Switzerland to Examine Financial Industry Climate Change Impact

(Bloomberg) -- Switzerland's Finance Ministry will look into the impact of environmental risks on the stability of the country's financial sector.

Officials will examine if there's a need for rules on transparency and risk, the government said in a statement on Friday.

“Any need for action will have to be aligned with the overriding objectives of increasing the competitiveness of the Swiss financial center, particularly its ability to meet demand for sustainable finance products, and the attainment of climate goals,” it said.

Green investments are rapidly gaining in popularity, with French insurer Axa SA announcing it planned to double them by 2023. Just this week, European Union policy makers sealed a deal to create a classification system for green financial products, aiming to strengthen the rapidly growing market's legitimacy.

To contact the reporter on this story: Catherine Bosley in Zurich at cbosley1@bloomberg.net

To contact the editor responsible for this story: Jan Dahinten at jdahinten@bloomberg.net

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