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Swiss Re takes further action on emissions

Swiss Re has toughened up its response to the climate change threat by announcing a series of measures to cut carbon emissions.

The reinsurer unveiled a thermal coal policy in 2018, but has now gone further.

It says it will “gradually cut business support” in underwriting and asset management to the world’s 10% most carbon-intensive oil and gas producers, stopping support entirely for these companies by 2023.

“The group will stop providing (re)insurance to, and investing in, the most carbon-intensive oil and gas companies,” it says.

“For its own operations, Swiss Re has committed to achieving the goal of net-zero emissions by 2030.”

CEO Christian Mumenthaler says “it is every company’s obligation” to contribute to the transition to a low-carbon economy.

“For the past 40 years Swiss Re has been warning about the effects of climate change and implementing progressive measures to reduce emissions,” he said.

“Today we are announcing our next steps on this journey to decarbonise our entire business model and live up to our net-zero emissions commitments.”