Climate Activists Picket Swiss National Bank's Shareholder Meeting

(MENAFN- Swissinfo) Climate campaigners picketed the Swiss National Bank's shareholders meeting in Bern on Friday in protest against the bank's investments in companies they say damage the environment and carry out fracking.

• Español es Activistas climáticos reclaman una política monetaria ecológica al Banco Nacional Suizo Read more: Activistas climáticos reclaman una política monetaria ecológica al Banco Nacional Suizo

The demonstration follows a decision this month by Europe's top human rights court that Bern was not doing enough to protect its citizens against rising temperatures. There was also a protest at the UBS annual general meeting on Wednesday.

This content was published on Apr 9, 2024 The European Court of Human Rights says the Swiss authorities are responsible for not implementing efficient climate change policies and for violating the right to life of a group of elderly women.

Switzerland recorded its two hottest years ever in 2022 and 2023, and snow levels in the Alps are retreating.

Around 50 activists attended the meeting in Bern to demand that the Swiss National Bank (SNB) sell its shareholdings in fossil fuel and fracking companies or use them to change the companies' behaviour.

Protesters held up placards saying“Stop Fracking Investments End Fossil Finance” and“No Financial Stability Without a Stable Climate” outside the normally sedate event, which saw tightened security to prevent disruptions.

“We want a climate and environmentally friendly monetary and investment policy from the SNB,” said Asti Roesle, campaigns director at the Swiss Climate Alliance.“The SNB can play a strong role because of the size of its investments.”

The SNB owns stakes in companies including oil majors Chevron, Shell and Exxon Mobil as part of its CHF700 billion ($767 billion) of foreign currency investments.

This content was published on Oct 29, 2021 If all countries had a climate policy like Switzerland's, global temperatures could rise by 4°C by the end of the century.

Its investments were linked to 12 million metric tonnes of carbon emissions last year, according to its sustainability report.

The SNB declined to comment on the protests or its investment strategy ahead of the AGM, but it has previously ruled out using its shareholdings to influence environmental policy.

“The SNB says dealing with climate change should be a matter for political institutions, but this is an emergency,” said Roesle.

Adapted from German by DeepL/kc/ts

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