Swiss National Bank divests shares in Chevron corporation
Swiss National Bank (SNB) Divests from Chevron but Remains Ambiguous on Fossil Fuel Divestment
The Swiss National Bank (SNB) has sold its stake in US oil giant Chevron, according to its latest filings reported in the Swiss newspaper Neue Zürcher Zeitung. By the end of Q4 2024, the SNB held around $0.7bn in Chevron, but this position no longer appears in the SNB's Q1 2025 filings.
However, the SNB's approach to fossil fuel divestment remains ambiguous. While there are increasing global and European trends pushing financial institutions to end financing for expanding fossil fuel production, the SNB has not publicly committed to divesting from all fossil fuel companies.
The SNB's investment policy takes into account the fundamental norms and values of Switzerland. It ensures its investments are as broadly diversified as possible and refrains from investing in stocks of companies whose products or production processes significantly violate broadly accepted societal values.
The SNB's balance sheet is several hundred billion Swiss francs, largely due to growing investor demand for the Swiss franc. As a major investor in the US stock market, the SNB manages appreciation pressures on its currency by selling foreign exchange and investing in highly liquid assets such as US equities.
The SNB's equity investments follow a market-neutral, passive approach. It also refrains from investing in stocks of systemically important banks worldwide due to its special role as a central bank.
Central banks, including the SNB and the European Central Bank (ECB), face growing public pressure to consider their fossil fuel exposure. A recent report by campaign groups Reclaim Finance and Urgewald shows that the ECB has added nine fossil fuel companies to its guarantees system.
The SNB does not comment on individual stock-picking decisions. As of Q1 2025, the SNB continues to hold a $1.4bn stake in Exxon. The SNB's position on fossil fuel divestment remains a topic of ongoing discussion, with some financial actors pushing for stricter divestment, while the SNB maintains a more cautious approach.
The SNB's quarterly 13F reports of its holdings are filed with the US financial markets regulator, the SEC. Future changes in the SNB's fossil fuel investment policies would be confirmed through updates directly from SNB publications or press releases.
The Swiss National Bank (SNB)'s decision to divest from Chevron, a major oil-and-gas company, does not necessarily indicate a broader strategy towards fossil fuel divestment in the energy industry. Despite the growing trend of financial institutions moving away from financing expanding fossil fuel production, the SNB remains ambiguous about fully divesting from all fossil fuel companies due to its investment policy that follows societal values.
