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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 202... |
127 |
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. |
128 |
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-relate... |
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 th... |
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... |
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... |
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 th... |
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-pos... |
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 ... |
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... |
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 ... |
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 Sustainab... |
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 w... |
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 i... |
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... |
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... |
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 pr... |
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 a... |
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 man... |
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 compan... |
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... |
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 wh... |
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 acti... |
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... |
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 in... |
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 corpor... |
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 evalua... |
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 ... |
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 the... |
Sustainability Report 2022 | Appendix 3 | Environment 133. |
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 promot... |
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 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 syst... |
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 Asset... |
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... |
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. N... |
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 i... |
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... |
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. ... |
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 nationa... |
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... |
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 “su... |
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 ... |
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 c... |
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 en... |
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 na... |
134 |
Sustainability Report 2022 | Appendix 3 | Environment 135. |
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