New policy paper: social cooperation as a basis for the climate transition
The urgency of sustainability issues and thus the necessity of ensuring an orderly transition to a climate-neutral economy remain undisputed. Sustainable finance is therefore still a key topic for the Swiss Bankers Association (SBA) and its members, even though it currently faces exceptional challenges.
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Switzerland has set itself the ambitious target of achieving carbon neutrality by 2050 in line with the 2015 Paris Agreement on climate change. This presents banks with outstanding opportunities to play an active role in the country’s progress by providing the requisite financing instruments and resources. This role is centred on promoting sustainable investments, funding innovation and green technologies, and thus supporting the real economy in its transition to a low-carbon future.
The European Union’s approach to implementing its Omnibus regulation serves as a stark reminder of the need for a coherent regulatory framework that combines clear objectives with practicable, principles-based solutions. Switzerland’s pragmatic, adjustable approach to sustainable finance, based on self-regulation, has created just such a framework. The various self-regulations enable Swiss banks to respond effectively and flexibly to new market needs while at the same time meeting their sustainability targets.
With a view to driving further progress in this area, the SBA has published a policy paper outlining the scope and limitations of the banks’ contribution to sustainable development. The paper stresses the importance of broader-based cooperation between a range of social actors when it comes to achieving climate neutrality