Last week was a big moment for SSF: the 10-year anniversary celebration took place in Bern. The conference not only illustrated how the integration of sustainability into mainstream finance has progressed over the past 10 years, but also provided a glimpse of the vibrant, strong and growing sustainable finance community in Switzerland. SSF is proud to build on the support of its growing members base in continuing its work to make sustainability factors an established element of all financial services. The opening key-note from Mary Robinson, an urgent and awe-some wake up call stressing the urgency of a fast and just transition into a low-carbon world, fostered the conviction that the work towards a truly sustainable financial centre has not lost any importance.

The launch of the 2024 Swiss Sustainable Investment Market Study demonstrates that the road towards this goal is not always downhill. Although growth is back, renewed discussions around greenwashing resulted in sustainability-related investments falling behind overall market growth. Given that this is largely attributable to more considerate reporting and tighter definitions, this can be seen as a positive development, notably a development that will be fuelled further by the announcement of the Swiss Federal Council on greenwashing. The Swiss government has decided against state regulation given that the revised self regulations of the finance associations are considered to reflect the Federal Council’s position on what deserves the term “sustainable investment". One key objective – namely the contribution to a defined sustainability goal – should be put centre stage going forward, if we wish to put finance at the core of the transition. SSF looks forward into its second decade to continue accelerating the Swiss financial centre related action.

> Visit our website for more about these and other SSF activities

Swiss News

• The Federal Council took note of the progress made by the financial sector in preventing greenwashing and the three main financial association’s new self-regulation measures against greenwashing.
• The Federal Council also intends to continue coordinating the rules for sustainable corporate governance at the international level. At its meeting on 26 June 2024, it opened the consultation process on the amendment of the Code of Obligations regarding corporate reporting obligations.
• On June 26, 2024, the Federal Council initiated the consultation on the CO2-Ordinance. This ordinance outlines the greenhouse gas emission reduction targets for different sectors by 2030 and details the measures approved by Parliament in the March 2024 revision of the CO2-Act.

European News

• The European Financial Reporting Advisory Group (EFRAG) published the final versions of the first three ESRS Implementation Guidance documents (Materiality Assessment, Value Chain, ESRS Data points).
• In addition, EFRAG and the Taskforce for Nature-related financial disclosure (TNFD) have published a document mapping TNFD with ESRS, demonstrating the common areas between the reporting standards.
• A joint ESAs opinion paper assesses the Sustainable Finance Disclosure Regulation (SFDR). They call for a sustainable finance framework that caters for the green transition and enhanced consumer protection.
• The ESAs published their Final Reports on Greenwashing. They call for enhanced supervision and improved market practice on sustainability-related claims. See ESMA, EBA, and EIOPA reports.
• The first of it kind regulation on nature restoration was adopted by the European council, aiming to restore at least 20% of land and sea areas by 2030 and all ecosystems in need of restoration by 2050.

International News

• The SBTi released Version 2 of the Near-Term Target Setting Framework for Financial Institutions. The voluntary framework includes an increase in ambition to 1.5°C, the introduction of fossil fuel finance criteria and some further improvements for usability and clarity. The SBTi further transformed itself from an  initiative to a formal voluntary standard-setter with a separate validation services entity and reveals key elements of its governance.
• A new Guidance on Managing Physical Climate-Related Risks in Loan Portfolios, published by the UNEP FI, provides in-depth analysis of physical climate risk management to equip retail banks with tools to effectively assess, manage and minimise physical risks in their business.
• The IFRS Foundation published the Inaugural Jurisdictional Guide for the adoption or other use of ISSB Standards to support jurisdictions planning to adopt the ISSB Standards.
• Recent developments around voluntary carbon markets include a paper called Navigating the Risks of Greenwashing in the Voluntary Carbon Market published by the International Swaps and Derivatives Association (ISDA) and the Guidelines for High Integrity Use of Carbon Credits published by International Emissions Trading Association (IETA).

Market News

• A new template from the Minergie-Standard published earlier this month allows for simple reporting on the sustainability of buildings. Also read the accompanying report here.
• e.foresight (powered by Swisscom) has published a Swiss Sustainable Fintech map, highlighting fintech companies that incorporate sustainability in their core business models, operations and products.
• Ethos Foundation wins the 2024 Ethics in Finance Award for its Climate Transition Rating methodology, conferred by the University of Neuchâtel.

We are happy to welcome the following organisations as new SSF members: 

• Caisse de prévoyance de l’Etat de Fribourg (CPEF) (Pension Fund)
• CRIF AG (Service Provider)
•  EBL Infrastruktur Management AG (Asset Manager)
• Generation Impact Global SA (Service Provider)
• Vertina Anlagestiftung (Investment Foundation)
• Wüest Partner (Service Provider)

The full list of our members and network partners, now standing at 256, can be found here.  

• 1 July 2024, Global Digital Sustainable Finance Forum, Zurich
• 1-3 July, Point Zero Forum 2024, Zurich
• 4 July 2024, Investment Funds in the New Swiss Regulatory Environment, Zurich
• 27-19 August 2024, Swiss Green Economy Symposium, Winterthur
• Save the Date: 3 October 2024, 10:00-11:30 AM, for the SSF Webinar on the Impact of EU Sustainable Finance Regulations on Third Country Companies, featuring guest speakers from Eurosif and the industry

• 24 June 2024, Durabilité: on peut résumer les indicateurs pertinents en quelques pages, Allnews
• 21 June 2024, Swiss Sustainable Finance elects five new board members, Citywire
• 14 June 2024, Switzerland considers extending climate scores to government bonds, nature assets, IPE
• 11 June 2024, Wie können wir wirkungsvoll investieren? Finews
• 11 June 2024, Réfléchir sur la durabilité: portefeuilles à impact, Allnews
• 10 June 2024, Investimenti sostenibili crescono meno del resto del mercato, Italian Trade Agency
• 7 June 2024, Les investissements ESG sont repartis à la hausse l’an dernier, L’Agefi
• 6 June 2024, Sustainable investments in Switzerland: Return to moderate growth, Finance Swiss
• 6 June 2024, Les investissements durables au ralenti en 2023, Zonebourse
• 6 June 2024, Finance verte: moins de croissance, plus de durabilité, Le Temps
• 6 June 2024, Investimenti «sostenibili», la ripresa c'è ma è modesta, Corriere del Ticino
• June 2024, Interview with Katja Brunner, Director Legal & Regulatory, Swiss Sustainable Finance, Luxembourg Sustainable Finance Initiative Newsletter
• 31 May 2024, Erste Swiss Sustainable Lending Market Study 2024 erschienen, DFPA
• 31 May 2024, Patrick Odier Interview: Building Bridges and Advancing Sustainable Finance, the founder spirit
• 30 May 2024, L’AMAS et SSF présentent le modèle 2.0 des Swiss Climate Scores, Allnews

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