Swiss Yes to sustainable finance reporting
Bern will officially support the Task Force on Climate-related Financial Disclosures and has called on domestic companies to implement its recommendations
On 12 January 2021, Switzerland officially pledged its support for the Task Force on Climate-related Financial Disclosures (TCFD).
This decision is in line with the sustainable financial policy pursued by the Swiss Confederation.
First signal in mid-December
At its meeting on 11 December, the Federal Council had already presented concrete proposals to strengthen Switzerland’s position as a leading international financial centre in the provision of sustainable financial services.
Berne also called on domestic companies from all sectors of the economy to already proceed with the voluntary implementation of the recommendations of the TCFD. In addition, it has ordered the elaboration of a project to make these recommendations binding.
The corresponding work, for which the private sector and associations are to be consulted, will continue this year.
Input from the Financial Stability Board
The TCFD was established at the end of 2015 by the Financial Stability Board (FBS), of which Switzerland is also a member, to develop recommendations on corporate financial transparency with regard to climate risks.
Its recommendations provide a common international framework for companies and financial actors to assess and quantify their exposure to climate risks correctly so that they can implement appropriate strategies in their business.
More generally, the aim is to increase the efficiency of markets and equip national economies with the tools they need to manage climate change.
1,700 public and private sector signatories
To date, the TCFD has gained the support of some 1,700 signatory organizations from both the public sector, including governments, and the private sector.
Currently, a number of large Swiss groups are already implementing the recommendations of the Task Force on Climate-related Financial Disclosures.
