Systematic climate approach : Swiss Re plots global coal phase-out by 2040
Insurance and reinsurance giant Swiss Re has announced new climate targets for financed emissions and pledged to stop serving the global coal sector by 2040.
Swiss Re s UK headquarters are located within the Gherkin (pictured)
Tuesday (16 March) saw the Group announcing a new ambition to reduce the carbon intensity off financed emissions by 35% by 2025 – a target it claims is aligned with the Paris Agreement’s 1.5C portfolio. The target covers corporate bonds and Swiss Re’s listed equity portfolio, as well as its direct real estate portfolio. For all other activities, climate strategies will be developed in the coming months.
Swiss Re Ltd. will begin tightening its treaty reinsurance underwriting policy for thermal coal risks from 2023 and exit all exposures in OECD countries by 2030 and the rest of the world by 2040.
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