The Swiss are voting today in referendums on a new climate protection law and higher corporate taxes, with opinion polls suggesting both measures will pass.

The results are expected in the early afternoon hours.

Parliament has already approved the climate law, but the right-wing conservative Swiss People’s Party (SVP) opposes it, arguing it will cause prices to skyrocket. The SVP gathered enough signatures to hold a referendum.

The law aims to make Switzerland climate neutral by 2050. In order to achieve this goal, climate-damaging gas emissions must be reduced by 75% by 2040 compared to 1990. Energy consumption from fossil fuels fuel should be reduced.

Switzerland wants to promote the abandonment of oil and gas heating with financial incentives. Businesses will also be supported to enable them to switch to more climate-friendly technologies.

Over a period of 10 years, 3.2 billion Swiss francs (3.6 billion US dollars) will be available for this purpose.

Switzerland still imports about three-quarters of the energy it needs. In the face of resistance from environmental groups, large parks with solar panels are planned to be created in the Alps. More wind turbines are also expected to be installed.

Regarding taxes for businesses, the subject of the referendum is the implementation of a decision of the Organization for Economic Co-operation and Development (OECD) which requires the profits of international companies with a turnover of at least 750 million euros to be taxed at a rate of at least 15%.

The tax rates in the Swiss cantons are in some cases significantly lower and thus particularly attractive for multinational companies. Basel and Zug, where major pharmaceutical and trading companies are based, will benefit the most due to higher tax revenues.