Swiss Financial Sector Makes Limited Climate Progress| MENAFN.COM

Friday, 09 December 2022 02:27 GMT

Swiss Financial Sector Makes Limited Climate Progress


(MENAFN- Swissinfo) Visible problems: the (melting) Rhone glacier in southern Switzerland. © Keystone / Urs Flueeler

The Swiss financial sector has made some progress in 'greening' its investment portfolios in recent years, but not enough, an government-backed analysis has found.

This content was published on November 24, 2022 - 12:01 November 24, 2022 - 12:01 Keystone-SDA/dos
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Some 133 financial firms participated in the pactaexternal link climate compatibility test spurred by the Federal Office for the Environment (FOEN).

In a press releaseexternal link , FOEN said some steps had been taken to reach the objectives of the Paris Agreement on Climate Change: notably, a third of firms surveyed said they had adopted a climate strategy and outlined concrete goals to reach by 2050.

Investments in fossil fuels – a source of major criticism (and activism ) targeting the Swiss financial sector – also decreased compared to 2020, the test found, while“exposure to renewables and electric vehicles” increased. One-third of real estate portfolios analysed were heated with renewable energy, compared to a quarter in 2020.

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