Regulatory Update: Important Update on the Swiss Ordinance on Climate Disclosures
On 6 December 2024, the Federal Council initiated a consultation to amend the Ordinance on Climate Disclosures, aligning it with the latest international standards. The consultation is expected to be closed on March 21st, 2025.
The following changes are expected to be considered for year-end closing 2027:
Instead of TCFD recommendations, the international standard ISSB or the EU standard ESRS must be followed. Both incorporate TCFD recommendations.
Disclosures must include a net-zero roadmap (former “transition plan”) and timetable compatible with Swiss climate targets, covering all business areas.
Financial Service Companies must consider additional requirements including quantitative targets, asset class, and sector-specific, science-based reduction targets and interim targets for the relevant GHG emissions, as well as related measures planned to reach the set targets.
Companies should run and report an “Effectiveness Assessment” for their climate-related measures
Reports must be provided in a human- and machine-readable format
For 2025, the first Climate Disclosures to be provided still following TCFD. The further development of international standards has to be monitored carefully. Certainly, we will keep our members updated!
Please find here the official information by The Federal Council: Federal Council opens consultation on amending the Ordinance on Climate Disclosures
Wednesday, December 11, 2024