The left wants billions in climate investment

Recent climate forecasts are alarming enough. Now the SP and the Greens have doubled down, reiterating that temperatures in Switzerland are rising twice as fast as the global average. Without rigorous climate action, the country could face temperature increases of up to 4.9°C by the end of the century. “Heatwaves, drought and torrential rain are becoming more common and threaten both our health and our infrastructure,” says SP co-chair Mattea Meyer. To address the climate crisis – “one of the biggest challenges of our time” – effectively, the left want the state to do more. Essentially, they are proposing the creation of a fund that would be replenished with annual contributions of 0.5 to one per cent of GDP. Their popular initiative – “For a fair energy and climate policy: Investing for prosperity, jobs and the environment (Climate Fund Initiative)” – will be put to the electorate on 8 March 2026.

Critics warn of financial risks

But the Federal Council and a majority in parliament see things differently. Their argument is that existing climate policies “combining targeted funding, legislation, and economic instruments” will deliver the desired reduction in CO2. Policies that are focused and establish effective incentives without the need for broad-based subsidies – or further funding. The Confederation and cantons currently spend around two billion francs a year on energy and climate measures, with 600 million francs set aside for promoting biodiversity.

The state “must step up”

Climate change is an established reality in Switzerland, say the authors of the initiative, citing the natural disasters in Gondo (Valais), Ticino, Brienz/Brinzauls (Grisons), and, most recently, Blatten (Valais). “We humans are the ones who will suffer,” proffers Katharina Prelicz-Huber of the Greens. Nature will get by somehow, but people will lose their livelihoods – and their lives.

SP National Councillor Gabriela Suter believes the state must step up and invest in protecting the interests of future generations: “Only through foresighted measures can we ensure a bright future for our descendants.” Marc Jost of the EVP agrees. Switzerland is not doing enough to become carbon-neutral and meet its international obligations, he says. “We can no longer afford to maintain the status quo.” It is important for the state to avoid taking on additional debt, but it will be more expensive if we miss our climate goals, he says. If voters approve the initiative, the new climate fund will be available from 2029.

Bund und Kantone geben heute pro Jahr rund zwei Milliarden Franken für den Klimaschutz aus. Mit dem Klimafonds kämen gleich mehrere Milliarden dazu.

Overview of the federal votes on 8 March 2026

Future-proofing the availability of cash
The “Cash is freedom” initiative requires the federal government to ensure that coins and banknotes are always available in sufficient quantities. Cash gives us freedom and safeguards our privacy, the authors of the initiative argue. The Federal Council and parliament reject the initiative and prefer a more moderate counterproposal (see “Swiss Review” 5/2025: Keeping the nation flush with cash).

Less money for the Swiss Broadcasting Corporation
The “CHF 200 is enough!” initiative submitted by the SVP and the Young Liberals aims to reduce the annual Swiss television and radio licence fee from 335 to 200 francs per household and exempt companies from the levy entirely. See our lead article (page 4).

Investing more in climate action
The “Climate Fund Initiative” wants Switzerland to do more to fight climate change (see adjacent article), creating a fund that would be replenished with annual contributions of 0.5 to one per cent of GDP, and using this money to invest several billions of francs every year in a low-carbon future for transport, buildings and the economy.

Abolishing the “marriage penalty”
Every person should be taxed individually regardless of their marital status, say the Federal Council and a majority in parliament, who want to abolish the so-called “marriage penalty” and have approved the new Federal Act on Individual Taxation for this purpose. Married couples are taxed jointly at present, which can lead to a higher tax burden compared to unmarried households when both incomes are added together. This was ruled unconstitutional by the Federal Supreme Court back in 1984. The FDP, SP, Greens and Green Liberals support the bill. But the Centre, EVP, SVP and EDU oppose it, warning of new tax inequities. The cantons fear a sharp fall in tax revenue.