VAV members remain committed to Sustainable Finance
Together with the Association of Swiss Private Banks (ASPB), the VAV continues to pursue the wealth management priorities defined in the area of Susta …
09. December 2025
21. March 2025
Sustainable Finance
VAV position statement on amending the Ordinance on Climate Disclosures
After the popular initiative ‘For responsible businesses – protecting people and the environment’ was rejected in November 2020 and the indirect counter-proposal passed by Parliament in June 2020 was given preference, the Federal Council decided to implement it in August 2021 through an implementing ordinance in the Swiss Code of Obligations. In November 2022, the Federal Council adopted the Ordinance on Climate Reporting, which came into force on 1 January 2024. This ordinance requires companies to report annually on non-financial matters.
In December 2024, the Federal Council opened a consultation process on amending this ordinance in order to bring it into line with international developments. Among other things, the amendment stipulates that reporting must refer to an ‘internationally recognised standard’ or the ‘standard used in the European Union’. In addition, minimum requirements for specific and stricter timetables for companies in the financial sector are to be introduced.
In its statement on this matter, the VAV called for waiting, at least until the regulatory developments in the EU have been finalised. The VAV also rejects the introduction of specific transition plans for the financial sector that also include ‘Scope 3’ emissions.
