The main umbrella associations, including the ASB and SFAMA, share the objective of positioning Switzerland as a committed place on the front line for a sustainable financial market.
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The Federal Council today published a report and guidelines on sustainable finance. The professional association of banks (ASB), that of asset managers (SFAMA) and that of private insurers (ASA), as well as Swiss Sustainable Finance (SSF) welcome the objective formulated by the Federal Council to position Switzerland as a Leading position in sustainable financial services. The internal federal administration working group, under the aegis of the State Secretariat for International Financial Matters (SFI), has for the first time developed a comprehensive framework in this area. Emphasis is placed on the creation of appropriate framework conditions, which strengthen the competitiveness of the Swiss financial center while encouraging the industry to commit to greater sustainability. The Federal Council thus supports the various initiatives already underway within the financial sector. At the same time, he announced that he wanted to deepen the analysis of the outstanding points, in particular with regard to transparency, reporting and risk cost assessment. Depending on the sector, it is important to rely on this work to assess the feasibility and effectiveness of any measures, but also to ensure that these measures are coordinated at the international level.
The sector is committed to a sustainable financial center
One of the keys to success is that all the players cooperate and, more precisely, that they aim together for the same objective. “There is only one option for the future: sustainability. And it is together that we will succeed in making it happen: the Federal Council takes care to create favorable framework conditions and we, as a branch, make sure to reach these ambitious objectives in cooperation with the economic circles ”, affirms Jörg Gasser, CEO of the ASB. By publishing in early June a brochure on sustainable finance in Switzerland as well as a new Guide for the integration of ESG factors in the process of advising private customers, the ASB and its members formulated operational recommendations for the first time aimed at promoting sustainable financial flows (sustainable finance). “The financial economy is always a reflection of the real economy. It is therefore important that we have a common systemic approach to the causes and possibilities of the financial and real economy, ”adds Jörg Gasser.
At the same time, the SFAMA has published for its members, in cooperation with SSF, essential messages and recommendations whose objective is to provide concrete assistance to asset managers wishing to integrate sustainability criteria into the placement process. Markus Fuchs, director of SFAMA, explains in this regard: “The Swiss asset management sector is clearly in favor of sustainable finance. Asset Management and sustainable development go hand in hand, in particular in view of the geopolitical situation and the challenges we have to face in terms of social policy, such as the funding of pension systems and infrastructure. ” Sabine Döbeli, CEO of Swiss Sustainable Finance, said: “We are delighted that financial associations are taking important steps towards a sustainable financial economy. But we have not yet achieved this goal. SSF will continue to play the role of bridge builder and accelerator so that we can achieve this ambitious goal together. ”
In addition to appropriate framework conditions and standards, transparent reporting is essential: “Thanks to its sustainability report published last week, the ASA gives for the first time a representative overview of the measures taken in the Swiss insurance sector” , notes Thomas Helbling, director of ASA. This report shows that, for 86% of their capital investments, private insurers already apply sustainability criteria. Sustainable development has always been at the heart of the concerns of the insurance sector. It is therefore one of the strategic axes of the ASA, which includes the provision of transparent information on the evolution of the situation: this is the whole point of the sustainability report, published each year. As Thomas Helbling points out, “insurers are ready to make their contribution towards a sustainable financial center and welcome the State’s willingness to play a subsidiary role in this regard.”
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