For many years, being in the media with a sustainable finance topic was a guarantee to get positive coverage. More recently, we are mostly reading critical voices, and greenwashing is the most common term in this context. Reading these articles can be frustrating for those working in this field, but we should appreciate the fundamental shift leading to these judgments: sustainable finance is finally being taken seriously. You can find a selection of such articles in the media section of this newsletter. Amongst them also an article from the 4th of September featuring a response from SSF to the recently raised criticism on sustainable finance.

Recently there is an increased focus on addressing global challenges and clients, the public sector and the media are more critically engaging with sustainability and the impact this delivers. Although some of these expectations may be based on misunderstandings about the intended effects of different sustainable finance approaches, I see it as a positive trend that the financial sector is moving to the next level in regard to transparency and impact. Such levelling up increases the amount and intensity of work to be tackled by the financial services industry at large and SSF. In order to better contribute to this challenge of making sustainable finance even stronger and tackle a growing number of tasks ahead, this month SSF has gained the support of two new colleagues joining the team. We look forward to working with them! 

Swiss news

• Switzerland proposes Geneva as a headquarters for planned International Sustainability Board (ISSB). This opportunity would allow Switzerland to further secure its place as an important and leading player for financial and economic sustainability. The establishment of the ISSB will be announced at the COP 26 in Glasgow in November 2021.
• The Swiss Federal Council set parameters for binding climate reporting for large Swiss companies and the Federal Department of Finance will publish a consultation draft by summer 2022.

International news

• The Partnership for Carbon Accounting Financials (PCAF), in collaboration with the UN-convened Net-Zero Insurance Alliance (NZIA), announced the launch of a working group comprising leading insurance and reinsurance companies to develop the first global standard to measure and disclose insured greenhouse gas (GHG) emissions.
• A study conducted on behalf of the European Commission looks at the integration of ESG factors into banks’ risk management processes, business strategies and investment policies, particularly highlighting best practice and challenges.
• In the latest iteration of a planned UN Binding Treaty on Business and Human Rights, financial institutions and investment funds have been specifically included. The aim is to identify and alleviate human rights abuses around the world by strengthening due diligence expectations and grievance mechanisms.

Market trends

• VAV (Vereinigung Schweizerische Assetmanagement- und Vermögensverwaltungsbanken) has published a report on “Sustainable Finance – as an opportunity for Wealth Management Banks”, including 16 action priorities for Transparency/Disclosure, Investment solutions/education and Reduction of Greenhouse Gas Emissions. It further outlines, how the VAV will engage with its members on these priorities.
• EMIA (Emerging Markets Investors Alliance) offers Guidance for emerging market ESG labelled bond issuance. 

We are very happy to welcome XO Investments SA (Service Provider) to our network.

The full list of our members and network partners, now standing at 187, can be found on the SSF website.

SSF events:

• 30 September 2021, SSF Member Webinar – How to Tackle the Adverse Sustainability Impact Reporting Requirements, online, e-mail us for registration information
• 6 October 2021, Novel Data Solutions, full-day conference on innovative approaches for ESG research and ratings, organised jointly by SSF and ZHAW, Zurich & online
• 27 October 2021, Growing Sustainable Finance – Challenges, Opportunities, and Solutions, organised jointly by SFI, SSF and Swiss Banking, Zurich & online
• 29 November 2021 – 2 December, Building Bridges Week and Summit, Geneva
• Save the Date: Annual Education Events in Zurich (5 November 2021) and Geneva (12 November 2021)

Other sustainable finance events:

• 23 September 2021, GFSI2021 Geneva Forum for Sustainable Investment, Geneva
• 20 September 2021, Sustainable Finance – Wissenschaft & Praxis, online
• 28 September 2021, NZZ Impact Finance Forum, Bern
• 29 September 2021, Global Sustainable Digital Finance Forum, Zurich
•  21 October 2021, VSV ASG Finanza sostenibile: sviluppi e opportunità nella gestione patrimoniale, Ticino

• 7 September 2021, allnews, Durabilité: en quête de normes globales
• 4 September, Tagesanzeiger, Nachhaltige Anlagen Finanzbranche kontert Greenwashing-Vorwürfe
• 2 September 2021, Tagesanzeiger, Blackrock-Insider packt aus: «Nachhaltige Anlageprodukte sind schädlich»
• 2 September 2021, finews.com, Swiss Finance’s Greenwashing Angst
• 1 September 2021, Tagesanzeiger, Kritik an Schweizer Banken- Greenpeace: Nachhaltige Fonds sind alles andere als klimafreundlich
• 30 August 2021, finnews.com, UBS: Zweifel an der Vordenkerin des grünen Kapitalmarkts
• 25 August 2021, Die Weltwoche, Wohltäter in Nadelstreifen
• 17 August 2021, Corriere Del Ticino, Essere azionisti attivi e responsabili

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