SWISS GOVERNMENT TO SHINE A LIGHT ON GREENWASHING

In 2022, the Swiss government will crack down on greenwashing. Large financial companies are now subject to new disclosure requirements. Collective investment schemes which advertise as “sustainable” are also subject to increased scrutiny, paving the way for more compliance control by authorities and recourse for investors. Importantly, climate compatibility indicators for all types of financial products are being assessed.

From 2022, Switzerland’s largest banks and insurance companies must comply with new disclosure requirements. They will need to provide greater transparency and comparability of climate-related risks on their balance sheets, based on recommendations from the Task Force on Climate-related Financial Disclosures (TCFD).

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[1] FINMA Guidance 2021/5, available at: https://www.finma.ch/en/news/2021/11/20211103-finma-aufsichtsmitteilung-05-21/.

[2] Swiss Federal Council press release dated 17 November 2021, available at: https://www.sif.admin.ch/sif/en/home/documentation/press-releases/medienmitteilung.msg-id-85925.html.