A new initiative is implementing strict regulations on banks and insurers, specifically targeting investments in fossil fuels.

A major player in the banking sector, UBS, has reportedly invested around $9 billion in oil and gas projects in 2023.

This initiative aims to reduce such investments as part of a broader effort to address climate change.

In response to these concerns, Zurich Insurance has introduced new climate guidelines that will govern its involvement in oil and gas projects.

This reflects a significant shift in the financial landscape, as Swiss companies are increasingly being examined for their roles in fossil fuel investments.

The financial center is now facing significant challenges as it navigates these regulatory changes.