Swiss National Bank criticised for alleged $9bn fracking investment
Fracking, which uses high-pressure liquid to release fossil fuels underground, triggered a huge boom in shale oil and gas in the US.
Keystone / Richard Vogel
The Swiss National Bank (SNB) has been slammed for what a coalition of environmental NGOs says is its $9 billion (CHF7.9 billion) investment in 69 oil and gas fracking companies.
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Fracking accounts for over half of SNB’s roughly $16 billion invested in fossil fuel extraction, according to the report published by SNB Coalition and Climate Alliance Switzerland.
A spokesperson for the SNB declined to comment. An SNB spokesperson told Le Matin Dimanche which wrote about the report earlier on Sunday that its investment policy is in line with “fundamental norms largely accepted in Switzerland” and that it’s constantly reviewing its portfolio.
Fracking, which uses high-pressure liquid to release fossil fuels underground, triggered a huge boom in shale oil and gas in the US. But it has faced significant opposition, particularly in densely populated parts of Europe, because of the risks it can destabilise the ground and Switzerland is no exception.
Fourteen of Switzerland’s 26 cantons that reject fracking are also home to 69% of the population and own about 27% of SNB shares, according to the NGOs.
“Due to the broadly supported rejection of fracking by cantonal governments and the population, it can be considered a norm and value of Switzerland, which the SNB should also respect,” they said.
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