Switzerland has adopted an Ordinance on Climate Disclosures. The Ordinance governs disclosures on climate issues by companies in accordance with Article 964a of the CO as part of environmental matters within the framework of non–financial matters in accordance with Article 964b of the CO.
Note: Climate issues cover both the effects of climate change on companies and the effects of companies’ activities on climate change. This Ordinance enters into force on 1 January 2024.
- If a company makes disclosures on climate issues, it shall be assumed that the climate disclosure obligation in accordance with Article 964b of the CO is complied with as regards climate issues.
- If a company does not make disclosures on climate issues, it must demonstrate that it complies in other ways with the climate disclosure obligation in accordance with Article 964b of the CO as regards climate issues; or clearly declare that it does not follow any climate concept and justify this decision.
- Companies will be required to provide reporting based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
- The effectiveness of the measures taken by the company in connection with climate issues can be demonstrated as part of a qualitative or quantitative overall assessment.