The Federal Council rejects the financial centre initiative
Keystone-SDA
The Swiss government is set to recommend that parliament rejects a popular initiative “for a sustainable and forward-looking Swiss financial centre”, without putting forward a counter-proposal.
It took this decision on Wednesday, arguing that it is already committed to “a financial centre focused on sustainability”.
According to the government, Switzerland’s current legislation and policy already make it possible to achieve the initiative’s climate policy objectives. The additional measures called for by the initiative are “questionable in an international context”, the government said.
The seven ministers express particular concern that costs would rise if new supervisory and sanctioning mechanisms were to be created, as called for by the initiative’s organisers.
The popular initiative calls for binding rules to be applied to international financial activities that pose climate and environmental risks. The initaitive’s organising committee believes that Switzerland is lagging behind in this area.
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Swiss sustainable finance initiative submitted
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Translated from French, reviewed by an English Department journalist.
