Better health, less heavy work and in many countries a social safety net are also among the gains. Chart: Global warming Nor does it capture all of the costs. Our economic progress has taken its toll on our most important public good: the natural environment. The greatest environmental challenge is of a global nature. With ever higher concentrations of greenhouse gases in the atmosphere, the planet’s average temperature has risen. This has serious, long-term implications both for meteorological conditions and for society. The research field the “Bergen School” helped pave the way for has now gained fresh relevance. Greenhouse gas emissions have increased primarily due to human activity. Irrespective of their source, emissions all have an equal weight in global carbon accounting. Action and innovation to combat climate change are therefore necessary in multiple sectors and across countries. The pricing of emissions is crucial for achieving future emissions targets. The polluter must pay. Firms and consumers will then find it profitable to choose more eco-friendly production methods and products. If everyone also faces the same emissions costs, the reductions that cost the least will be made first. Departing from this principle will increase the costs of mitigating global warming. The pricing of emissions also boosts demand for new and more eco-friendly technology, making it more profitable to invest in research and development of new solutions and products. These must stem from choices made by the individual firm and the individual consumer. The development of new technology to combat global warming is advancing too slowly.
News conference  Embargo 22 June 2023, 10.00 am  Introductory remarks by the Governing Board  Thomas Jordan, Martin Schlegel and Andréa M. Maechler Chairman of the Governing Board / Vice Chairman of the Governing Board / Member of the Governing Board Swiss National Bank Zurich, 22 June 2023 © Swiss National Bank  Page 1/8  Zurich, 22 June 2023 Thomas Jordan, Martin Schlegel and Andréa M. Maechler  News conference  Ladies and gentlemen It is my pleasure to welcome you to the news conference of the Swiss National Bank. I would also like to welcome all those who are joining us today online. After our introductory remarks, we will take questions from journalists as usual. Questions can also be asked by telephone. Monetary policy decision I will begin with our monetary policy decision. We have decided to tighten our monetary policy further and to raise the SNB policy rate by 0.25 percentage points to 1.75%. In doing so, we are countering inflationary pressure, which has increased again over the medium term. It cannot be ruled out that additional rises in the SNB policy rate will be necessary to ensure price stability over the medium term. To provide appropriate monetary conditions, we also remain willing to be active in the foreign exchange market as necessary. In the current environment, the focus is on selling foreign currency. The SNB policy rate change applies from tomorrow, 23 June 2023.