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Swiss government to draft bill regulating greenwashing

greenwashing
In September 2021, Greenpeace took their campaign against greenwashing to the heart of the Swiss financial centre in Zurich. Keystone / Alexandra Wey

The Federal Department of Finance (FDF) has said it plans to draft a bill to regulate greenwashing. A draft for consultation should be available by August 2024 at the latest.

However, the door remains open for the industry, said the finance department. If the financial industry puts forward a form of self-regulation that effectively implements the government’s position, the finance department will refrain from further regulation, it said.

+ Swiss companies accused of greenwashing

In December 2022, the federal government announced its intention to take action against greenwashing in the financial market. It instructed the finance department to work with other federal agencies and interest groups in a working group to examine how this could be implemented.

The Asset Management Association, the Swiss Bankers Association and the Swiss Insurance Association welcomed the government’s decision. They reject greenwashing in any form, the associations wrote in a joint statement.

The associations have already implemented some self-regulation against greenwashing. “Regardless of any regulatory developments, self-regulations will continue to move forward in the coming years.”

Environmental organisation Greenpeace argues government regulation is imperative. In a statement, it writes: “This is the only way to hold all players in the Swiss financial centre accountable and establish enforceable rights for investors.”

This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles. You can find them here

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