Switzerland

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.

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.” ...