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Switzerland wants to be climate neutral. The country needs more renewable energy, it needs to go to fossil fuels.
Switzerland as a global hub for commodities
But that doesn’t mean that dirty energies are also blowing away from the local trading books – quite the contrary. Because Switzerland is a global center. There are about 250 companies in Germany that make money from coal mining and trading. They are called Glencore, Suek or Trafigura and are based in Zug, Geneva or Lugano.
40% of the global coal business passes through Switzerland. Coal mined by local companies emits more CO2 than the climate culprit USA: 5.4 billion tons per year. But this does not hurt the business because the demand is so high. In 2022, the world consumed eight million tons of coal, more than ever before. The institution traded three times more expensive than the previous year.
Commodity trader Hans-Rudolf Wild also takes advantage of this. The former Chairman of the FDP from Zug is the managing director and CEO of IMR Holding AG, the umbrella company of around 25 raw materials companies. By 2021, IMR Group owned 49 percent of PT Borneo Prima. This mining company clears the rainforests on the Southeast Asian island of Borneo to extract more than two million tons of coal a year.
Research by NGOs casts doubt
Under pressure from Sunday’s Blick research, lawyer Wild announced in early 2022 that the IMR group is no longer involved in clearing the rainforest in Borneo. The company is no longer located in PT Borneo Prima.
Research by the NGO Public Eye now casts doubt on Wild’s statement. Spokesperson Oliver Classen (56): “IMR Group transferred the stake to another company within the group, IMR Asia Holding in Singapore. This is based on data from business registers of Indonesia and Singapore.»
The director and beneficial owner of IMR Asia Holding in Singapore is Anirudh Misra. The London-based commodity trader is also a board member and beneficial owner of Zug-based IMR Holding, chaired by Hans-Rudolf Wild. IMR Metallurgical Resources AG, also chaired by Wild, is also owned by IMR Group. And it mentions “our Prima coal mine in Indonesia” on its website.
Registrations in the trade register, precise personal contacts, the company’s own information on the company’s website – these are fairly accurate indicators for the participation of the Zug-based raw material company in the coal mine in Borneo. But IMR President Wild doesn’t want to know anything about it: “Zug-based IMR Holding AG is currently neither directly nor through a subsidiary involved in PT Borneo Prima. That was already the case in February 2022 and still is today. “
Companies must take responsibility
One thing is clear: there is increasing pressure for companies to take on their responsibilities in Switzerland as well. In 2020, 50.7% of Swiss voters accepted the Responsible Business Initiative. The proposal failed due to the escalating situation. Federal Council Member Karin Keller-Sutter (59) emphasized the need for international uniform regulations first in the referendum campaign.
These are now available with the EU Supply Chain Directive adopted in early June. The new provision requires companies to respect human rights, protect the environment and reduce CO2 emissions throughout the entire supply chain.
This gives impetus to the Corporate Responsibility Coalition in Switzerland. It launches initiatives in the cantons of Basel-Stadt and Geneva, where it wants to hold companies accountable. In the autumn, a decision will be made to launch a new popular initiative at the national level.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
