New Swiss law makes climate reporting mandatory for large companies

Large Swiss companies and financial institutions will come under the purview of a new legislation passed by the government that obliges them to disclose climate-related risks, according to media reports.
The law, titled Ordinance on Climate Disclosures, was passed by the Swiss government’s Federal Council in November 2022 and will come into force in January 2024.
As per the law, large public companies, financial institutions and insurance firms will be obliged to submit reports based on the recommendations of the Task Force on Climate-related Financial Disclosures.
Firms with more than 500 or more employees and at least CHF 20 million in total assets or more than CHF 40 million in revenue are required to make public reports on climate-related risks, the impact of company activities on climate change, emission reduction targets and plans to implement these goals.