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Two years after Swiss Re pledged to reduce its net emissions to zero by 2050, Swiss Re provided more details
on how it plans to achieve its targets.
The world's second-largest reinsurer said it plans to reduce the carbon intensity of its corporate bond and equity portfolio by 35% from 2018 levels by mid-decade, by 2025; Plan to gradually provide coal insurance to OECD member countries by 2030; and gradually provide coal insurance
to the rest of the world by 2040.
In addition, Swiss Re announced an internal carbon tax
of $100.
A large number of financial services companies have pledged to achieve net-zero emissions by 2050, in line with
the time frame scientists have set to limit global warming to 1.
5 degrees Celsius above pre-industrial levels.
Christian Mumenthaler, CEO of Swiss Re, said in a statement: "Achieving net zero emissions by 2050 and setting specific climate targets is an important first step
.
The Company will introduce a new thermal coal exposure threshold for reinsurance and insurance, which will be reduced over time until a complete coal exit is achieved
.
”
Swiss Re also said it intends to increase its investment in renewable energy and social infrastructure by $750 million and increase its exposure to green, social and sustainability bonds from $2.
6 billion at the end of 2020 to $4 billion
at the end of 2024.
Two years after Swiss Re pledged to reduce its net emissions to zero by 2050, Swiss Re provided more details
on how it plans to achieve its targets.
The world's second-largest reinsurer said it plans to reduce the carbon intensity of its corporate bond and equity portfolio by 35% from 2018 levels by mid-decade, by 2025; Plan to gradually provide coal insurance to OECD member countries by 2030; and gradually provide coal insurance
to the rest of the world by 2040.
In addition, Swiss Re announced an internal carbon tax
of $100.
A large number of financial services companies have pledged to achieve net-zero emissions by 2050, in line with
the time frame scientists have set to limit global warming to 1.
5 degrees Celsius above pre-industrial levels.
Christian Mumenthaler, CEO of Swiss Re, said in a statement: "Achieving net zero emissions by 2050 and setting specific climate targets is an important first step
.
The Company will introduce a new thermal coal exposure threshold for reinsurance and insurance, which will be reduced over time until a complete coal exit is achieved
.
”
Swiss Re also said it intends to increase its investment in renewable energy and social infrastructure by $750 million and increase its exposure to green, social and sustainability bonds from $2.
6 billion at the end of 2020 to $4 billion
at the end of 2024.
