A new initiative in Switzerland aims to curb climate-damaging investments by the country's financial sector.

The "Finanzplatz-Initiative" seeks to establish ethical investment frameworks, focusing on renewable energy and responsible business practices.

This initiative, supported by a coalition of political parties and environmental organizations, highlights the significant role of Swiss banks and insurers in financing projects that exacerbate climate and biodiversity crises.

The proposal calls for Swiss financial institutions to align their international operations with global climate and biodiversity goals, while domestic activities remain unaffected.

Critics, however, argue that such regulations could undermine free market principles and hinder economic growth.

The initiative also proposes restrictions on financing new fossil fuel projects, a move that has sparked debate about its potential impact on the Swiss economy and its alignment with international climate commitments.