“The federal council intends to hold further discussions by the end of the year on the issue of whether and how the financial market should be regulated,” the government said. “The basic aim is to determine the framework conditions that will enable the Swiss financial centre to be competitive in the area of sustainable finance.”The working group will also be asked to target the conclusion of industry agreements with financial market players. The government said these should lead to increased transparency and a voluntary industry commitment to a representative participation in portfolio climate alignment tests “with a view to achieving specific targets”.“The aim is to strengthen competitiveness so that customers and investors can be offered clear information and thus decision-making options,” the government said in a statement. “Dialogue with the industry will be intensified to this end.”In 2017, a government-sponsored assessment of participating pension funds’ investment portfolios found that these were on average in line with global warming of 6°C above pre-industrial levels by the end of this century.The government is offering these free tests again this year, this time also inviting banks and asset managers to take part. The Swiss government is to set up a working group on sustainable finance, tasked with considering the implications for Switzerland of the European Commission’s action plan.It is also supposed to carry out work to inform decisions about Switzerland’s participation in international initiatives such as the Coalition of Finance Ministers for Climate Action, which was launched in April.The working group has yet to be set up, but IPE understands it will comprise members of the Swiss federal administration, with private sector and other interested parties when necessary. It is to be headed by the state secretariat for international finance, a unit of the federal finance ministry, and work closely with the environment department.The working group will be asked to report back to the cabinet by spring next year at the latest with proposals for the Swiss financial market.
September 17, 2020
Facebook Twitter Google+ Published on August 28, 2013 at 1:41 am Contact David: [email protected] | @DBWilson2 There had to be some hesitancy. Christian Hackenberg knew what he could be up against at Penn State — perpetual scrutiny, a thinner supporting cast and three seasons without postseason play.But it’s still Penn State. There’s still the tradition of excellence. The Nittany Lions still play in front of hordes of adoring fans that remained steadfast through scandal and controversy.That all sold the school to the quarterback, but even more important was the new man at the helm.“He wanted to play for Bill O’Brien,” said former Fork Union (Va.) Military Academy head coach Micky Sullivan, who coached Hackenberg at the high school.Hackenberg hadn’t even been on the radar when former head coach Joe Paterno was finishing up at PSU. It wasn’t until O’Brien was hired and made Hackenberg one of his first recruiting priorities that Penn State would find its eventual quarterback of the future.AdvertisementThis is placeholder textIn less than two months a rookie head coach sold a program embroiled in scandal to the No. 2 quarterback recruit in the nation.“Bill O’Brien’s a special guy,” Sullivan said. “I’m very impressed with the things he does, the way he handles himself.”Lining up under center against Syracuse on Saturday could be Hackenberg, who was one of O’Brien’s top priorities when the coach first arrived on campus. Hackenberg, a true freshman quarterback and Penn State’s first five-star commit after the Jerry Sandusky scandal, could make the first start of his career when the Nittany Lions play the Orange at 3:30 p.m. at MetLife Stadium in East Rutherford, N.J.With the idealistic quarterback — Hackenberg’s 6-foot-4 build fits the Nittany Lions’ prostyle offense to perfection — and the mastermind head coach, PSU hasn’t missed a beat. It would have been bowl-eligible last season and is receiving votes in the preseason AP Top 25 this year.For a moment, though, everything could have fallen apart in the wake of the scandal.Running back Silas Redd, who played two years for Penn State, was the first one to go. He departed for Southern California and it seemed more would follow in droves.But most stuck with it. And then the recruits started to come.Hackenberg was the first, but Adam Breneman, the No. 2 tight end in the country, joined him nine days later. And, most importantly, they stuck with it even after sanctions came down.“I think it says something about the type of character that guy had and all the other recruits that we had that held on to their commitment despite the sanctions,” guard John Urschel said. “It’s a great place for football and there’s something special here and I think they recognize that, and I think that’s why they kept their commitments.”Hackenberg committed after the scandal broke. But before sanctions came down, for a time, he had to rethink his decision.He sat down with Sullivan and his family and went through the whole litany of pros and cons. Hackenberg’s answer, Sullivan said: “I want to go there.”“Was I surprised that he stuck with it? No. Was there wavering or questioning? I think at times, at least early on, we looked,” Sullivan said. “You know, ‘OK, what are we going to do? Do you really want to do this?’ And Christian always said, ‘I want to go to Penn State.’”Hackenberg was not available to comment because O’Brien does not allow freshmen to talk to the media.Hackenberg only arrived at PSU this summer, but immediately he’s been thrown into the fire, competing for the starting quarterback job at a Big 10 school. He relishes the spotlight, Sullivan said. Fork Union opened the season in his senior year with a game televised on ESPN. His year ended with the Under Armour All-America Game.People don’t talk as much about the scandal now as much as they did last year.“It’s nice to not have the media be talking about things other than football,” Urschel said.But Hackenberg sticking with his commitment will inevitably once again thrust him into the spotlight.“That just shows the type of guy that he is, shows his character and the things that matter to him the most,” safety Malcolm Willis said. “Now that he’s here, he’s in a battle for that quarterback spot.”But Hackenberg can only carry the Nittany Lions so far. In a best-case scenario — and assuming he doesn’t redshirt — he will play in one bowl game in his career. If he leaves early, he will never carry them to the postseason.So his arrival is as much symbolic as it is tangible. PSU has three more years before it can again be the power it once was. Once that time passes, the Nittany Lions will be in good hands.“As for the future,” Willis said, “as long as Penn State football keeps doing what it’s doing, then we should be fine.” Comments