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Swiss Re will no longer do business with the companies highly exposed to the thermal coal

by

Justine Montminy

4 July 2018 13:30

Photo : Freepik

Announced last month, the policy of thermal coal from Swiss Re wants the company ceases to carry on all activities of reinsurance companies with more than 30 % exposure to thermal coal.

The decision to develop such a policy was based on the commitment of Swiss Re according to the Call of Paris in 2015, aimed at limiting the temperature increase to less than 2° Celsius. The Appeal of Paris had been established to allow non-state entities to express their commitment to the Paris Agreement on climate. The reinsurer had then expressed his support for alternatives to fossil fuels.

Adapt to an economy with low carbon emission

«The implementation of the policy of coal is a major step forward to ensure that our activities are aligned to the Paris agreement and the efforts of national correspondents. We wish to work with our customers to find the best solutions that we adapt to an economy with low carbon emission, » says the chief underwriting officer of Swiss Re, Edi Schmid.

Swiss Re had already ceased since the beginning of 2016 to invest in companies generating 30 % or more of their income in the mining of thermal coal or using at least 30 % of coal for electricity production. The reinsurer has also disposed of the existing assets that did not meet these criteria.

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