Home » Business » US tariffs: Does the Swiss stock exchange threaten a quake?

US tariffs: Does the Swiss stock exchange threaten a quake?

by Priya Shah – Business Editor

“`html



20 Minutes – Actualités Suisses


Swiss Federal Council Approves Landmark Climate Bill, Facing Opposition concerns

Bern, Switzerland – The Swiss Federal Council today approved a controversial climate bill aimed at reducing greenhouse gas emissions and achieving net-zero by 2050. The legislation, officially titled the “Climate and Innovation Act,” passed with a 123-53 vote in the National Council and 24-16 in the Council of States after months of debate and revisions. The bill allocates approximately 2 billion Swiss francs (approximately $2.25 billion USD as of November 8, 2023) over the next decade to support climate-kind technologies and initiatives.

The core of the bill focuses on incentivizing the replacement of oil and gas heating systems with renewable alternatives like heat pumps. It introduces a phased-out ban on new oil and gas heating installations starting in 2024, with exemptions for hardship cases and existing buildings. The legislation also includes provisions for promoting sustainable mobility, including investments in public transportation and cycling infrastructure, and supporting the progress of carbon capture and storage technologies.

key Provisions of the Climate and Innovation Act:

  • Heating System transition: Phased-out ban on new oil and gas heating systems starting January 1,2024. Financial support available for homeowners transitioning to renewable heating solutions.
  • Transportation: Increased funding for public transport projects,particularly in rural areas. Expansion of cycling infrastructure networks.
  • Innovation: Dedicated funding for research and development of climate technologies, including carbon capture, utilization, and storage (CCUS).
  • Carbon Offsetting: Framework for voluntary carbon offsetting projects within Switzerland, ensuring quality and transparency.
  • Building Standards: Stricter energy efficiency standards for new and renovated buildings.

The bill’s passage follows years of increasing public pressure and scientific warnings regarding the impacts of climate change in Switzerland. The Swiss Alps are particularly vulnerable to rising temperatures,with glaciers shrinking at an alarming rate. A recent report by the Federal Office for the Surroundings (FOEN) indicated that Switzerland’s greenhouse gas emissions have remained relatively stable in recent years, falling short of the country’s international commitments under the Paris Agreement.

Opposition Concerns and Future Challenges

Despite its approval, the bill faced strong opposition from conservative and business groups who argued that it would impose excessive costs on households and businesses, and potentially harm the Swiss economy. The Swiss People’s Party (SVP) led the opposition, claiming the bill was “anti-citizen” and would lead to higher energy prices. Concerns were also raised about the feasibility of transitioning to renewable heating systems in older buildings, particularly in mountainous regions.

The implementation of the Climate and Innovation Act will be a meaningful undertaking, requiring close collaboration between the federal government, cantons (Swiss states), and local municipalities. The success of the bill will depend on effectively addressing the concerns of opponents and ensuring that financial

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.