Swiss government rejects financial centre initiative

Switzerland’s Federal Council has rejected the “For a sustainable and forward-looking Swiss financial centre” popular initiative and a counterproposal, SRF reported on Wednesday.

The government decided its position at a meeting. According to its organisers, the initiative aims to ensure that the Swiss financial centre no longer harms the climate and environment through its activities worldwide.

If approved by voters and the cantons, the initiative would require the federal government to promote an environmentally sustainable Swiss financial centre. Financial and insurance services supporting the exploration and development of new fossil fuel reserves would no longer be permitted.

The Federal Council argues that such services would probably be taken over by providers abroad if they were banned in Switzerland, making their impact on climate policy uncertain. It also warned of uncertainty for companies and additional costs for the federal government if new supervisory and sanctioning tools had to be introduced.

The initiative committee includes representatives of the Social Democratic Party, The Centre, the Free Democratic Party, the Greens, the Green Liberal Party and the Evangelical People’s Party, as well as people from the financial sector and civil society. The initiative was submitted to the Federal Chancellery in Bern on April 16, 2026.