The Swiss Times - Swiss News in English

SVP: Stop the carbon-neutral law

  • By The Swiss Times
  • 10 January 2023
How the Swiss National Bank will weather its financial crisis, is Davos ready for its annual WEF conference, and more in our roundup of news from January 6-10.
SVP: Stop the carbon-neutral law

The Federal Palace in Bern is where Swiss Parliament meets and passes new laws.

SVP: Let’s put the carbon neutral bill to a national vote

The Swiss People’s Party (SVP) will call for a voter referendum on a proposed law aimed at making Switzerland carbon neutral by 2050. The proposed law would include reducing reliance on traditional energy sources and investing $2 billion in renewable energy sources such as solar. Members of the SVP argue that imposing energy restrictions during an energy crisis is counterproductive. According to the SVP energy spokesperson Monika Rueegger, the party has “well in excess” of the voter signatures required to trigger a voter referendum. The SVP is the largest political party in Switzerland’s 200-person parliament. Read more.

SVP: Stop the carbon-neutral law

The World Economic Forum’s annual event has been the subject of controversy since its inception in 1971.

Davos prepares for the World Economic Forum

One week out from the opening of the World Economic Forum’s annual conference in Davos, 5,000 members of the Swiss military have been deployed to protect about 3,000 conference participants. Protection is needed as the high-level, controversial event attracts rich and powerful people such as Bill Gates and John Kerry. Moreover, the military is needed to ensure that the many protests that surround the event are done peacefully. According to a town clerk, Davos has already received two requests to demonstrate the event. The two groups asking for permission are the Socialist Youth of Graubünden and the “Strike WEF” collective, which protests against global inequality and capitalism. Read more.

Davos: Freedom of press under fire

SVP: Stop the carbon-neutral law

SNB recorded its biggest loss in the 116 years it has been running.

SNB experiences biggest financial loss in its history

The Swiss National Bank announced that it likely experienced its biggest financial loss in its 116-year history at 132 billion francs over the course of 2022. The second biggest loss the bank experienced was 23 billion francs in 2015; the bank reported a 26 billion franc profit in 2021. As last year’s 132 billion franc loss represents about 18% of the country’s GDP, the SNB will not be making its usual payout to the national government and member states. “While the SNB will also need some time to rebuild its valuation reserves it will take less time to show profits than in the case of the European Central Bank,” J.Safra Sarasin’s chief economist at Karsten Junius told CNBC. Junius says that the SNB will earn higher market interest while the European Central Bank “will be unprofitable for many years.” Read more.

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