The investment portfolio of the Swiss National Bank and its carbon footprint

Alain Naef

Applied Economics Letters, 2021, vol. 28, issue 20, 1801-1806

Abstract: This paper details the nature of the equity holdings of the Swiss National Bank (SNB) and estimates its carbon footprint. By analysing SNB holdings in the 100 most polluting companies in the world, I find that the share of assets owned by the SNB is responsible for at least a quarter of Switzerland’s domestic CO2 emissions. This represents as much as the greenhouse gas emissions of all Swiss households combined or 0.05% of global greenhouse gas emissions. Using two different estimation methods, I find that the SNB’s portfolio generates between 12 and 20 million metric tons of CO2 per year. This could be reduced by 99.7% with an investment reallocation of just 2% of the equity portfolio of the SNB.

Date: 2021
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Working Paper: The investment portfolio of the Swiss National Bank and its carbon footprint (2020)
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DOI: 10.1080/13504851.2020.1854436

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