Swiss Government strengthens Switzerland as location for sustainable finance
On 11 December 2020, the Swiss Government (Federal Council) adopted concrete measures to make the Swiss financial centre sustainable. They are designed to improve transparency, strengthen risk analysis and expand Switzerland's international commitment. The aim is to continue to consolidate Switzerland's position as a leading location for sustainable financial services.
The Federal Council considers that there are significant opportunities for a sustainable Swiss financial centre. The framework conditions regarding transparency and risk assessment should be designed to ensure that the competitiveness of the Swiss financial centre is continuously improved and that the financial centre can make an effective contribution to sustainability.
The Federal Council has adopted the following measures:
- The authorities are to prepare the binding implementation of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) by Swiss companies in all sectors of the economy.
- The competent federal authorities, for instance, have until autumn 2021 to propose to the Federal Council any necessary amendments to financial market legislation to prevent so-called greenwashing, i.e. feigned sustainable business activity in terms of environmental impact.
- The Federal Council recommends that financial market players publish methods and strategies for taking account of climate and environmental risks when managing their clients' assets, in accordance with the existing legal duties of loyalty and diligence.