Published on 30 April 2026

Climate Test 2026 for the financial market

Every two years the Federal Office for the Environment FOEN, together with the State Secretariat for International Financial Matters SIF, carries out the Climate Test using the internationally recognised PACTA method. The aim is to determine what progress the Swiss financial market is making towards achieving climate protection targets. The PACTA Climate Test helps the financial sector to work towards the binding net-zero target 2050. The next climate test for the financial market will take place in 2026.

In 2026 the FOEN and the State Secretariat for International Finance SIF will run the comprehensive PACTA climate test for the fifth time. The test analyses the climate compatibility of financial portfolios. PACTA stands for Paris Agreement Capital Transition Assessment.

The pension fund association ASIP, the Swiss Insurance Association SVV, the Bankers' Association SBA, the Asset Management Association Switzerland AMAS, Swiss Sustainable Finance SSF, the Association for Responsible Investments SVVK-ASIR, the Association of Swiss Cantonal Banks VSKB and the Conference for Investment Foundations KGAST support the internationally coordinated climate compatibility tests.

Participation in the 2026 climate test

All Swiss banks, asset managers, pension funds and insurers are invited to have their portfolios tested, on a voluntary and anonymous basis. Each financial institute receives an automatically generated individual test report for each portfolio and for the whole institute. This contains a comparison with the climate goals as well as with other climate test participants. Financial institutes can choose whether or not to publish their individual results.

Information about participating in the 2026 climate test can be found in the invitation here:

• Einladung zur Teilnahme am Klimatest 2026 des BAFU und des SIF

  PDF356.79 kB28 April 2026

Registration in 2026

Financial institutes can register for the climate test on the “Transition monitor platform” of the independent non-profit organization Theia Finance Labs (formerly 2°Investing Initiative) from 26 Mai to 23 August 2026 at the latest. Please follow the detailed instructions on the platform:

• Capital Transition Monitor Platform

More information and templates

Briefing note: An introduction to the content and technical aspects and FAQs can be found in:

• Briefing note on the Climate Test 2026 by Theia and FPRE

  PDF2.17 MB9 February 2026

Templates: Templates on the following can be found at the end of this webpage under Further Information > Documentation: Non-disclosure agreements; data regarding real estate/mortgages and shares/corporate bonds; qualitative survey (PDF).

Introductory webinars

The FOEN is also organising introductory webinars on the 2026 climate test for financial institutions.

Test Climatique 2026: Webinaire d’introduction en français et anglais, mercredi 20.05.2026 de 10h00 à12h00

Klimatest 2026: Einführungswebinar in Deutsch am Dienstag 19.05.2026 von 13:00-15:00 Uhr

The report on the results, progress, challenges, and test participation in the various financial sectors of banks, asset managers, insurance companies, and pension funds is expected to be published by the FOEN in the first quarter of 2027. It will contain the aggregated, anonymized results.

• The 2024 Climate Test results

  In 2024, 146 financial institutions voluntarily took part in the PACTA Climate Test, including 71 pension funds, 15 insurance companies, 34 banks and 26 asset managers. The number of participants increased in all financial sectors compared to the 2022 Climate Test, with the exception of insurance companies. More than three quarters of these also took part in the qualitative survey on climate-relevant measures. Financial institutes of various sizes from all sectors participated. The results are meaningful and comparable with the test results from 2022, 2020 and 2017 across the financial sector as a whole. This is the fourth time that Switzerland has conducted the PACTA test, making it a leading country in this field.

  The results of the 2024 test reveal that the majority of financial institutions have already established the net-zero target in their internal corporate strategy. However, many measures taken by financial institutions are not yet consistent with net zero.

  The report containing the climate test 2024 results can be found at:

  Climate and financial markets

• Progress since 2022

  The 2024 Climate Test shows an increased awareness among financial institutions that they can and should make a real contribution to climate targets in their corporate activities. The net-zero target is also already reflected in the internal corporate strategies of over 60 per cent of participants. There are good practices in all asset classes:

  • In the asset class directly owned property, banks, pension funds and insurance companies are already on course to achieve their climate targets when looking at the industry average, at least with a view to 2030.
  • Mortgage lenders now use more climate incentives for their customers than in the 2022 Climate Test.
  • In the case of listed equity investments, around 60 per cent of all test participants stated that they practise credible climate stewardship. By exercising their voting rights and addressing climate issues, they exert influence on the companies in their portfolios with regard to climate matters.
  • Around 60 per cent of financial institutions do not hold corporate bonds in coal companies, which shows that the necessary move away from fossil fuels is taking place in this investment field.

• Align efforts more consistently towards the net-zero target

  However, the results also show that not all financial sectors and asset classes are yet geared towards the net-zero target. The majority of financial institutions must now draw up clear net-zero transition plans for all climate-relevant business activities and asset classes.

  • In order to meet 2050 climate targets, heating replacement, refurbishment and the expansion of photovoltaic systems are needed in buildings owned by the institutions themselves. There is also still no comprehensive and comparable environmental rating system for buildings.
  • On average, mortgage portfolios are not yet on course to achieve climate goals. More evidence is required to show which climate incentives actually encourage customers to make climate-friendly investments.
  • Oil production companies held in equity and corporate bond portfolios continue to expand their overall production capacities instead of turning away from fossil fuels. A third of financial institutions who claim to practise credible climate stewardship do not systematically vote in climate resolutions in favour of compatibility with a 2050 net-zero target. Where the dialogue with portfolio companies is outsourced to commercial or non-commercial providers, only half systematically discuss the net-zero target with the external asset manager.
  • Although the majority of financial institutions have set themselves a net-zero target, only in the case of 14 per cent of their equity and corporate bond portfolios do they state that they intend to align them with the climate target.

  Communicating targets clearly not only for the company itself but also for each financial product boosts the credibility of the financial sector's efforts. With the Swiss Climate Scores now extended to all financial products from 2025, the Federal Council recommends that providers in the sector should voluntarily indicate whether or not they intend make their products climate-friendly.

The PACTA method

The regularly held tests are carried out using the PACTA method (Paris Agreement Capital Transition Assessment). This enables a standardised analysis for global equity, corporate bonds and credit portfolios. The underlying database covers around 250,000 industrial assets worldwide. On the following website you will find more information on the PACTA model. It is available open source on the market:

The PACTA model

Switzerland offers an additional test for use by financial institutions that compares Swiss real estate and mortgage portfolios with the climate target for the domestic building stock. The PACTA real estate model was created for the FOEN and extended for the 2024 Climate Test. The Lucerne University of Applied Sciences and Arts has created a study which aims to validate the module for greenhouse gas emissions from building materials. The methodology report and the validation study can be found at the end of this webpage under > Documents. The extended real estate model is also available unlicensed on request. Please contact [e-mail] for the R-script. 

Further information

• Documents

  • Einladung zur Teilnahme am Klimatest 2026 des BAFU und des SIF

    PDF356.79 kB28 April 2026

  • Briefing note on the Climate Test 2026 by Theia and FPRE

    PDF2.17 MB9 February 2026

  • Survey for the Climate Test 2026

    PDF164.35 kB27 April 2026

  • NDA für Hypothekarportfolios für den Klimatest 2026 mit FPRE

    PDF140.84 kB26 February 2026

  • NDA General for the Climate Test Switzerland 2026 with Theia Finance Labs and FPRE

    PDF277.49 kB18 May 2026

  • Template for equity and corporate bond portfolios for the Climate Test 2026

    CSV308 B30 April 2026

  • Template für Immobilien- und Hypothekenportfolios für den Klimatest 2026

    XLSX11.75 MB30 April 2026

  • Methodenbericht 2024 zum erweiterten CO2-Rechner für Gebäude

    PDF1.10 MB31 October 2024

  • Studie zur Validierung des «Scope 3» Moduls für Immobilien

    Im Auftrag des BAFU

    PDF5.19 MB7 November 2024