Swiss Re has announced that it will stop providing re/insurance to, or investing in, the most carbon-intensive oil and gas companies, as part of its sustainability targets.
In line with this policy, Swiss Re will gradually cut business support in underwriting and asset management to the world’s 10% most carbon-intensive oil and gas production by 2023.
The group has also taken further actions to reduce the carbon intensity of its investment portfolio, and has committed to achieving net-zero emissions for its own operations by 2030.
“It is every company’s obligation to contribute to the transition towards a low-carbon world, and we take this responsibility very seriously,” said Swiss Re CEO Christian Mumenthaler.
“For the past 40 years Swiss Re has been warning about the effects of climate change and implementing progressive measures to reduce emissions,” he added.
“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.“
As a member of the UN-convened Net-Zero Asset Owner Alliance, Swiss Re has already committed to transition its investment portfolio to net-zero greenhouse gas emissions by 2050.
Through existing measures, the company has achieved a 50% average carbon intensity reduction in its investment portfolio across credits and listed equities since the end of 2015.