News
13.06.2021

Switzerland’s rejection of the CO2 Act is a blow to climate protection

Switzerland has once again taken a step backwards in the area of climate protection. Today the electorate voted down the CO2 Act – legislation designed to reduce greenhouse gas emissions. The Swiss Bankers Association (SBA) regrets the decision, while at the same time taking people’s concerns seriously.

Today the Swiss electorate voted to reject the Federal Act on the Reduction of Greenhouse Gas Emissions (CO2 Act) proposed by the Federal Council and Parliament. The purpose of the legislation was to prepare the path for Switzerland to achieve the goals set in the Paris Agreement on climate change. The SBA regrets that Switzerland has therefore missed the opportunity to provide a clear commitment to climate protection. At the same time, the SBA takes the interests and concerns voiced by opponents during the referendum campaign very seriously.

The banks nevertheless remain committed to meeting expectations on climate protection and transparency around climate-related risks. They will still offer sustainable finance and investment solutions to customers in order to support the transition to a low-carbon future, even if today’s decision means they lack a legal basis for doing so in the foreseeable future.

Harmonisation of international climate-related standards is essential for Switzerland to remain competitive in the medium to long term. Going forward, the SBA will continue to champion innovative climate protection solutions that are broadly supported. 

CO2 ActSustainability

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