Swiss NGOs see Switzerland as having a special responsibility
Published: Thursday, Nov 30th 2023, 06:00
Updated At: Thursday, Nov 30th 2023, 06:00
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The development aid organizations Alliance Sud and Helvetas and Greenpeace Switzerland are calling for a rapid course correction to limit global warming to 1.5 degrees. They are appealing to the special responsibility of Switzerland and the local financial sector.
In the run-up to the conference, Alliance Sud and Helvetas stated that Switzerland should align its negotiating position with the needs of the poorest people in the Global South.
A pressing issue is the change in the energy sector and who finances it, wrote Alliance Sud. Investments by the private sector have not been able to meet the financing needs in developing countries by far.
There is practically no private funding for adaptation measures in the poorest countries. According to Alliance Sud, at least 28 of the countries in the Global South that are worst affected by the effects of the climate crisis also have serious debt problems.
Swiss financial center
Greenpeace and WWF Switzerland recalled the responsibility of the Swiss financial center in the fight against global warming. According to Greenpeace, the various players in the financial sector have one of the most effective levers in their hands to reduce emissions in the global economy. Investors, asset managers and insurance companies should exert their influence as owners and oblige companies in which they invest to gradually reduce their emissions. This reduction must be achieved at a pace that is in line with the goals of the Paris Agreement.
With their investments, financial players are jointly responsible for global emissions that are around 14 to 18 times higher than domestic emissions. Swiss financial institutions are still a long way from adequately incorporating the climate issue into their business models. "The players in the financial center must become climate activists," said Peter Haberstich, expert for sustainable finance at Greenpeace Switzerland, in the run-up to the event.
Adjusting screws known
WWF Switzerland was combative in the run-up to the climate conference. "We have it in our own hands: we can avert the climate crisis if we act quickly and consistently," Patrick Hofstetter, WWF climate expert, was quoted as saying in a press release. The levers for a climate-friendly future are well known and include, above all, phasing out fossil fuels and defining a clear path for the expansion of renewable energies such as solar, wind and water.
The Sustainable Finance Forum will take place at the climate conference on December 6 in the presence of numerous international financial institutions. WWF, Helvetas, Alliance Sud and Greenpeace will be represented at the conference.
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