Switzerland proposes Geneva as headquarters for planned International Sustainability Standards Board (ISSB)

Switzerland would like to provide the headquarters for the planned International Sustainability Standards Board (ISSB). On August 31, 2021, the Federal Department of Finance (FDF) submitted the associated candidature for the city of Geneva and informed the Federal Council. As a location for international organisations, Switzerland would be able to further consolidate its position as a relevant player for financial and economic sustainability.

The establishment of the International Sustainability Standards Board (ISSB) is due to be announced by the time of the next international Climate Change Conference (COP26), which will take place in Glasgow in November 2021. The aim is that, in the future, the Board will draw up global standards on climate-related financial reporting for businesses, based on the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD).

In a letter signed by Finance Minister Ueli Maurer and sent to the responsible international standard-setting body IFRS in London, the Federal Council, the city and canton of Geneva, and a number of business associations present Geneva as the ideal location for the ISSB headquarters. Owing to its unique proximity to important international organisations and NGOs, Geneva has a global outreach and is recognised throughout the world as an independent and neutral negotiation venue.

Switzerland is a credible host country for such a body. It has committed itself to ambitious climate-protection measures aimed at bringing greenhouse gas emissions down by 50 % by 2030, and reducing them to zero by 2050. In addition, Switzerland has explicitly recognised the TCFD recommendations. A decision on the location is due to be made before the end of this year.

www.efd.admin.ch