Federal Council sets parameters for binding climate reporting for large Swiss companies

Today the Federal Council of Switzerland announced the climate reporting will become mandatory for Swiss companies in line with the Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

The parameters are set out as follows:

- Public companies, banks and insurance companies with 500 or more employees, more than CHF 20 million in total assets or more than CHF 40 million in turnover are obliged to report publicly on climate issues.

- The public reporting not only includes the financial risk that a company incurs as a result of climate-related activities, but also discloses the impact of the company's business activities on the climate and the environment. This so-called double materiality is also in line with the European Union's approach.

- Minimum requirements should ensure that disclosures are meaningful, comparable and, where possible, forward-looking and scenario-based.

Moreover, the binding implementation is scheduled for 2024 for the financial year 2023.

The full press release can be found here: https://lnkd.in/d9YZZ2-w