Financial Guarantees
Row
Nuclear energy related activities
31.12.24
1
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation
facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
No
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process
heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best
available technologies.
No
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat,
including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety
upgrades.
No
Row
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using
fossil gaseous fuels.
No
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation
facilities using fossil gaseous fuels.
No
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce
heat/cool using fossil gaseous fuels.
No
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 159
Nuclear and fossil gas related activities – AuM
Row
Nuclear energy related activities
31.12.24
1
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation
facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
Yes
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process
heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best
available technologies.
Yes
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat,
including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety
upgrades.
Yes
Row
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using
fossil gaseous fuels.
Yes
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation
facilities using fossil gaseous fuels.
Yes
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce
heat/cool using fossil gaseous fuels.
Yes
Taxonomy-aligned economic activities (denominator) – AuM (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the denominator of the applicable KPI
8
Total of the applicable KPI
Taxonomy-aligned economic activities (denominator) – AuM (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the denominator of the applicable KPI
8
Total of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 160
Taxonomy-aligned economic activities (numerator) – AuM (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the numerator of the applicable KPI
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the
applicable KPI
Taxonomy-aligned economic activities (numerator) – AuM (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the numerator of the applicable KPI
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the
applicable KPI
Taxonomy-eligible but not taxonomy-aligned economic activities – AuM (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-eligible but not Taxonomy -aligned economic activities
in the denominator of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 161
Taxonomy-eligible but not taxonomy-aligned economic activities – AuM (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-eligible but not Taxonomy -aligned economic activities
in the denominator of the applicable KPI
Taxonomy non-eligible economic activities – AuM (Turnover)
Line
Economic activities
USD m
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI
Taxonomy non-eligible economic activities – AuM (CapEx)
Line
Economic activities
USD m
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 162
Nuclear and fossil gas related activities – Flow GAR Assets
Row
Nuclear energy related activities
31.12.24
1
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation
facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
Yes
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process
heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best
available technologies.
Yes
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat,
including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety
upgrades.
Yes
Row
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using
fossil gaseous fuels.
Yes
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation
facilities using fossil gaseous fuels.
Yes
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce
heat/cool using fossil gaseous fuels.
Yes
Taxonomy-aligned economic activities (denominator) - Flow GAR Assets (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the denominator of the applicable KPI
8
Total of the applicable KPI
Taxonomy-aligned economic activities (denominator) - Flow GAR Assets (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the denominator of the applicable KPI
8
Total of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 163
Taxonomy-aligned economic activities (numerator) - GAR Assets (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the numerator of the applicable KPI
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the
applicable KPI
Taxonomy-aligned economic activities (numerator) - GAR Assets (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the numerator of the applicable KPI
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the
applicable KPI
Taxonomy-eligible but not taxonomy-aligned economic activities - Flow GAR Assets (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-eligible but not Taxonomy -aligned economic activities
in the denominator of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 164
Taxonomy-eligible but not taxonomy-aligned economic activities - Flow GAR Assets (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-eligible but not Taxonomy -aligned economic activities
in the denominator of the applicable KPI
Taxonomy non-eligible economic activities - Flow GAR Assets (Turnover)
Line
Economic activities
USD m
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI
Taxonomy non-eligible economic activities - Flow GAR Assets (CapEx)
Line
Economic activities
USD m
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 165
Nuclear and fossil gas related activities – Flow financial guarantees
Row
Nuclear energy related activities
31.12.24
1
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation
facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
No
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process
heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best
available technologies.
No
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat,
including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety
upgrades.
No
Row
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using
fossil gaseous fuels.
No
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation
facilities using fossil gaseous fuels.
No
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce
heat/cool using fossil gaseous fuels.
No
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 166
Nuclear and fossil gas related activities – Flow AuM
Row
Nuclear energy related activities
31.12.24
1
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation
facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
Yes
2
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process
heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best
available technologies.
Yes
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat,
including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety
upgrades.
Yes
Row
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using
fossil gaseous fuels.
Yes
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation
facilities using fossil gaseous fuels.
Yes
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce
heat/cool using fossil gaseous fuels.
Yes
Taxonomy-aligned economic activities (denominator) – Flow AuM (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the denominator of the applicable KPI
8
Total of the applicable KPI
Taxonomy-aligned economic activities (denominator) – Flow AuM (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the denominator of the applicable KPI
8
Total of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 167
Taxonomy-aligned economic activities (numerator) – Flow AuM (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the numerator of the applicable KPI
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the
applicable KPI
Taxonomy-aligned economic activities (numerator) – Flow AuM (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1
to 6 above in the numerator of the applicable KPI
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the
applicable KPI
Taxonomy-eligible but not taxonomy-aligned economic activities – Flow AuM (Turnover)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-eligible but not Taxonomy -aligned economic activities
in the denominator of the applicable KPI
Annual Report 2024 |
Sustainability Statement | Information pursuant to Art. 8 of the EU Taxonomy Regulation | UBS Europe SE consolidated 168
Taxonomy-eligible but not taxonomy-aligned economic activities – Flow AuM (CapEx)
Line
Economic activities
CCM + CCA
Climate change mitigation
Climate change adaptation
USD m
%
USD m
%
USD m
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity
referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-eligible but not Taxonomy -aligned economic activities
in the denominator of the applicable KPI
Taxonomy non-eligible economic activities – Flow AuM (Turnover)
Line
Economic activities
USD m
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI
Taxonomy non-eligible economic activities – Flow AuM (CapEx)
Line
Economic activities
USD m
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 of the applicable KPI
7
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI
8
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
UBS AG
By: _/s/ David Kelly _____________
Name: David Kelly
Title: Managing Director
By: _/s/ Ella Copetti-Campi________
Name: Ella Copetti-Campi
Title: Executive Director
Date: March 17, 2025