Federal Council initiates consultation on ordinance on climate reporting by large companies
Bern, 30.03.2022 - At its meeting on 30 March 2022, the Federal Council initiated the consultation on the implementing ordinance on climate reporting for large Swiss companies. The ordinance fleshes out existing legal provisions on reporting on non-financial matters in the Swiss Code of Obligations. The consultation will run until 7 July 2022.
By ratifying the Paris Climate Agreement, Switzerland undertook to reduce greenhouse gas emissions by 50% relative to 1990 by 2030. Furthermore, the Federal Council considers sustainability to be a great opportunity for Switzerland as a competitive financial and business location.
The ordinance provides for the binding implementation of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) by large Swiss companies. It is based on the benchmarks already set by the Federal Council in August 2021. The ordinance specifies duties of disclosure on non-financial matters that were introduced as part of the counter-proposal to the responsible business initiative. This is intended to promote the availability of meaningful and comparable data on climate issues and climate targets. The ordinance is expected to come into force at the beginning of the financial year 2023.
Address for enquiries
State Secretariat for International Finance SIF
Tel. +41 58 462 46 16, email@example.com