Zurich scientists urge state pension fund to divest from fossil fuels
Professors and researchers from Zurich’s Federal Institute of Technology (ETH Zurich) have joined the chorus of civil society actorsExternal link calling for the Swiss state pension fund to divest from fossil fuels.
This content was published on
3 minutes
Tages-Anzeiger/jdp
In a letterExternal link to Publica, one of the largest pension funds in Switzerland, 166 experts from ETH Zurich, including 128 professors, demanded it stop investing in climate-damaging companies within five years.
Publica currently invests around 2% or CHF800 million ($807 million) of the CHF40 billion on its balance sheet in companies operating in the fossil fuel sector, the primary source of CO2 emissionsExternal link.
The letter, dated June 15, 2018 and released publicly on Tuesday, highlighted ETH Zurich experts’ concerns not only about the ecological risks of investments in high carbon-emitting industries but also about the “considerable financial” danger.
The Paris Climate Agreement, signed by 190 countries in 2016, is expected to accelerate the development of renewable energy technologies and increase regulatory pressure on high polluting industries, which could lower demand for fossil fuels and lead to a high depreciation rate for companies in the sector, according to the letter. It called global warming “one of the biggest threats of our time” and said that a shift to a sustainable economy is both “necessary and urgent”.
More
More
Swiss National Bank asked to curb fossil fuel investment
This content was published on
On Thursday, the lobby group led by the Swiss Climate Alliance – an alliance of 70 “green” non-profits – sent out an open letterExternal link to the SNB asking it to publish the carbon footprint associated with its investment portfolio and stop investing in oil and gas exploration and extraction. According to a report published…
The experts called on the pension fund to limit the companies in its portfolio to those that, by 2023, align their business strategy with the goals of the Paris Climate Agreement’s target to hold the global average temperature to below two degrees Celsius above pre-industrial levels.
Continued pressure
This follows other calls for Swiss pension funds to stop investing in highly polluting industries. A study commissioned by the Federal Office for the Environment in 2015 warned of a so-called “carbon bubble”, which could endanger pension assets. The Swiss Climate Alliance – a group of 70 non-profit organisations – launched a campaignExternal link in 2016 calling on Swiss pension funds to divest from fossil fuels.
Publica has taken some initial steps in this direction. In 2015, it co-founded the Swiss Association for Responsible Investment and in 2016, it banned coal producers from their portfolio, which ETH Zurich experts welcomed as an encouraging sign. However, ETH Zurich experts argue the pension fund could do more to act as a “role model” for the Swiss financial sector.
More than 400 major institutional investors have signed the Global Investor Statement on Climate Change inExternal link recognition of the importance of the financial sector to achieving the targets set out in the Paris Climate Agreement.
Publica is expected to provide an official response to the researchers’ letter this fall.
Protein in abdominal fat could help shape obesity treatment
This content was published on
The study analysed fat cells from different locations in the body, and found that those in the abdomen have unique properties.
North African asylum claims fall after rapid Swiss processing
This content was published on
The accelerated procedure, now out of its test phase, has resulted in a significant drop in applications from North African countries.
This content was published on
The artist's song "The Code" focuses on their journey as a nonbinary individual. It is one of the favourites to win this year's contest.
Swiss climate activists block vehicles near Gotthard tunnel
This content was published on
Around ten climate activists briefly blocked the A2 motorway near the northern entrance of the Gotthard tunnel on Thursday.
Watches belonging to Michael Schumacher up for auction
This content was published on
Schumacher's family is auctioning off eight rare watches from his collection in Geneva. The Christie's auction will take place on Monday.
Joya Marleen and Baschi named best solo acts at Swiss Music Awards
This content was published on
St. Gallen singer Joya Marleen and Baschi from Basel were named artists of the year at the Swiss Music Awards 2024 on Wednesday night.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Swiss National Bank must rethink emissions-heavy investments
This content was published on
Climate Alliance Switzerland has called for a “stress test” of the Swiss financial system and given recommendations for protecting it and the climate.
This content was published on
The governing Federal Council said it had adopted a dispatch for the revised CO2 law that would now be submitted for the attention of parliament. It states that emissions generated in Switzerland should be cut by at least 30% by 2030, with a maximum of 20% of the reduction due to measures taken abroad. “In…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.