Switzerland is aiming to become one of the world's leading locations for sustainable finance. Its candidacy as the seat of the planned International Sustainability Standards Board (ISSB) fits perfectly into this strategy.
On 29 September 2021, Federal Councillor Ueli Maurer and the State Secretariat for International Finance (SIF) presented the candidacy dossier for the city of Geneva to the competent electoral body, the International Accounting Standards Board of the IFRS. They were supported by representatives of the Canton of Geneva and international companies such as Swiss Re, Holcim and Lombard Odier.
ISSB for climate-related financial reporting
The establishment of the International Sustainability Standards Board (ISSB) and its location are due to be announced by the time of the next international Climate Change Conference (COP26), which will take place in Glasgow in November 2021. The aim is that, in the future, the Board will draw up global standards on climate-related financial reporting for businesses, based on the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD).
Geneva’s global outreach
Owing to its unique proximity to important international organisations and NGOs, Geneva has a global outreach and is recognised throughout the world as an independent and neutral negotiation venue. Switzerland is also a credible host country for such a body. It has committed itself to ambitious climate-protection measures aimed at bringing greenhouse gas emissions down by 50% by 2030, and reducing them to zero by 2050.
Switzerland's candidacy as the seat of the International Sustainability Standards Board (ISSB) (admin.ch)