IFLR: Developments in the management of climate risks in Switzerland

FINMA has recently issued new guidance, FINMA Guidance 01/2023, drawing attention to relevant developments in the area of climate-related financial risk management. In the Guidance, FINMA reiterates its expectation for financial institutions to establish an appropriate climate risk management framework based on recognised practices. Guy Deillon of Prager Dreifuss considers the new FINMA Guidance and its impact on financial institutions.