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Disclosure: Switzerland to Require Climate Reporting for Public Companies and Financial Institutions
December 2, 2022The newly adopted “Ordinance on Climate Disclosures,” effective on January 1, 2024, will require large Swiss public companies, banks, and insurance companies to report climate risks using a similar approach to the EU regulatory framework. This announcement follows a consultation that ran from March to July 2022 and is in line with the recommendations published by the Task Force on Climate-Related Financial Disclosures (TCFD). In its press release announcing the adoption of the rules, the Swiss Federal Council stated that “large companies’ transparency on the climate impact of their activities is a key aspect for the markets to function well and for climate sustainability in the financial sector. To date, Switzerland has lacked clear and comparable climate-related disclosures. The Federal Council intends to make that possible with the new ordinance.”
