Law360, London (June 26, 2020, 2:35 PM BST) -- Switzerland's banking watchdog said Friday it is ramping up supervision of the impact of the Swiss financial system on climate change and encouraging greater transparency on the effect that banks and insurers have on the environment.
The Swiss Financial Market Supervisory Authority said it will tackle climate change in its regulatory remit and will examine whether to push finance companies to divulge information about their impact on the environment.
"The financial risks associated with climate change could be considerable for the Swiss financial institutions," the authority's chief executive, Mark Branson, said. "Accordingly, they must give them due consideration in their risk processes....
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