Between 2010-2019 average annual global greenhouse gas emissions reached their highest levels in human history, but at least there is one positive message: the rate of growth has slowed down. These and other facts can be found in the latest Intergovernmental Panel on Climate Change (IPCC) report released this month (see reports section of this newsletter).

Sufficient financing is crucial for the urgently needed transition to a low-carbon world. It comes as no surprise that politicians and civil society express growing expectations on the financial sector to further support the needed transition to a low carbon economy through climate aligned finance. The IPCC report looks beyond technologies and illustrates that current financial flows are now three to six times lower than what is needed by 2030 to limit warming to below 2°C. However, closing the investment gap relies on clear signalling from governments and the international community to all sectors, including a stronger alignment of public sector finance.

In Switzerland, the government has recently encouraged action on two levels: while the new ordinance on climate reporting that is currently open for consultation is relevant for all sectors, the development of new SDG financing solutions by the SDG Impact Finance Initiative (SIFI) is primarily addressing asset managers. We are convinced that both initiatives support an accelerating transition.

Swiss News

• SECO, along with Convergence, launched the first SIFI Call for Proposals to award grants to potential innovative impact finance solutions.
• The federal council has opened three consultations on renewable energy (feedback by the 8 July), and one on climate reporting (open until the 7 July).
• The federal council announced that the indirect counter proposal for the revised arms trade will take effect as of 1 May.
• By 2020 Switzerland achieved a 19 percent reduction in carbon emissions compared to 1990 levels, which marginally falls short of the goal of a 20 percent reduction.

EU News

• The EU Commission published their new technical report draft proposal for product scope and criteria for the development of EU Ecolabel criteria for retail financial products. This EU Ecolabel is designed to promote the use of environmentally friendly products that are supplied for distribution, consumption or use of the community market.
• The European Commission put forward draft proposals to amend Level 2 measures under the Taxonomy Regulation to include natural gas and nuclear activities under the EU's ESG taxonomy. On 10 March 2022, the European Commission formally adopted them as a Complementary Climate Delegated Act (CDA).
• The European Commission Platform on Sustainable Finance published their final report on the taxonomy extension options supporting a sustainable transition.

International News

• The Science based Targets initiative (SBTi) has updated its fossil fuel policy, so that targets from fossil fuels companies will no longer be validated and existing commitments from fossil fuel companies will be removed.
• The International Bank for Reconstruction and Development (IBRD) launched a so called “Rhino Bond”,  a five year $150 million Sustainable Development Bond which will contribute to protecting rhino populations in two protected areas in South Africa and includes a performance payment from the Global Environment Facility (GEF).
• The Task Force on Nature-related Financial Disclosures (TNFD) released the Beta version of the disclosure framework for feedback. The final version is due for publication in Q3 2023.
• Canada introduces mandatory climate disclosures for banks and insurance companies starting in 2024.

We are happy to welcome the following organisation as new SSF members: 

• Center for Climate Finance and Sustainability, USI (University/Network Partner)
• Corefinanz AG (Service Provider)
• Gsponer Partners AG (Service Provider)
• Rahn+Bodmer Co. (Bank)
• Schwyzer Kantonalbank (Bank)
• Zarrattini & Co Bank (Bank)

The full list of our members and network partners, now standing at 210, can be found here.

• 10 May 2022, Rüschlikon, Finanz und Wirtschaft Forum – Nachhaltig Investieren 2022: Managing Transitions
• 18 May, Zurich, Zurich Forum for Sustainable Investment (ZFSI) 2022
• 18 May, Basel, Nachhaltige Anlagen: Lösungsansätze der Realwirtschaft für einen zukunftsweisenden Finanzplatz Schweiz, UN Global Compact Network Switzerland and Lichtenstein
• 19 May 2022, Zurich,  ESG Conferences – New Horizons in ESG Investing and Transparency, CFA Society Switzerland
• 24 May 2022, Zurich, SSF event: Sustainable Lending Report Launch

Save the Dates: 

• 9 June 2022, Zurich, SSF event: launch of Swiss Sustainable Investment Market Study 2022
• 29 June 2022, Bern, SSF Annual Event
• 3-6 October 2022, Geneva, Building Bridges Week 2023

• 21 April 2022, finews, Switzerland as a Sustainability, Blockchain and Fintech Hub
• 20 April 2022, ticinonews, Diminuisce la rilevanza della piazza finanziaria elvetica
• 20 April 2022, Handelszeitung, Finanzstandort Schweiz hat an Bedeutung verloren
• 20 April 2022, moneymag, Nuovi indicatori finanziari: in Svizzera crescono sostenibilità, blockchain e fintech
• 19 April 2022, Fintechnews Switzerland, The Winners of the MONEY Award Switzerland
• 8 April 2022, L’AGEFI, «La Fondation Building Bridges garantit la crédibilité de l’événement»

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