Climate Advocates Protest at Swiss National Bank Shareholder Meeting, Citing Concerns Over Investment Choices

Climate advocates protested at the Swiss National Bank's shareholder meeting, criticizing the bank's investment choices for their environmental impact. The protest underscores the increasing demand for financial institutions to embrace sustainable and responsible investment practices, reflecting broader societal shifts towards environmental accountability.

On April 26, climate activists staged a protest outside the Swiss National Bank's shareholders meeting in Bern, expressing their opposition to the bank's investments in companies they deem harmful to the environment and engaged in fracking activities.

This demonstration comes in the wake of a recent ruling by Europe's leading human rights court, which concluded that Bern was failing to adequately safeguard its citizens against the escalating impacts of climate change. Notably, similar protests were held at the UBS AGM earlier in the week.

In 2022 and 2023, Switzerland experienced its hottest years on record, accompanied by noticeable retreats in snow levels across the Alps.

Approximately 50 activists gathered at the meeting in Bern to urge the Swiss National Bank (SNB) to divest its holdings in fossil fuel and fracking companies or leverage its ownership to drive changes in these companies' practices. Protesters brandished placards bearing messages such as "Stop Fracking Investments End Fossil Finance" and "No Financial Stability Without a Stable Climate" outside the typically serene event, which saw heightened security measures to prevent disruptions.

"We advocate for a climate-conscious and environmentally responsible monetary and investment policy from the SNB," stated Asti Roesle, campaigns director at the Swiss Climate Alliance. "Given the scale of its investments, the SNB can wield significant influence."

The SNB holds stakes in various companies, including major oil corporations like Chevron, Shell, and Exxon Mobil, as part of its portfolio of 700 billion Swiss francs in foreign currency investments. According to its sustainability report, these investments were associated with 12 million metric tons of carbon emissions last year.

While the SNB refrained from commenting on the protests or its investment strategy ahead of the AGM, it has previously rejected the idea of utilizing its shareholdings to shape environmental policy.

"The SNB contends that addressing climate change should fall within the purview of political institutions, but we view this as an urgent matter," remarked Roesle.

Reporting by John Revill; Editing by Hugh Lawson

Source: Reuters