Before it went under, Credit Suisse lined its pockets... by investing in fossil fuels, which are largely responsible for global warming. Since the collapse of this giant, the markets have been shaking. The Swiss financial centre - once thought to be unshakeable - has been severely questioned, and even called upon to reinvent itself... Could this new economic crisis be an opportunity to redirect the sector towards more sustainable finance? Another question is emerging: is the Swiss financial centre climate neutral?
According to a FOEN test (2022), the Swiss financial centre continues to invest too much in fossil fuels. Among the worst performers are Credit Suisse and UBS. Since the Paris Agreement, the two banks have invested more than 130 billion dollars in fossil fuels, according to the NGO Reclaim Finance, including for the expansion of oil, gas and coal production. On a national scale, the Swiss economy is responsible for 60% of domestic CO2 emissions, excluding imports and air travel, according to a McKinsey study - the remaining 40% coming from households.
Lucie Pinson is the founder of the NGO Reclaim Finance, which aims to make finance work for the climate. Time named this political science graduate as one of the most influential people on the climate crisis. Lucie Pinson reveals that Switzerland is a bad pupil on this issue.