Geneva loses bid to host sustainable finance body

Date

11/5/2021 11:14:09 PM

(MENAFN- Swissinfo) Geneva: nice lake, but no ISSB. Keystone / Salvatore Di Nolfi

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.

This content was published on November 5, 2021 - 12:23 November 5, 2021 - 12:23 Le Temps/Reuters/Keystone-SDA/dos

عربي (ar) جنيف تخسر رهان استضافة هيئة التمويل المستدام

The International Sustainability Standards Board (ISSB)External link , unveiled at COP on Wednesday, is tasked with coming up with a list of“baseline” global standards to help investors gauge the sustainability of companies.

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 link newspaper 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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