Zurich Dialogue 2025: Rethinking Finance for Climate and Nature
On 3 April, Climate Bridges, in collaboration with Pictet and other partners, hosted a high-level dialogue on sustainable finance at Pictet's Zurich offices. The event convened leaders across the financial ecosystem — from pension fund managers and bankers to youth activists and environmental scientists — united by a shared recognition of the urgent need to align finance with the climate crisis to protect both planetary and economic stability.
Here are the key takeaways from the event:
The Science is Clear: Climate Change is Real
When banks are hiring climate scientists, it speaks volumes. Our planet has a fever — global temperatures are rising well beyond the 1.5°C threshold. If Earth were a patient, doctors would prescribe immediate action to prevent further harm.
Planetary health and human health are deeply interconnected, as highlighted in the Planetary Health Check. Even the financial sector now recognises that understanding climate science is essential to managing risk — because climate change isn’t just an environmental issue, it’s an economic one too.
Voluntary Action Isn’t Enough: It’s Time for Policy to Lead
Over the past decade, there’s been meaningful progress in aligning finance with climate goals. Institutions like Radicant Bank, Pictet, and other forward-thinking companies and other leaders in sustainable finance have pioneered new reporting practices and engaging stakeholders in more transparent dialogue.
But reporting and voluntary action can only go so far. To drive real, lasting change, the private sector needs clear and consistent signals from the public sector — including strong policies, well-defined regulations, and economic incentives that support the shift away from fossil fuels.
Long-Term Vision is Essential
Melanie Larkin of Pictet opened the event by underscoring the importance of long-term thinking in sustainable investment. This forward-looking mindset has enabled Pictet to lead boldly - from launching a pioneering water strategy during the dot-com bubble, to becoming the first Swiss financial institution to commit to science-based climate targets.
Larkin framed sustainability not just as a strategic priority, but as both a moral imperative and an economic necessity. She outlined Pictet’s sustainability strategy, driven by three key levers:
Investing in companies that provide sustainable solutions, guided by frameworks such as the Planetary Boundaries
Supporting issuers with credible and science-aligned transition plans
Engaging actively with stakeholders to drive systemic change across the financial ecosystem
Radical Collaboration is Non-Negotiable
Elise Buckle, CEO of Climate Bridges, called for a spirit of radical collaboration between public institutions, private sector actors, and civil society. In the face of the interconnected crises of climate change, biodiversity loss, and growing inequality, she argued that polarization is a luxury we can no longer afford.
For Buckle, what’s needed instead is dialogue grounded in trust, empathy, and a commitment to shared goals, because only through collective effort can we drive the systemic transformation required.
Switzerland’s Global Financial Footprint
Speakers highlighted the disproportionate impact of Swiss finance, with foreign investments contributing 18 times more emissions than domestic activities. Given its global influence, Switzerland has a responsibility and opportunity to lead in aligning financial flows with climate and biodiversity targets.
The Finance Initiative: A Citizen-Led Call for Regulation
Stefan Kellenberger of WWF Switzerland presented the Sustainable Financial Centre Initiative, a proposal for stronger financial regulation. The initiative aims to align financial institutions with the Paris Agreement and the Global Biodiversity Framework. The call was clear: voluntary measures are no longer enough.
Stewardship Must Move Beyond Box-Ticking
Speakers from UBS, Swiss Sustainable Finance, and other institutions discussed how stewardship must go beyond compliance to become a tool for transformation. Too often, stewardship is reduced to a box-ticking exercise - focused on meeting minimum regulatory requirements or publishing standardised ESG reports without driving meaningful change. Effective stewardship, by contrast, involves proactive shareholder engagement, transparent impact measurement, and the courage to challenge the status quo.
Youth, Equity, and the Global South
A powerful intervention from Michelle Baliguat y Pardo - a young Filipino student - underscored the barriers smallholder farmers face in accessing climate finance. The response from panelists was empathetic and action-oriented, highlighting the importance of inclusive dialogue and equitable access to funding mechanisms.
Melanie Larkin responded by emphasizing the need for innovative financial structures - such as blended finance and patient capital - to support regenerative agriculture at the grassroots level. She also stressed the importance of mobilizing private wealth and philanthropic capital to de-risk early-stage solutions, and offered to connect the speaker with networks working on these issues globally.
The Need for Better (Not Just More) Regulation
While the room largely supported regulatory action, speakers stressed that the quality of regulation matters. Policies must be clear, enforceable, and supportive of innovation. Simplification, coherence, and international alignment were recurring themes.
One example cited was the complexity of the EU’s sustainable finance regulations, where overlapping frameworks and inconsistent metrics have created confusion and compliance burdens. Better regulation would not only prevent greenwashing but also give investors and institutions a clearer path toward effective climate action.
Everyone Has a Role to Play
From retail investors to institutional asset owners, and from financial regulators to grassroots activists, the event reinforced that systemic change requires broad participation. As one participant put it: "Being part of the problem means becoming part of the solution."
Looking Ahead
Climate Bridges will continue to convene dialogues throughout 2025, including at Building Bridges in Geneva and COP30 in Brazil. As this Zurich event demonstrated, finance can be a powerful lever for change, but only if wielded with courage, collaboration, and accountability.
