Swiss Re Ltd
- ISIN: CH0126881561
- Land: Schweiz
Nachricht vom 16.03.2021 | 07:00
Swiss Re announces ambitious climate targets; accelerates race to net zero
EQS Group-News: Swiss Re Ltd
/ Key word(s): Sustainability
Zurich, 16 March 2021 - Swiss Re today announced new measures to support the transition to a net-zero economy, encompassing both asset management and underwriting as well as its own operations.
Swiss Re's Group Chief Executive Officer, Christian Mumenthaler said: 'Climate change remains the biggest challenge we face as a society. The stakes are high and require immediate attention. Signing up to net-zero emissions by 2050 and setting concrete climate targets are important first steps. What needs to follow now is action. We are moving ahead in all areas of our business to accelerate the transition towards net zero.'
Ambitious carbon reduction targets for investment portfolio
The ambitious targets build on the already substantial decrease of the carbon intensities in Swiss Re's corporate bond and listed equity portfolio of around 30% between 2015 and 2018.
Guided by a systematic climate approach
To further increase transparency of its actions, Swiss Re has advanced its climate approach in Asset Management focusing on the following four steps to mitigate climate related risks, while supporting the net-zero transition of the economy:
Taking action includes expanding Swiss Re's green, social and sustainability bond exposure to USD 4 billion - an ambitious target within the industry relative to total assets under management and increasing social and renewable infrastructure investments by USD 750 million.
Another measure that Swiss Re has implemented is the aspirational and new framework to engage with companies in the equity portfolio. This includes taking an active dialogue with them to limit global warming to 1.5°C.
Guido Fürer, Swiss Re's Group Chief Investment Officer said: 'We believe that by engaging with the real economy and supporting the companies we invest in to develop a climate strategy and to manage related risks, we will improve our risk-adjusted returns, while also propelling the transition to a net-zero emissions economy.
'While we have already made considerable progress by substantially cutting CO2 emissions of our portfolio, today's announcement is another important step in the race to net-zero. As asset owners we can play a meaningful role, and I'm pleased to see momentum building amongst the investor community.'
Complete phase out of thermal coal in re/insurance
The thermal coal policy was established in 2018. It marked a first step towards a comprehensive carbon steering mechanism with the goal to transition Swiss Re's re/insurance business to net-zero emissions by 2050. The coal policy is part of the Group's Sustainable Business Risk Framework which was established already in 2009.
In 2020, Swiss Re revised the oil and gas policy in the same framework and in the beginning of 2021 gradually started withdrawing insurance support from the most carbon-intensive oil and gas production.
Strategy of 'do our best - remove the rest' to achieve net-zero emissions from own operations by 2030
On top of that, Swiss Re is the first multinational company to introduce a triple-digit real internal carbon levy on both direct and indirect operational emissions (such as from business travel). The new Carbon Steering Levy has been set at USD 100 per tonne CO2 as of 2021 and will gradually increase to USD 200 per tonne CO2 by 2030. The levy gives Swiss Re a strong incentive to further reduce its operational emissions. It also provides a 10-year funding scheme to move from carbon offsetting to supporting carbon removal projects enabling the compensation of any unavoidable emissions in line with its 'remove the rest' strategy.
Swiss Re has already started to engage in the emerging carbon removal market. In 2019 the Group participated in the world's first auction for negative emission certificates, and last year signed a collaboration agreement with Climeworks, one of the world's leading direct carbon air capture companies.
Selected climate commitments and initiatives of Swiss Re
1Relative to 2018
Cautionary note on forward-looking statements
|Company:||Swiss Re Ltd|
|Phone:||+41 (0) 43 285 71 71|
|Listed:||SIX Swiss Exchange|
|EQS News ID:||1175828|
|End of News||EQS Group News Service|
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