Swiss Re Raises Internal CO2 Levy, Pledges 30% Emissions Cut From Air Travel

By Dieter Holger

Swiss Re Ltd. has raised the rate of its internal levy on carbon emissions and pledged to cut 30% of its emissions from air travel next year.

The Zurich-based reinsurer said Tuesday that its carbon-dioxide emissions from both direct and indirect sources are now priced at $100 per metric ton, from the previous $8 per ton. It is set to rise to $200 a ton by 2030. Funds from the levy go to carbon-removal projects.

"In the fight against climate change, companies can use internal carbon pricing as an important tool to incentivise low-carbon behaviour and decision making," Swiss Re said.

Swiss Re also said it would slash its emissions from air travel by 30% in 2021 compared with 2018 and doesn't plan for business travel to return to pre-pandemic levels.

"Our belief [is] that leading companies can and must propel climate protection beyond mere compliance with current regulations," said Christian Mumenthaler, Swiss Re's chief executive.

Write to Dieter Holger at dieter.holger@wsj.com; @dieterholger

(END) Dow Jones Newswires

September 15, 2020 06:30 ET (10:30 GMT)

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