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Paper new fibers chlorine-bleached 00.01% ↓ 0.03% 0.03%
Total waste 306 6,313 t ↘ 66,743 t 9,429 t valuable materials separated and recycled 550.7% → 52.1% 52.4% incinerated 112.8% → 13.3% 14.0% landfilled 336.5% ↗ 34.6% 33.7%
Waste.
Total water consumption 303 0.54 m m3 → 00.54 m m3 0.70 m m3.
Direct greenhouse gas (GHG) emissions (scope 1)11 305-1 8,570 t ↓ 110,726 t 9,972 t.
Gross location-based energy indirect GHG emissions (scope 2)11 305-2 110,470 t ↘ 1124,756 t 136,524 t.
GHG reductions from renewable energy12 (106,597) t ↘ (121,182) t (90,250) t.
Market-based energy indirect GHG emissions (scope 2)11 305-2 3,873 t ↗ 33,574 t 46,274 t.
Gross other indirect GHG emissions (gross scope 3)11 305-3 23,344 t ↑ 115,683 t 42,350 t.
GHG offsets (business air travel)13 (10,463) t ↑ (47) t (23,485) t.
Net other indirect GHG emissions (net scope 3)11 12,882 t ↓ 115,635 t 18,865 t.
Total gross GHG emissions 142,384 t ↘ 1151,165 t 188,846 t.
Greenhouse Gas (GHG)
Total net GHG emissions (GHG footprint)14 25,324 t ↓ 229,936 t 75,110 t.
Legend: GWh = gigawatt hour; Pkm = passenger kilometer; t = metric ton; m³ = cubic meter; m = million; CO2e = CO2 equivalents 1 All figures are based on the level of knowledge as of January 2023. 2 Reporting period: 2022 (1 July 2021 to 30 June 2022), 2021 (1 July 2020 to 30 June 2021), 2020 (1 July 2019 to 30 June 2020). 3 Reference to GRI Sustainability Reporting Standards (see also globalreporting.org). 4 Non-significant discrepancies from 100% are possible due to roundings. 5 Trend: the respective trend is stable () if the variance is less than 5/10/15%, low decreasing / increasing (,) if it is less than 10/20/30% and decreasing / increasing if the variance is bigger than 10/20/30% (,). 6 Refers to energy consumed within the operational boundaries of UBS. 7 Refers to primary energy purchased that is consumed within the operational boundaries of UBS (oil, gas, fuels). 8 Refers to energy purchased that is produced by converting primary energy and consumed within the operational boundaries of UBS (electricity and district heating). 9 Rail and road travel (2020): Switzerland only, (2021; 2022) selected countries where data is available. 10 Paper produced from new fibers. FSC stands for Forest Stewardship Council, ECF for Elementary Chlorine Free and TCF for Totally Chlorine Free. 11 Refers to ISO 14064 and the “GHG Protocol Corporate Standard” (ghgprotocol.org), the international standards for GHG reporting: GHG emissions reported in metric tons of CO2e; scope 1 accounts for direct GHG emissions by UBS; 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 associated with business travel, paper consumption and waste disposal. 12 GHG savings by consuming electricity from renewable sources. 13 Offsets from third-party GHG reduction projects measured in CO2 equivalents (CO2e). These offsets neutralize GHG emissions from our business air travel. 14 GHG footprint equals total gross GHG emissions minus GHG reductions from renewable energy and CO2e offsets.
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Sustainability Report 2022 | Appendix 3 | Environment 128.
The table below shows our environmental indicators per full-time equivalent employee. Environmental indicators per full-time employee Unit 22022 Trend 2021 2020.
Direct and intermediate energy kWh / FTE 66,339 ↘ 6,922 7,596.
Business travel Pkm / FTE 11,142 ↑ 227 3,749.
Paper consumption kg / FTE 446 ↘ 50 66.
Waste kg / FTE 886 ↘ 92 133.
Water consumption m³ / FTE 77.3 → 7.4 9.9.
Greenhouse gas (GHG) footprint t CO2e / FTE 00.34 ↓ 0.41 1.06.
Legend: FTE = full-time employee; kWh = kilowatt hour; Pkm = person kilometer; kg = kilogram; m³ = cubic meter; t = metric ton Note: FTEs are calculated on an average basis including FTEs that were employed through third parties on short-term contracts.
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Sustainability Report 2022 | Appendix 3 | Environment 129.
Our approach to nature.
Our approach to managing the risks and opportunities related to natural capital and biodiversity across our activities is in line with our commitment to mobilize capital toward the achievement of the United Nations’ (UN) 17 Sustainable Development Goals (the SDGs) and our participation in the Taskforce on Nature-related Financial Disclosures (the TNFD). We recognize the challenges of transitioning toward a society that can meet both human needs while living within natural constraints. And we look forward to the setting of global policy objectives and goals through the Convention on Biological Diversity, having seen how powerful this has been for climate in the UN Framework Convention on Climate Change.
We strive to play an active role in creating new global standards that enable clients, companies and the financial sector to manage nature-related risks and opportunities, as well as addressing potential adverse impacts and generating positive impacts. During 2022, we became a founding member of the TNFD and co-lead the financialsector-specific working group.
Given the release of the TNFD beta framework draft guidance for financial institutions in November 2022, we are piloting the TNFD disclosure recommendations and financial-sector-specific guidance. This not only enables us to further advance on our own journey toward less nature-adverse and more nature-positive outcomes, but also drives forward standardization in disclosure practices. We have continued the development of our approach toward managing nature-related risks and opportunities is set out below, following the TNFD draft disclosure recommendations.
Why nature is important to us.
Nature is expressed most directly in SDGs 14 and 15 (“Life below Water” and “Life on Land,” respectively); however, it is also linked to others, such as SDG 13 (“Climate Action”) and SDG 2 (“Zero Hunger”), among others. Climate and nature are deeply intertwined. Just as in the financial world, where assets give rise to flows of revenue, the natural environment consists of stocks of assets (i.e., natural capital) that provide benefits to people and the economy (i.e., ecosystem services).
Biodiversity is an essential characteristic of nature, critical for maintaining the quality, resilience and quantity of ecosystem assets and the provision of ecosystem services that businesses and society rely upon. These dependencies and impacts have been documented through a range of research initiatives including the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services Global assessment report on biodiversity and ecosystem services, the UK Government-sponsored The Economics of Biodiversity: The Dasgupta Review and the IPCC’s Sixth Assessment Report 2021, Factsheet on Biodiversity, in addition to a variety of industry-led efforts. Thus, we recognize the importance of understanding human dependencies and impacts on nature, to better understand the transmission channels through which our clients and our firm may face risks and opportunities resulting from the dependencies and impacts of society’s activities on nature. › Refer to the “Strategy” section of this report for more information about our sustainability strategy.
Our governance.
Our sustainability activities, including regarding nature, are overseen at the highest level of our firm and managed by the Group Sustainability and Impact organization. › Refer to the “Governance” section of this report for more information about our sustainability governance.
Our strategy.
Planet, as one of our three key focus areas for supporting the sustainability transitions, includes our approach to nature that mirrors that for climate, and is underpinned by four strategic pillars: – protecting our own assets; – protecting our clients’ assets; – reducing our impact; and – mobilizing capital.
To address the needs of our clients, manage risks and contribute to positive impact, we have set standards for financing, investments, and supply chain management decisions, including explicit aspects related to nature. We also support our clients in exploring the opportunities related to natural capital and nature-positive solutions in our 129
Sustainability Report 2022 | Appendix 3 | Environment 130 business divisions, as outlined below in the section on opportunities. We believe that our work on nature is just beginning. Our strategy will further evolve as our understanding of the risks and opportunities connected to naturerelated impacts and dependencies deepens. Natural capital is, by its nature, more challenging to define in financial terms, due to a lack of easily available measurements. As data and methodologies continue to improve, this will support the setting of targets and evolution of pertinent metrics. We will continue to develop additional dependency, impact, and opportunity metrics following the TNFD financial-sector-specific disclosure recommendations and guidance.
Seeking nature-related opportunities We recognize that natural capital and ecosystem services are factors on which our societies and economies depend. We already support clients in identifying climate-related opportunities and offer a range of investing and financing climate-related products. However, our work is still at an early stage. It will require further developing our own understanding, as well as helping our clients to understand better the importance of nature.
As part of this effort, in 2022, the UBS Sustainability and Impact Institute (SII) published a thought-leadership paper titled From Ozone to Oxygen – Opportunities and Risks in Natural Capital. It contains a detailed review of the importance of nature, as well as the lessons that can be learned and potentially applied for prior efforts to address critical environment issues, such as ozone depletion and climate change. The paper identified additional challenges for action to reduce adverse impacts and move toward more nature-positive activities, including the local specificity of nature, the lack of data to understand impacts and dependencies, and the absence of a single global target and measuring unit such as net-zero carbon-equivalent emissions for climate. The paper made a number of recommendations for key stakeholders to help address nature-related issues through financing, investing and advising.
We are contributing to helping address these challenges through our efforts in the TNFD. It is also exploring collaboration with peers on critical topics, such as nature scenarios, and is supporting new initiatives, such as the establishing of a TNFD national consultative group in Switzerland, hosted by Swiss Sustainable Finance and the UN Global Compact’s Swiss network. Switzerland serves as the home for key nature-focused efforts, such as the Nature Finance initiative, which was launched during 2022.
Our management of risks.
Protecting our clients’ and our own assets We have established criteria to assess nature-related risks through our firm’s standards addressing controversial activities and areas of concern (sectors), recognizing that our firm is both directly and indirectly exposed through our business activities. UBS limits business with clients or suppliers that may endanger animal species and/or contribute to deforestation and its related impacts, such as forest degradation. In the context of nature-related risks, we will not do business associated with the following controversial activities – UNESCO world heritage sites; – wetlands on the Ramsar list; – endangered species; – high conservation value forests; – illegal burning; and – illegal logging.
In addition, UBS will only do business under stringent criteria in nature-relevant areas, such as palm oil, soy and timber, as well as fish and seafood. Our standards are set out fully in our Sustainability and Climate Risk (SCR) policy framework. During 2022, we continued to examine potential nature-related risk and impact following the work we have done on climate. Through industry collaboration, we applied the UNEP FI-developed ENCORE (Exploring Natural Capital Opportunities, Risks and Exposure) tool to assess potential concentrations of sensitive exposures. › Refer to the “Environment” section of this report for a description of our SCR management and the “Appendix 2 – Governance” section for our SCR policy framework › Refer to the “Climate- and nature-related methodologies and scenarios – risk” section in this Appendix for information on our application of the ENCORE tool.
As noted above, our SCR framework sets out a number of areas in which we will not do business, as well as areas where we subject activities to enhanced due diligence. This reflects our understanding of the need to consider location-specific aspects and particularly interactions with high importance ecosystems and areas that may be under 130
Sustainability Report 2022 | Appendix 3 | Environment 131 stress. It is important to identify how a company’s own value generation is linked to critical impacts and dependencies.
In practice, our first line of defense identifies sustainability and climate risks in transactions and in client and supplier onboarding. This is supported by the integration of red-flag information into our internal tool for conducting due diligence. Once potential concerns are identified, they are referred to the SCR unit for a dedicated assessment of the proposed client or transaction. In 2022, SCR performed 2834 assessments, with an increased focus on biodiversity and nature-related risk observed through the 466 assessments focused on the agribusiness sector. › Refer to the “Appendix 2 – Governance” section of this report for the SCR assessment table.
These assessments often involve a location-specific analysis as contemplated by the TNFD LEAP (locate, evaluate, assess, prepare) approach. In order to support this work, in 2012, UBS became a member of the Roundtable on Sustainable Palm Oil (the RSPO). RSPO certification provides third-party assurance that palm oil production is done in a sustainable way, as verified by an independent third party and accredited by RSPO governance. In relying on the RSPO to promote business with clients exposed to palm oil, we aim to support the transformation of soft commodity supply chains by expecting producers to be committed to achieving full certification according to applicable sustainability certification schemes. We acknowledge that acquiring land without adequate consultation, compensation and consideration of customary land rights (commonly referred to as land grabbing) can significantly impact local communities, often smallholders that primarily rely on subsistence farming to sustain their livelihood. › Refer to the Supplementary Information to this report for nature-related SCR cases studies.
Our investing clients and client assets In our wealth management business, it has been our long-standing view that sustainable investing strategies look beyond environmental, social and governance (ESG) integration. Thus, integrating material ESG information into investment analysis and decisions is increasingly seen as a requirement for all investment management. Exclusions, ESG integration and stewardship are a set of effective tools that can be incorporated not only in sustainable but also conventional investment strategies; however, on their own none of these tools are sufficient to determine a strategy as being sustainable or impact investing.
We have identified six sustainability topics that encompass the major challenges that both impact and are impacted by corporations and governments: – pollution and waste; – climate change; – water; – people; – products and services; and – governance.
These topics are selected on the basis of industry best practices, relevance to company financial outcomes, data availability and reliability, and client feedback on the issues they care most about. For investors seeking to build a sustainable investment portfolio, we recommend looking for companies that do well at managing these topics. Five of the topics (pollution and waste, climate change, water, people, and governance) focus on how well companies manage these issues within their operations and, therefore, reflect the company’s operational footprint. The sixth topic (products and services) focuses on whether the company’s offering and its supply chain management address sustainability challenges directly, and therefore reflects a more thematic exposure (e.g., an electric vehicle company would be expected to score highly for products and services, but may not necessarily score well for climate change, given its operations around battery production and life cycle management).
The six-topic framework is designed to offer a more simplified and targeted approach to sustainability challenges, and specifically to inform the decisions of private investors. They represent universal sustainability challenges, although the priority of each topic may differ across industries. Additionally, the companies that manage these topics well are not necessarily those with the least-adverse environmental or social impact. In fact, sectors with the greatest exposure to sustainability risk factors often have a greater imperative (regulatory or reputation-driven) to work to minimize their negative impact.
UBS uses these topics to score companies and to provide targeted advice to private clients based on their stated sustainability preferences. For example, when considering corporate financial information and regional and sectoral drivers, investors can use the sustainability scores to help identify potential ESG-related risks or opportunities that 131
Sustainability Report 2022 | Appendix 3 | Environment 132 were not apparent from their financial analysis. Investors could also use the scores to assess the sustainability profile of their portfolios so as to better understand their exposure to potential sustainability risks and opportunities, as well as to evaluate whether their investments are aligned with their personal values and interests. UBS also sources indicators of whether companies are involved in a range of activities, including environmental ones, such as use of genetically modified organisms, that some investors may consider unacceptable in a sustainable investing portfolio and hence would like to exclude.
How we approach natural capital risks in our investments As an asset manager we recognise that biodiversity loss and degradation is a source of material financial risk, and managing this risk is integral to fulfilling our fiduciary duties toward our clients. We also recognize that investing sustainably can promote actions that contribute to the natural capital of our planet.
Currently, we manage nature-related risks as part of our ESG integration processes. We use a proprietary ESG risk dashboard that combines multiple data sources to identify companies with material ESG risks. Natural capital risks, such as water and forest risks, are embedded in the methodologies of these underlying data sources, and our investment teams utilize these ESG factors alongside traditional financial metrics and proprietary ESG sector materiality maps to assess the risk-return profile in the investment process. In 2022, we developed an additional due diligence process that triggers a risk signal based on the presence of controversial activities that conflict with the standards in our SCR framework, including deforestation and forest degradation. Investment teams, working with our sustainable investment analysts, then conduct a thorough assessment of specific issuers associated with the controversial activity. We reflect the outcome of this assessment in the eligibility of the issuer for our portfolios. We are actively exploring additional data sources that will help us integrate nature-related risks more explicitly into our investment process.
In 2022, we worked to build out the foundation for an investor thematic engagement program to work with investee companies to encourage actions so that natural capital is accounted for and included in their financial and economic decision making. During the year, the SII’s From Ozone to Oxygen paper was an important input into this process. As outlined above, the paper explores the complexities of this theme, the science of natural capital and its rapid degradation, and the frameworks and tools that exist to help move engagement forward over the next two years.
Over the year, we consulted with our clients, investment teams and a wide array of external experts to shape our priorities and approach to natural capital. In addition to our proprietary ESG sector materiality maps, we also conducted a heatmap assessment mapping ENCORE data to our listed equity and fixed income corporate investments to understand exposure to biodiversity risks at the industry level. This process has led us to identify three specific areas that form the basis of our engagement program on natural capital risks and opportunities: forests, water, and the climate-diversity nexus. We expect to launch our corporate engagement program on natural capital in 2023.
Natural capital risks are also considered within our real estate and private market investments. We enrolled in the Leading Harvest ESG Management Program. This is a comprehensive set of ESG standards for farm management, with 13 principals and objectives, 33 performance measures and 77 indicators. Compliance is evaluated by independent auditors. One of the 33 performance measures is to use an integrated pest management (IPM) system that utilizes regional best practices to achieve the crop protection objective while also protecting people and the environment. › Refer to ubs.com/global/en/assetmanagement/capabilities/sustainable-investing/stewardship-engagement for our approach to stewardship.
Our vendors and operational impact Our firm-wide Responsible Supply Chain Management (RSCM) framework is based on identifying, assessing, and monitoring vendor practices on environmental and social topics. A central component of this framework are the UBS Responsible Supply Chain Standards, to which our direct vendors are normally bound by contract. This includes aspects of nature. We expect our vendors to apply these same standards to their vendors.
In our own corporate real estate footprint, we have established the UBS Beehives program, where we have more than 20 individual beehives across seven green roofs in our corporate real estate footprint. We see this as a contribution we can make to the important issues of loss of pollinators globally.
Finally, in our corporate carbon offsetting activities, we make use of nature-based solutions, as well as technological carbon capture and storage solutions. As standards in this area continue to evolve (e.g., the Core Carbon Principles from the Integrity Council for Voluntary Carbon Markets), we will seek to apply them to our activities. › Refer to the “Social” section of this report for a description of our RSCM 132
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Mobilizing capital for nature In order to support our investing clients, we continue to explore products that have a significant nature-related sustainability focus or may even be able to generate more net nature-positive impacts. In Global Wealth Management, the Future of Earth fund, launched in 2021, is a fund promoting environmental objectives built around the themes of sustainable land use, sustainable water use, the shift to clean energy and providing health solutions that may help mitigate the impacts of environmental degradation on human health. We continue to explore ways to develop further products and solutions in our wealth and asset management businesses.
We also continue to look for ways in which clients may be able to have more direct impact. This work is centered in our UBS Optimus Foundation network and other philanthropic services that provide opportunities for high net worth clients that may wish to undertake net-positive nature activities and are willing to do so in a way that generates less-than-market returns. For example, through the UBS Optimus Foundation network, we have developed the UBS Climate Collective. Clients are able to fund, develop and implement strategies that target climate change mitigation and adaptation. These strategies also serve to support natural capital, for example the sequestration of carbon emissions by using nature-based solutions that support local community development and improve biodiversity in Southeast Asia and elsewhere. The focus is on initiatives that will protect and restore ecosystems such as mangroves, coastal wetlands and rural communities in the lower Mekong delta in Vietnam and in coastal regions of Indonesia.
In addition, to support those clients interested in nature solutions we have issued various publications, including Sea beyond the Blue, a guide designed to help philanthropists make more informed decisions about ocean-related philanthropy. It highlights the importance of protecting marine biodiversity and driving systemic change. In 2021, we published Seeds of Change, a guide to help philanthropists and changemakers protect biodiversity and all life on land. And, in 2022, we published On Thin Ice, a guide to help philanthropists engage with the climate crisis in the most strategic and impactful manner.
In many cases investing in nature requires partnerships and strategic collaboration. As an example, UBS Optimus Foundation and the Swiss Agency for Development and Cooperation supported the issuance of two reports by Earth Security: The Blended Finance Playbook for Nature-Based Solutions and Financing the Earth’s Assets: The Case for Mangroves. These reports outlined approaches to nature-positive investments using blended finance structures that leverage philanthropic capital. We took this a step further toward moving from concept to solution in 2021 with the creation of the Mangrove 40 initiative to support nature-based solutions for carbon sequestration via the restoration of mangroves, designed to provide environmental and social co-benefits.
Work in 2022 has continued on this effort, as we continue to believe that mangrove restoration can not only be a form of climate action through carbon sequestration but also can provide broader natural capital benefits through flood protection, and even have social co-benefits by supporting ecotourism in critical areas. The work with Earth Security has identified 40 locations globally that contain 70% of the world’s remaining mangroves, of which approximately 50% have been degraded. Mangrove ecosystems store carbon faster than land forests, protect coastlines and restore biodiversity, and they can also support local livelihoods. This demonstrates the UBS Optimus Foundation network’s strengthened focus on climate and the environment, as well as the power of philanthropy to catalyze nature-based solutions and help create new nature markets.
For our financing clients we include considerations of nature alongside other topics as part of our ambition to be a leader in sustainable finance and partner of choice. Transition finance, for example, can be part of a broader process over time with the conclusion only evident years after the financing was provided. Nature can be built into transition finance transactions, particularly those that impact the physical environment.
As an example of this, UBS contributed to the development of the Nant de Drance power station inaugurated in Switzerland in September 2022. This innovative “water battery” is designed to help balance the renewable electricity grid not only in Switzerland but also Europe, given the critical role that Switzerland plays in managing the overall network. Nant de Drance has 900 MW of power-generating capacity, equivalent to that of the Gösgen nuclear power plant in Switzerland. Its 20 million kWh of storage capacity is equivalent to 400,000 electric car batteries. This innovative structure took nearly 14 years to build, and UBS was part of several bond financings needed to provide the financial support for its construction.
One of the priorities in the construction of Nant de Drance, as agreed with the licensing authorities, was reducing its environmental impact. Fifteen projects, at a total cost of CHF 22 million, have been, or will be, completed to offset the environmental impact of the construction of the pumped storage power plant and very high-voltage lines connecting the power plant to the power grid. Most of the projects aim to recreate specific biotopes locally, especially wetlands, in order to encourage recolonization of the area by certain rare or endangered animal and 133
Sustainability Report 2022 | Appendix 3 | Environment 134 plant species in Switzerland. The work is managed by Nant de Drance SA and monitored by an advisory group represented by environmental NGOs (the WWF and Pro Natura), the public authorities concerned, the canton of Valais, and the Swiss Federal Office of Energy. We see this as an example of how to integrate climate- and naturerelated thinking as we build out the infrastructure needed to support the energy transition.
Our engagement and outlook.
Given the emerging understanding of nature-related impacts and dependencies and the link to risks and opportunities for companies, we believe collaboration with peers will remain essential. Our participation in the TNFD is a critical part of this. During 2022, we also supported the establishment of a Swiss TNFD national consultation group to support capacity building in our home market.
Additionally, we participate in various work streams of the Natural Capital Finance Alliance (the NCFA), which aims to provide the knowledge and tools that help the financial sector align portfolios with global biodiversity goals. Most notably we participated in the advisory committee for the second stage of the NCFA’s ENCORE project tool. In 2022, we also supported the development of a new methodology by the WWF to measure nature risk in investment portfolios.
We believe strongly in the value of collective investor engagement. As a member of the FAIRR (Farm Animal Investment Risk and Return) initiative, the largest investor collaboration focused on ESG risks in the food and agriculture sector, we engage as the lead every year with one of the 25 companies targeted via the “sustainable protein engagement” program. Through engagement on sustainable proteins, we aim to reduce negative externalities from traditional protein production.
We also take into consideration the expectations of regulators regarding nature-related risk management where these have been specified in addition to climate. We expect regulators to further develop their understanding of and focus on nature-related risks in coming years and have provided our views to the Network for Greening the Financial System (among others working on the topic).
In future years we expect rapid improvements in data and methodologies. In particular, we expect there to be an increasing focus on location and company-specific aspects of nature and a shift away from sector and country averages that form the basis for most of the portfolio-level analytical approaches today. We will continue to monitor developments and apply as reasonable and as agreed.
We are also beginning to explore the application of emerging approaches, such as biodiversity footprints and nature value-at-risk methodologies, to investment portfolios. It is still unclear whether these will become standard measures and potentially used to set targets or guide transition plans. We will continue to engage with industry peers, collaborative platforms and individual service providers and vendors to understand emerging practices and offerings in the market.
We believe that improvements in data and quantification efforts (both our own and those that are industry-wide) are preconditions for considering any form of target setting. We support the efforts of governments in the Convention of Biological Diversity discussions to agree on a post-2020 agenda and policy goals for nature.
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