Swiss National Bank to face Credit Suisse and climate protests at fraught AGM
The Swiss National Bank has come into the spotlight following its assistance in UBS’ takeover of Credit Suisse.
Bloomberg / Contributor / Getty Images
The Swiss National Bank will hold its annual general meeting in Bern on Friday against a backdrop of protest over its action on climate change and its role in the emergency sale of Credit Suisse to Swiss rival UBS.
The central bank played a key role in brokering the rescue of Credit Suisse over the course of a chaotic weekend in March, as a flight of deposits and plummeting share price took the 167-year-old institution to the brink of collapse.
The deal remains mired in controversy and legal challenges, particularly over the lack of investor input and the unconventional decision to wipe out 15 billion Swiss francs ($16.8 billion) of Credit Suisse AT1 bonds.
The demise of the country’s second-largest bank fomented widespread discontent and severely damaged Switzerland’s long-held reputation for financial stability. It also came against a febrile political backdrop, with federal elections coming up in October.
While the SNB will no doubt face questions and grievances from shareholders about the Credit Suisse situation on Friday, the country’s network of climate activists will also be seeking to use the central bank’s unwanted spotlight to challenge its investment policies.
Unlike many major central banks, the SNB operates publicly-traded company, with just over half of its roughly 25 million Swiss franc ($28.1 million) share capital held by public shareholders — including various Swiss cantons (states) and cantonal banks — while the remaining shares are held by private investors.
A shareholder walks past a giant inflate balloom during a protest by climate activists ahead of the general meeting of shareholders of UBS bank in Basel, on April 5, 2023, following the takeover by UBS of Credit Suisse hastily arranged by the Swiss government on March 19 to prevent a financial meltdown. (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)
Fabrice Coffrini | Afp | Getty Images
More than 170 climate activists have now purchased a SNB share, according to the SNB Coalition, a dedicated pressure group spun out of Alliance Climatique Suisse — an umbrella organization representing around 140 Swiss environmental campaign groups.
Around 50 of the activist shareholders will be in attendance on Friday, and activists plan to make around a dozen speeches on stage at the AGM, climate campaigner Jonas Kampus told CNBC on Wednesday. Protests will also be held outside the event.
The group is calling for the SNB to dispose of its stock holdings of “companies that cause serious environmental damage and/or violate fundamental human rights,” pointing to the central bank’s own investment guidelines.
In particular, campaigners have highlighted SNB holdings in Chevron, Shell, TotalEnergies, ExxonMobil, Repsol, Enbridge and Duke Energy.
Members of a Ugandan community objecting to TotalEnergies’ East African Crude Oil Pipeline, will also attend on Friday, with one planning to speak on stage directly to the SNB directorate.
As well as a full exit from fossil fuel investments, activists are demanding that the SNB implement the “one for one rule,” — a capital requirement designed to prevent banks and insurers benefiting from activities that are detrimental for the transition to net zero.
In this context, the SNB would be required to set aside one Swiss franc of its own funds to cover potential losses for each franc allocated to financing new fossil fuel exploration or extraction.
Ahead of the AGM, the central bank declined on legal grounds to schedule three motions tabled by the activists, and said on Wednesday that it would not comment on protest plans, instead directing CNBC to its formal agenda. Yet Kampus suggested that just the process of submitting the motions itself had helped expand public and political awareness of the issues.
“From all sides, there is public pressure and also political pressure that the SNB needs to change things. At this moment, the SNB is really far behind in terms of their actions taken compared to other central banks,” Kampus told CNBC via telephone, adding that the SNB takes a “very conservative view” of its mandate regarding price stability and financial stability, which is “very narrow.”
The shareholders’ cause is also backed by a motion in parliament, with support from lawmakers ranging from the Green Party to the Centre [center-right party], which demands an extension of the SNB’s mandate to cover climate and environmental risks.
“While other central banks around the world are going well beyond the steps taken by the SNB in this respect — the SNB has repeatedly taken the position that its mandate does not give it sufficient leeway to take climate risks fully into account in its decisions and monetary policy instruments,” reads the motion, filed on March 16 by Green Party lawmaker Delphine Klopfenstein Broggini.
“The present parliamentary initiative is intended to ensure this leeway and to make it clear that the SNB must take climate risks into account when conducting monetary policy.”
The motion argues that climate risks are “classified worldwide as significant financial risks that can endanger financial and price stability,” concluding that it is in “Switzerland’s overall interest that the SNB proactively address these issues” as other central banks are seeking to do.
Kampus and his fellow activists hope the national focus on the SNB after the Credit Suisse crisis provides fertile ground to advance concerns about climate risk, which he said poses a risk to the financial system that is “several times larger” than the potential fallout from Credit Suisse’s collapse.
“We feel that there is also a window of opportunity on the SNB side in that they maybe this time are a bit more humble, because they obviously also have done some things wrong in terms of the Credit Suisse crash,” Kampus said.
He noted that the central bank has always asserted that climate risk was incorporated into its models and that there was “no need for further exchange with the public of further transparency.”
“Very central to the SNB’s work is that the public just needs to trust them. Trust is something that is very important to the central bank, and to demand trust from the public without leading up to it or supporting it with further evidence that we can trust them in the long run is quite scary, especially when we don’t know what their climate model is,” he said.
The SNB has long argued that its passive investment strategy, which invests in global indexes, is part of its mandate to remain market neutral, and that it is not for the central bank to engage in climate policy. Activists hope mounting political pressure will eventually force a change in legislation to broaden the SNB’s mandate to accommodate climate and human rights as risks to financial and price stability.
UBS and Credit Suisse also faced protests from climate activists at their respective AGMs earlier this month over investment in fossil fuel companies.
Newly published data from the Federal Energy Regulatory Commission (FERC), reviewed by the SUN DAY Campaign, reveal that solar accounted for over 75% of US electrical generating capacity added in the first nine months of 2025. In September alone, solar provided 98% of new capacity, marking 25 consecutive months in which solar has led among all energy sources.
Year-to-date (YTD), solar and wind have each added more new capacity than natural gas has. The mix of all renewables remains on track to exceed 40% of installed capacity within three years; solar alone may be 20%.
Solar was 75% of new generating capacity YTD
In its latest monthly “Energy Infrastructure Update” report (with data through September 30, 2025), FERC says 48 “units” of solar totaling 2,014 megawatts (MW) were placed into service in September, accounting for 98% of all new generating capacity added during the month. Oil provided the balance (40 MW).
The 567 units of utility-scale (>1 MW) solar added during the first nine months of 2025 total 21,257 MW and were 75.3% of the total new capacity placed into service by all sources. Solar capacity added YTD is 6.5% more than that added during the same period a year earlier.
Solar has now been the largest source of new generating capacity added each month for 25 consecutive months, from September 2023 to September 2025. During that period, total utility-scale solar capacity grew from 91.82 gigawatts (GW) to 158.43 GW. No other energy source added anything close to that amount of new capacity. Wind, for example, expanded by 11.07 GW while natural gas’s net increase was just 4.60 GW.
Between January and September, new wind energy has provided 3,724 MW of capacity additions – an increase of 28.6% compared to the same period last year and more than the new capacity provided by natural gas (3,161 MW). Wind accounted for 13.2% of all new capacity added during the first nine months of 2025.
Renewables were 88% of new capacity added YTD
Wind and solar (plus 4 MW of hydropower and 6 MW of biomass) accounted for 88.5% of all new generating capacity while natural gas added just 11.2% YTD. The balance of net capacity additions came from oil (63 MW) and waste heat (17 MW).
Utility-scale solar’s share of total installed capacity (11.78%) is now virtually tied with that of wind (11.80%). If recent growth rates continue, utility-scale solar capacity should surpass that of wind in FERC’s next “Energy Infrastructure Update” report.
Taken together, wind and solar make up 23.58% of the US’s total available installed utility-scale generating capacity.
Moreover, more than 25% of US solar capacity is in the form of small-scale (e.g., rooftop) systems that are not reflected in FERC’s data. Including that additional solar capacity would bring the share provided by solar and wind to more than a quarter of the US total.
With the inclusion of hydropower (7.59%), biomass (1.05%) and geothermal (0.31%), renewables currently claim a 32.53% share of total US utility-scale generating capacity. If small-scale solar capacity is included, renewables now account for more than one-third of the total US generating capacity.
Solar soon to be No. 2 source of US generating capacity
FERC reports that net “high probability” net additions of solar between October 2025 and September 2028 total 90,614 MW – an amount almost four times the forecast net “high probability” additions for wind (23,093 MW), the second fastest growing resource.
FERC also foresees net growth for hydropower (566 MW) and geothermal (92 MW) but a decrease of 126 MW in biomass capacity.
Meanwhile, natural gas capacity is projected to expand by 6,667 MW, while nuclear power is expected to add just 335 MW. In contrast, coal and oil are projected to contract by 24,011 MW and 1,587 MW, respectively.
Taken together, the net new “high probability” net utility-scale capacity additions by all renewable energy sources over the next three years – the Trump administration’s remaining time in office – would total 114,239 MW. On the other hand, the installed capacity of fossil fuels and nuclear power combined would shrink by 18,596 MW.
Should FERC’s three-year forecast materialize, by mid-fall 2028, utility-scale solar would account for 17.3% of installed U.S. generating capacity, more than any other source besides natural gas (39.9%). Further, the capacity of the mix of all utility-scale renewable energy sources would exceed 38%. The inclusion of small-scale solar, assuming it retains its 25% share of all solar energy, could push solar’s share to over 20% and that of all renewables to over 41%, while the share of natural gas would drop to less than 38%.
In fact, the numbers for renewables could be significantly higher.
FERC notes that “all additions” (net) for utility-scale solar over the next three years could be as high as 232,487 MW, while those for wind could total 65,658 MW. Hydro’s net additions could reach 9,927 MW while geothermal and biomass could increase by 202 MW and 32 MW, respectively. Such growth by renewable sources would swamp that of natural gas (29,859 MW).
“In an effort to deny reality, the Trump Administration has just announced a renaming of the National Renewable Energy Laboratory (NREL) in which it has removed the word ‘renewable’,” noted the SUN DAY Campaign’s executive director Ken Bossong. “However, FERC’s latest data show that no amount of rhetorical manipulation can change the fact that solar, wind, and other renewables continue on the path to eventual domination of the energy market.”
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The Century is considered the most luxurious Toyota, and now it’s being spun off into its own high-end brand. Despite the rumors, the ultra-luxury brand won’t be as electric as expected.
Toyota sets new luxury brand up to fail with ICE plans
First introduced in 1967, the Century was launched in celebration of Toyota’s founder, Sakichi Toyoda’s 100th birthday.
The Century has since become a symbol of status and wealth in Japan, often used as a chauffeur car by high-profile company officials.
Toyota previewed the future of the ultra-luxury marquee at the 2025 Japan Mobility Show in October, launching it as a new standalone brand positioned above Lexus.
The new Century brand is set to rival higher-end automakers like Rolls-Royce and Bentley, but it won’t be as electric as initially expected. Toyota’s powertrain boss, Takashi Uehara, told CarExpert that the luxury brand’s first vehicle will, in fact, have an internal combustion engine.
Although no other details were offered, Uehara confirmed, “Yes, it will have an engine.” As to what kind, that has yet to be decided, Toyota’s powertrain president explained.
Like the next-gen Lexus supercar and upcoming Toyota GR GT, Uehara said the Century model could include a V8 engine.
The Century has been Toyota’s only vehicle with a V12 engine. In 2018, Toyota dropped the V12 in favor of a V8 hybrid powertrain for its third-generation.
Toyota’s Century launched its first SUV in 2023, currently on sale in Japan with a V6 plug-in hybrid system alongside the sedan.
Already widely considered the biggest laggard in the shift to fully electric vehicles, Toyota doubled down, developing a series of new internal combustion engines for upcoming models.
Century is one of the five global brands the Japanese auto giant introduced in October, along with Daihatsu, GR Sport, Lexus, and Toyota.
Electrek’s Take
It’s not surprising to see Toyota sticking with ICE for its ultra-luxury Century brand, but it will likely be a costly move.
Chinese auto giants, such as BYD and FAW Group, are quickly expanding into new segments, including high-end models under luxury brands such as Yangwang and Hongqi.
These companies are now expanding into new overseas markets, like Europe and Southeast Asia, where Japanese brands like Toyota have traditionally dominated, to drive growth.
Top luxury brands, including Porsche, BMW, and Mercedes-Benz, are already struggling to keep pace with Chinese EV brands. How does Toyota plan to compete with an “ultra-luxury” brand that still sells outdated ICE vehicles? We will find out more over the coming months and years as new sales data is released.
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SparkCharge has partnered with the Massachusetts Clean Energy Center (MassCEC) and Zipcar to launch the Northeast’s first off‑grid, mobile DC fast‑charging hub for shared EVs. The goal is to bring fast, reliable EV charging infrastructure into communities without having to wait for costly or slow grid upgrades.
The hub sits at Zipcar’s maintenance facility in East Boston, an Environmental Justice community. It’s funded through MassCEC’s InnovateMass program and gives onsite mechanics the ability to quickly recharge a rotating fleet of Zipcar EVs before they’re dispatched across Greater Boston. Members and rideshare drivers who rent Zipcars will get steadier access to charged EVs.
“Electrification should never be limited by where the grid is or how long it takes,” SparkCharge founder and CEO Joshua Aviv said. “With this program in East Boston, we’re showing how fleets can deploy at scale, in any community, and deliver clean mobility today.”
At the center of the setup is SparkCharge’s Mobile Battery‑Powered Trailer, which delivers 320 kW of DC fast charging without the delays and big price tags that usually come with fixed infrastructure. The trailer can recharge from Zipcar’s existing onsite power between sessions, topping up its high‑capacity batteries without stressing the local grid. Since it avoids major grid upgrades entirely, the model is designed to deploy quickly and at zero upfront cost for fleets.
MassCEC says the project shows what community‑first fast charging can look like. “Every resident deserves access to clean, reliable transportation,” said Leslie Nash, MassCEC’s senior director of Technology‑to‑Market. “By partnering with SparkCharge and Zipcar in East Boston, we’re showing how Massachusetts is leading the way in clean transportation innovation.”
The hub also plays into Massachusetts’ push to hit its net‑zero 2050 targets. As shared mobility grows, electrifying fleets will be key to cutting emissions in dense urban corridors. This project introduces a scalable charging option to a part of Boston that is underserved by public charging, helping to keep Zipcar’s EVs reliably on the road.
“For twenty‑five years, Zipcar has been a leader in shared mobility, and we’re proud to take another step toward a more sustainable future,” said Angelo Adams, Zipcar’s president. “Working with SparkCharge and MassCEC allows us to bring fast, reliable EV charging directly to our members and rideshare drivers.”
Zipcar, which is owned by car rental company Avis Budget, announced on December 1 that it was shutting down its UK operations by December 31, 2025. An Avis Budget spokesperson stated that the reason was “to streamline operations, improve returns, and position the company for long-term sustainability and growth,” adding that “all other markets remain unaffected.”
Read more: With a $30M raise, SparkCharge takes EV fleet charging off-grid
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Your personalized heat pump quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here. – *ad
FTC: We use income earning auto affiliate links. More.
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