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Credit Suisse to Adopt the Carbon Principles
Bank furthers its commitment to sustainability in the US power sectorFurthering its commitment to sustainable banking practices, Credit Suisse today announced that it has adopted the Carbon Principles. Developed in conjunction with leading power companies and environmental groups, this industry initiative provides financial institutions with a framework for environmental and economic risk management associated with the construction of certain US power plants. The Principles will be instrumental in guiding Credit Suisse's advisory and lending activities to power companies and projects in the United States.
As part of its enhanced environmental due diligence under the Carbon Principles, Credit Suisse will encourage power clients to invest in demand reduction through energy efficiency as well as cost-effective renewable and low-carbon distribution technologies. The Bank will also work with power companies to assess the financial, regulatory and environmental risks associated with greenhouse gas-emitting fossil fuel generation.
"Credit Suisse is proud to incorporate the Carbon Principles into our energy investment banking practice," said Steve Greenwald, Head of the Global Project Finance Group at Credit Suisse. "As we continue to play a leading role in helping US power companies meet the needs of their customers and the US economy, the Carbon Principles will be a powerful tool in furthering Credit Suisse's commitment to the highest level of diligence on environmental issues in this critical sector."
For many years, Credit Suisse has been at the forefront of developing financing facilities, structured products, and advisory services focused on addressing climate change, including alternative energy, clean technologies and carbon trading. Credit Suisse was the first major global bank to establish a renewable energy investment banking practice, and is the only major global bank whose carbon trading franchise is headquartered in the US. In addition, the Bank is implementing several initiatives to reduce its own carbon footprint. For example, since 2006, Credit Suisse has been greenhouse gas-neutral in Switzerland, and the Bank will become one of the first carbon-neutral banks globally by 2009.
Announced in February 2008, the Carbon Principles were developed by a group of leading financial institutions active in the US power sector in conjunction with American Electric Power, CMS Energy, DTE Energy, NRG Energy, PSEG, Sempra Energy and Southern Company. The consortium was advised by Sustainable Finance in consultation with Environmental Defense, the Natural Resources Defense Council and Ceres. In addition to Credit Suisse, the bank group currently includes Citigroup, JPMorgan Chase, Morgan Stanley, and Bank of America. Additional information on the Carbon Principles can be found at www.carbonprinciples.com .