Large Swiss banks and insurance companies will have to provide qualitative and quantitative information about risks they face from climate change, Swiss financial watchdog FINMA said on Monday as it released an amended publication on disclosure.

FINMA’s updated circular on the new obligations, to take effect on July 1, follows similar moves by the European Central Bank, which last year announced plans to ask lenders in the 19-country currency union to disclose their climate-related risks.

The Swiss watchdog said it is fulfilling its strategic goal of contributing to sustainable development of the Swiss financial centre, by laying out how it will supervise banks and insurers on climate-related financial risk.

FINMA said it crafted the disclosure requirement after talking with industry representatives, academics, NGOs and the federal government last year. The watchdog has previously said the risks such as natural catastrophes are substantial for the sector and merited new disclosure standards.

“Banks and insurance companies are required to inform the public adequately about their risks,” FINMA said in a statement. “These also include the consequences of climate change, which could pose significant financial risks for financial institutions in the longer term.”

Credit Suisse (CSGN.S) has been in the crosshairs of climate activists, including protesters who blocked access to its Zurich headquarters over complaints of its financing of fossil fuel-related projects. Reinsurer Swiss Re (SRENH.S) said in April the global economy could lose nearly a fifth of economic output by 2050 should the world fail to check climate change. 

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