SFMA climate risk reporting
Since 2025, the CO 2 Act requires SFMA to regularly review the climate-related financial risks for supervised institutions and to report on them. To fulfil the reporting obligation, SFMA has published an annual climate risk report since 2025.
Pursuant to Article 40 d paras. 1 and 3 of the Swiss Federal Act on the Reduction of CO 2 Emissions (CO 2 Act, SR 641.71 ) and Article 129 a paras. 1 and 3 of the CO 2 Ordinance (CO 2 Ordinance, SR 641.711 ), SFMA must regularly review the climate-related financial risks for supervised firms and report on them. SFMA has long taken material climate-related financial risks into account in its supervisory practice on the basis of its general supervisory mandate under the financial market laws. Since 2025, SFMA has also published an annual report on climate-related financial risks in the Swiss financial market.
The reporting covers the following three aspects:
- Climate-related risk exposure at Swiss financial institutions: SFMA provides aggregated information on physical and transition risks across three different time horizons.
- Management of climate-related financial risks by financial institutions: SFMA sets out information on its investigations of how institutions manage climate-related financial risks and the insights gained. This is done in anonymised form.
- Measures taken by SFMA: SFMA communicates both its general measures, such as the publication of SFMA Circular 26/1 “Nature-related financial risks”, and anonymised examples of institution-specific measures.
SFMA published the first climate risk report as an annex to the SFMA Risk Monitor 2025.