Switzerland’s wealth management banks defined 16 priorities for action as part of a industry initiative, which they will monitor regularly and develop continually. These measures encompass the areas of transparency and disclosure, investment solutions and training as well as reducing greenhouse gas emissions.
The topic of sustainable investment is becoming ever more important for both private and institutional investors. The role of the financial industry in the transformation towards a more sustainable economy is a topic very much in the public eye. National and supranational authorities are increasingly introducing regulations in the field of sustainable finance. The members of the VAV are therefore committed to actively pressing ahead with the transformation process within their scope of action, as sustainable finance is an increasingly important success factor in the financial sector as a whole as well as for its individual players. “We, Switzerland's wealth management banks, can, must and will do our part – both as active members of society and as part of our duty of care towards our clients, because climate risks are also investment risks,” says Philipp Rickenbacher, Chairman of the Association of Swiss Asset and Wealth Management Banks VAV.
The VAV has developed 16 priorities across three key areas, which its members are currently pursuing and which will be regularly reviewed and developed:
- Transparency and disclosure: Ensuring that recognised international standards (UN, G20, FSB, EU) are adopted and implemented. VAV members are also performing climate-related stress tests.
- Investment solutions and training: Wealth management banks are educating and training their employees so that they can also offer their clients sustainability-related support. They also offer clients a wide range of sustainable investment solutions.
- Reducing greenhouse gas emissions: The individual financial companies are reducing their CO2 emissions in line with the Paris Agreement.
VAV report on sustainable finance (pdf)