A coalition of environmental non-governmental organizations has taken aim at the Swiss National Bank (SNB) for its significant investments in fracking companies, which are part of a larger $16 billion fossil fuel portfolio. The criticism comes amid strong opposition to fracking within Switzerland, where concerns about environmental risks and ground instability have led to resistance from cantonal governments and citizens.
The SNB Coalition and Climate Alliance Switzerland have released a report accusing the SNB of investing approximately $9 billion in 69 fracking companies. This report aligns with findings from a Yale paper that underscores the environmental hazards associated with fracking. With a notable 69% of Swiss across 14 constituencies expressing opposition to fracking, and these constituencies owning 27% of SNB shares, there is an increasing demand for the bank to shift its investments away from controversial energy practices.
The SNB has yet to comment directly on these allegations. However, the bank maintains that its investment policy aligns with Switzerland’s accepted norms and undergoes continuous scrutiny. This stance was reiterated today following the recent publication by Le Matin Dimanche that detailed the SNB’s investment activities prior to the NGO coalition bringing these figures to light.
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