Swiss National Bank criticised for alleged $9bn fracking investment
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.
This content was published on
2 minutes
Bloomberg
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.
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.
If you want to know more about how we work, have a look here, and if you have feedback on this news story please write to english@swissinfo.ch.
External Content
Your subscription could not be saved. Please try again.
Almost finished… We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.
Popular Stories
More
Workplace Switzerland
Meet the foreigners who make up a quarter of the Swiss population
What can be done to protect biodiversity in your country?
Swiss voters are set to decide on a people’s initiative calling for better protection of ecosystems in the country. Have your say on the September 22 vote.
This content was published on
Hollywood star Pamela Anderson will be honoured at the Zurich Film Festival for her career and role in the film The Last Showgirl.
Switzerland to host Ukraine mine action conference in October
This content was published on
Together with Ukraine, Switzerland is organising the Ukraine Mine Action Conference (UMAC2024) in Lausanne on October 17 and 18.
Switzerland revises pension expenditure downwards by billions
This content was published on
The Swiss government has corrected downwards the projected expenditure on old-age and survivor insurance in 2033 by CHF2.5 billion ($2.66 billion).
Excess mortality rate post-Covid could persist until 2033
This content was published on
According to a report by reinsurer Swiss Re, many countries are still experiencing excess mortality following the Covid-19 pandemic.
Swiss Army ends clean-up operation in storm-hit Maggia Valley
This content was published on
The Swiss Armed Forces completed 76 flight hours during the clean-up operation following the storm in the Maggia Valley in Ticino at the end of June.
Swiss cruise ship stranded on Danube River after heavy rains
This content was published on
Passengers on a Swiss river-cruise ship stranded on the Danube following heavy rainfall are still unable to disembark in Vienna due to flooding.
Golden eagles get better at flying over time, say Swiss researchers
This content was published on
Golden eagles perfect their flight as they age and learn to make better use of air currents, says a new study co-produced by Swiss researchers.
This content was published on
Public libraries in Switzerland recorded 46.3 million admissions last year, 7.4 million more than in 2022, says the Federal Statistical Office.
Swiss conservative party seeks referendum against Eurovision contest
This content was published on
The Swiss Federal Democratic Union is launching a referendum to prevent the Eurovision Song Contest from taking place in Basel next year.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.