Frankfurt has been chosen as the seat of a new sustainable finance reporting body announced at COP26 this week. Observers say Geneva was overlooked largely for political reasons.
Switzerland, an ambitious player in the area of sustainable finance, was keen to attract the ISSB headquarters to Geneva – an “ideal location” due to its independence, neutrality, and proximity to international organisations, the finance ministry said in August.
In the end, however, the German city of Frankfurt was chosen, a decision which according to the Le TempsExternal linknewspaper was based on political pressure, notably by the European Union (EU), who didn’t want the body in non-member Switzerland.
The EU’s stance was entrenched by current bad relations with Switzerland after the shelving of discussions on an institutional agreement in May, the paper writes, citing several sources.
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Swiss sustainable finance: world leader or wishful thinking?
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Defining the exact nature of sustainable finance and measuring its performance is an ongoing challenge that needs to be solved.
Geneva’s candidacy “made a strong impression at the highest level and we hoped to win, but when it emerged that the seat would go to an EU member which is also part of the G7, Geneva was out of the equation”, said banker Patrick Odier.
Switzerland nevertheless remains ambitious in the area of sustainable finance, a spokesperson for the Swiss State Secretariat for International Finance told Le Temps, echoing the comments of finance minister Ueli Maurer on Wednesday.
Indeed, over the past decade, sustainable investments in Switzerland have risen from CHF40.6 billion to CHF1.16 trillion ($42.7 billion to $1.2 trillion), leaping by 62% in 2019 alone, according to the Swiss Sustainable Investment Market Study 2020.
The ISSB will publish its first batch of global norms for climate-related company disclosures next year. Up to now, disclosure practices among companies have been largely voluntary and based on loosely-defined environmental, social, and governance (ESG) standards, Reuters writes.
Swiss climate activists block vehicles near Gotthard tunnel
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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
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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
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St. Gallen singer Joya Marleen and Baschi from Basel were named artists of the year at the Swiss Music Awards 2024 on Wednesday night.
Swiss authorities announce cost-cutting in asylum sector
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The government notably wants to improve integration into the labour force, particularly for people with protection status S.
Various leaders confirm participation at Ukraine peace conference
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The presidents of Poland, Finland, and Latvia and the prime ministers of Spain and Belgium will be at the Swiss-hosted talks in mid-June.
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In the winter season up to April 2024, railway and cable car operators ferried 3% more visitors compared to the previous winter, and 5% more than the five-year average.
Rhine flooding: Swiss to invest CHF1 billion with Austria
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As part of an international agreement with Austria, the Swiss government wants to pump CHF1 billion ($1.1 billion) into flood protection measures along the Rhine over the next three decades.
Swiss government proposes CHF10 million UNRWA donation
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After months of debate, Switzerland plans to give CHF10 million ($11 million) to the UN agency this year, rather than the CHF20 million initially foreseen.
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Climate activists take Swiss finance regulators to task
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Environmental group Greenpeace has filed a formal protest against Switzerland’s financial regulators over their perceived failure to impose climate policy rules.
How Swiss investors are reacting to climate activism
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The call for action to address climate change has never been so loud. Is the Swiss financial sector stepping up to the plate?
Hands-off regulation of sustainable finance draws mixed response
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Unveiling a report on sustainable finance on Friday, Finance Minister Ueli Maurer said legislators would stay in the background as a last resort measure. However, the report identified a number of criteria it would monitor and called for improvements in some areas. Banks, pension funds, insurers and asset managers are expected to step up efforts…
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