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illuminem summarizes for you the essential news of the day. Read the full piece on ESGtoday or enjoy below:
🗞️ Driving the news: Switzerland’s Federal Council has decided to allow the financial sector to self-regulate in preventing greenwashing, based on the industry's progress in establishing self-regulatory measures
🔭 The context: This decision follows a December 2022 paper by the Council outlining greenwashing prevention measures and a subsequent October 2023 announcement by the Swiss Federal Department of Finance (FDF) to consider regulation if self-regulation proved insufficient
🌍 Why it matters for the planet: Effective greenwashing prevention ensures that financial products genuinely contribute to sustainability goals, fostering transparency and integrity in sustainable investments
⏭️ What's next: The Council will re-evaluate the need for state regulation once the EU updates its Sustainable Finance Disclosure Regulation (SFDR), addressing any remaining compliance issues
💬 One quote: “With the present AMAS self-regulation on sustainability, a quality step has been taken in key areas that benefits all stakeholders,” said Adrian Schatzmann, CEO of AMAS
📈 One stat: In Switzerland, the financial sector accounts for around 9.4% of the country's GDP
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