The Swiss government has initiated a consultation to revamp its sustainability-related disclosure rules for companies, emphasizing the necessity for organizations to develop and publicly share roadmaps aligned with Switzerland’s ambitious net-zero goal by 2050. This move is part of a broader strategy to enhance transparency and accountability regarding climate-related issues.
These proposals aim to modify the current Ordinance on Climate Disclosures that was implemented earlier this year, which mandates large Swiss companies and financial institutions to report on critical climate-related factors, including greenhouse gas emissions and climate risk management strategies. The initial reporting for these companies will begin in 2025, adhering to guidelines set forth by the Task Force on Climate-related Financial Disclosures (TCFD).
In the previous months, the Swiss Federal Council also proposed aligning national sustainability governance with international frameworks, particularly the European Union’s Corporate Sustainability Reporting Directive (CSRD). Notably, the new regulations will lower the threshold for mandatory reporting from companies with over 500 employees to those with only 250 employees, alongside other financial criteria based on total assets and sales.
The updated proposals underscore the incorporation of international standards into Swiss reporting obligations. Companies will have the option to satisfy their requirements by conforming to widely recognized frameworks such as the ISSB’s standards or the EU’s European Sustainability Reporting Standards (ESRS).
Furthermore, the new legislation will compel companies to establish detailed “net-zero roadmaps” to support the objectives outlined in the recently passed Climate and Innovation Act, which commits Switzerland to achieving net-zero greenhouse gas emissions by 2050. Financial sector firms will face additional requirements concerning the alignment of their financial operations to support this climate target, with interim emissions reduction targets.
To improve accessibility and transparency, companies will also need to present their climate reports in a format that is both human and machine-readable, allowing for easier dissemination on global platforms.
The consultation period is set to last until March 21, 2025, with the intention of implementing the revisions at the start of 2026.