This is a preprint. The version published in
the Official Compilation of Federal
Legislation is binding.

Ordinanceon Climate Disclosuresof ...

The Swiss Federal Council,
based on section six of title thirty-two of the Swiss Code of Obligations (CO)1,
ordains:Art. 1

Subject matter(Art. 964a–964c of the CO)

1 This Ordinance governs disclosures on climate issues by companies in accordancewith Article 964a of the CO as part of environmental matters within the frameworkof non-financial matters in accordance with Article 964b of the CO.
2 Climate issues cover both the effects of climate change on companies and the effectsof companies' activities on climate change.
Art. 2Compliance with the climate disclosure obligation(Art. 964b para. 1 of the CO)

1 If a company makes disclosures on climate issues in accordance with Article 3, it

shall be assumed that the climate disclosure obligation in accordance withArticle 964b paragraph 1 of the CO is complied with as regards climate issues.
2 If a company does not make disclosures on climate issues in accordance withArticle 3, it must:a.

demonstrate that it complies in other ways with the climate disclosure
obligation in accordance with Article 964b paragraph 1 of the CO as regards
climate issues; orb.

clearly declare that it does not follow any climate concept and justify thisdecision.

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Ordinance on Climate Disclosures

Art. 3

Climate disclosures based on the recommendations of the Task
Force on Climate-related Financial Disclosures(Art. 964b para. 1 and 2 of the CO)

1 Climate disclosures based on the report "Recommendations of the Task Force on

Climate-related Financial Disclosures", version of June 20172, and the annex"Implementing the Recommendations of the Task Force on Climate-related FinancialDisclosures", version of October 20213, comprise, in particular, the implementationof the recommendations on the following topics:a.

governance;b.

strategy;c.

risk management;d.

key figures and targets.

2 The

implementation of the recommendations under paragraph 1 shall take thefollowing into account:a.

the cross-sectoral guidance on the recommendations;b.

the sector-specific guidance on the recommendations;c.

where possible and appropriate, the "Guidance on Metrics, Targets, andTransition Plans", version of October 20214.

3 The

implementation of the recommendations under paragraph 1 letter b shallcomprise the following in particular:a.

a transition plan that is comparable with the Swiss climate goals;b.

where possible and appropriate, information in quantitative form, as well as
the disclosure of the main baseline assumptions for comparison purposes andthe methods and standards used.

4 Where possible and appropriate, the implementation of the recommendations underparagraph 1 letter d shall comprise the following in particular:a.

quantitative CO2 targets and, where necessary, targets for other greenhousegases;b.

the disclosure of all greenhouse gas emissions;c.

quantitative information, as well as the disclosure of the main baseline
assumptions for comparison purposes and the methods and standards used.

5 The

inclusion of sector-specific guidance for financial institutions when
implementing the recommendation under paragraph 1 letter d shall comprise forwardlooking, scenario-based climate compatibility analyses.
6 The effectiveness of the measures taken by the company in connection with climate

issues can be demonstrated as part of a qualitative or quantitative overall assessment.
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The text can be downloaded at www.fsb-tcfd.org > Recommendations
The text can be downloaded at www.fsb-tcfd.org > Publications > Implementing guidance
The text can be downloaded at www.fsb-tcfd.org > Publications > Additional supporting
guidanceOrdinance on Climate Disclosures

Art. 4Publication(Art. 964c para. 2 No. 1 of the CO)

1 The climate disclosures shall be published in the report on non-financial matters inaccordance with Articles 964a–964c of the CO.

2 The electronic publication in accordance with Article 964c paragraph 2 number 1 of

the CO shall be in at least one human-readable and one machine-readable electronic
format in common international use. It shall be made available on the company'swebsite.
Art. 5

Transitional provision

The obligation to publish the disclosures in a machine-readable electronic format incommon international use shall be met one year at the latest after this Ordinance enters
into force.
Art. 6

Commencement

This Ordinance enters into force on 1 January 2024.

…

On behalf of the Swiss Federal Council
President of the Swiss Confederation:
Ignazio Cassis
Federal Chancellor: Walter Thurnherr3/3