Switzerland Today
Hello from Bern,
Here are the latest news and stories from Switzerland on Wednesday.
In the news: Olympics, bankers, and housing bubbles.
- The Swiss government will not send a minister to the opening of the Winter Olympics in Beijing next week. After saying two weeks ago that it would attend – unlike some other western governments boycotting due to human rights issues – the government said today the reversal was due to the pandemic situation, in Switzerland and in China. Cabinet members will instead “cheer on the Swiss athletes from home”.
- The trial has continued of various businessmen and bankers linked with the Raiffeisen bank, accused of illegally lining their pockets via strategic takeover deals. After former Raiffeisen CEO Pierin Vincenz was questioned yesterday, today saw the turn of Beat Stocker, ex-CEO of Raiffeisen’s daughter company Aduno, a digital payments firm. They are also accused of spending large amounts of company money on lavish nights out in strip clubs. They claim the expenses were business-related.
- The government decided today to reactivate a capital requirement buffer for banks, in an effort to head off increasing risks linked to the bubbling mortgage and real estate markets. As of September, Swiss banks will have to hold additional capital of 2.5%, the finance ministry said. The so-called counter-cyclical buffer was suspended at the start of the Covid pandemic in March 2020 to give banks the necessary flexibility in corporate lending.
Energy choices: when comes the sun?
With the ongoing phase-out of nuclear, the volatility of international energy supplies, and climate change, Switzerland – like many countries – is hoping to stock up on renewable energy. But with hydropower (Alpine dams etc.) already so well-developed, what’s the source of the future? Solar! said today, unsurprisingly, the Swiss solar industry association, Swissolar. Currently the sun plays only a marginal role in the national grid: together with wind it contributes 4.2%. Hydro is by far the biggest domestic producer of energy, at some three-fifths. Nuclear provides most of the rest.
In an 11-point planExternal link, Swissolar says the sun’s potential could be multiplied by 15 by 2050 – progress that would also lead to a booming industry employing over 20,000 people. The main step would be to start systematically placing solar panels on new and renovated buildings; even as it stands, all existing facades and roofs in the country could produce more electricity than the country needs each year, the group claims. Other ideas include educational campaigns, price-stability mechanisms, and boosting the production of solar components in Europe and Switzerland (currently 95% come from Asia).
Is it feasible? The government, which has its hands full after voters rejected a new CO2 law last year, is currently looking at various options for balancing secure supply and the green shift. And in the short term, at least, it sounds like hydro will remain the major plank. In December a selection of 15 major future hydro projects were earmarked by a high-level roundtable; and energy minister Simonetta Sommaruga said last week she wants to force energy companies to hold enough water in reservoirs during the winter months to ensure the country is prepared for any sudden supply problems.
Fans of the sun, meanwhile, think that solar can help to fill the gaps that any international disruptions could cause. Greenpeace said this week it reckons quickly building up solar potential would ease the pressure on the hydro system, allowing it to conserve a margin of manoeuvre in case of emergency, thus guaranteeing supply in the long run. Swissolar is more sober, saying that while solar can “help” to close possible gaps, it can’t do it without other measures being put in place as well. As for the sun itself, while it’s shining lucratively in Bern today, this isn’t the case for many of the winter months. If only they could find a way of harnessing the power of fog…
Eagle down: bad news for wind turbines
As for wind energy, another of the new sources of the future, it was in the news for the wrong reason today after it emerged that a golden eagle flew into a turbine in canton Bern and had its head chopped off. The bird, a protected species, is rare in the Jura mountains, and even this single case could be a big setback for the population, said one bird group. Another demanded a 10-year moratorium on the building of wind parks which “threaten protected species and destroy biodiversity”. The Bernese BKW energy group, which operates the park, said it “deeply regretted” the accident, which happened in November but which it only learned about yesterday. According to the BirdLife Switzerland, it’s the first accident of its kind recorded in the country.
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