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Hands-Off Regulation of Sustainable Finance Caused Mixed Reaction

June 30, 2020 | Financial Market News

Hands-Off Regulation of Sustainable Finance Caused Mixed Reaction

According to the Swiss government, special rules will be used in the sustainable finance sphere in case, if banks do not cope with policing their activities in a proper manner. The hands-off regulation of social investing was approved by financial players but criticized by NGOs.

On Friday, 26th June, a report on sustainable finance was given to the world. It includes a list of criteria, which will be controlled, and a demand for improvement actions for some spheres. The Finance Minister Ueli Maurer said that the legislative authorities will take no actions and stay a last-ditch method.

In the government press release it is said that sustainable finance is a great alternative for Swiss monetary institutions. It is also claimed that because of the global changes other measures should be assumed for protection and expansion of interests and competitive ability of Swiss financial center.

The government will control the activity of sustainable investments and which methods should be applied to put up products to sale. According to the NZZ newspaper article, the tax remissions on sustainable investments and relaxing the rules for pension capital funds used in the asset class will be examined.

The aim of sustainable finance is to avoid the poverty, inequality, and deterioration of the state of the environment with the help of finances.
Rising investments
Swiss Sustainable Investment Market Study gave to the public its research about the investments in the sphere of sustainable finance. According to it, the investments have risen from CHF 40,6 billion in 2020 to CHF1,16 in 2019. The Swiss Bankers Association is of the view that the development of sustainable finance is the top target because of the great demand for these investments.

The government's management was welcomed by the financial sector but some NPOs mistrust that their main goal is to develop environmental and social situations. Greenpeace blamed the Swiss government on lagging on this point compared to other countries.

The last research of NGOs Artisans of Transition and the Swiss Climate Alliance criticizes the SNB for passivity towards the risks of climate change. It is connected with its investments in fossil energy which caused the 43.3 million tonnes of CO2 emissions. According to this research three-fourth of the biggest Swiss pension funds have no climate policy.
Source: https://www.swissinfo.ch/eng/latest-news/hands-off...

Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.

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