FOEN climate-alignment tests: Credit Suisse publishes its results

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FOEN climate-alignment tests: Credit Suisse publishes its results

Credit Suisse is today publishing its results for the climate-alignment test conducted by the Swiss Federal Office for the Environment (FOEN) and the Swiss State Secretariat for International Financial Matters (SIF). In doing so, it is helping to create greater transparency regarding the climate compatibility of financial flows.

Zurich
11.11.2020

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Media Relations
Credit Suisse AG
+41 844 33 88 44
media.relations@credit-suisse.com

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On the initiative of the Swiss Federal Office for the Environment (FOEN) and in cooperation with the Swiss State Secretariat for International Financial Matters (SIF), all Swiss financial sector players have been invited to participate on a voluntary basis in this year’s climate-alignment test. Credit Suisse has participated and, following the publication of the aggregated results for the Swiss financial center on November 9, 2020, is now disclosing its individual results.

The bank's results can be accessed here (German).

About Credit Suisse's sustainability strategy

Credit Suisse is committed to climate protection and to achieving the goals set out in the Paris Agreement. For almost 20 years, the bank has been one of the pioneers in the field of sustainable investments and impact investing. To formalize our efforts and coordinate and drive sustainable financial initiatives for clients across the bank, we established the Impact Advisory and Finance department in 2017. Since August 2020, a dedicated sustainability function has been represented at Executive Board level. At the same time, Credit Suisse announced its intention to provide at least CHF 300 billion in sustainable financing over the next decade. In addition, we have continuously tightened our guidelines in recent years and taken concrete measures, including:

Since 2016, we have excluded any form of financing for new thermal coal mines.
In 2019, we introduced a bank-wide Climate Risk Strategy program.
Since 2019, we have excluded any form of financing for new coal-fired power plants.
Since August 2020, we no longer perform financing activities or capital markets underwriting for companies that generate more than 25% of their revenues from coal power or from thermal coal extraction.

Credit Suisse will use the results of the climate-alignment test – which, in turn, represent the progress being made towards the decarbonization of the global economy – to further develop the Climate Risk Strategy program it introduced in 2019. We will use this strategy to support our clients as a reliable partner in the transition to a low-carbon, climate-resilient economy.

Details of our Climate Risk Strategy program are available at: www.credit-suisse.com/climate

Credit Suisse
Credit Suisse is one of the world's leading financial services providers. Our strategy builds on Credit Suisse's core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. Credit Suisse employs approximately 48,800 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Disclaimer
This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

Cautionary statement regarding forward-looking information

This document contains statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to the following:

our plans, targets or goals;
our future economic performance or prospects;
the potential effect on our future performance of certain contingencies; and
assumptions underlying any such statements.

Words such as “believes,” “anticipates,” “expects,” “intends” and “plans” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, targets, goals, expectations, estimates and intentions expressed in such forward-looking statements. These factors include:

the ability to maintain sufficient liquidity and access capital markets;
market volatility and interest rate fluctuations and developments affecting interest rate levels, including the persistence of a low or negative interest rate environment;
the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations, in particular the risk of negative impacts of COVID-19 on the global economy and financial markets and the risk of continued slow economic recovery or downturn in the EU, the US or other developed countries or in emerging markets in 2020 and beyond;
the emergence of widespread health emergencies, infectious diseases or pandemics, such as COVID-19, and the actions that may be taken by governmental authorities to contain the outbreak or to counter its impact on our business;
potential risks and uncertainties relating to the severity of impacts from COVID-19 and the duration of the pandemic, including potential material adverse effects on our business, financial condition and results of operations;
the direct and indirect impacts of deterioration or slow recovery in residential and commercial real estate markets;
adverse rating actions by credit rating agencies in respect of us, sovereign issuers, structured credit products or other credit-related exposures;
the ability to achieve our strategic goals, including those related to our targets, ambitions and financial goals;
the ability of counterparties to meet their obligations to us and the adequacy of our allowance for credit losses;
the effects of, and changes in, fiscal, monetary, exchange rate, trade and tax policies, as well as currency fluctuations;
political, social and environmental developments, including war, civil unrest or terrorist activity and climate change;
the ability to appropriately address social, environmental and sustainability concerns that may arise from our business activities;
the effects of, and the uncertainty arising from, the UK’s withdrawal from the EU;
the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations;
operational factors such as systems failure, human error, or the failure to implement procedures properly;
the risk of cyber attacks, information or security breaches or technology failures on our business or operations;
the adverse resolution of litigation, regulatory proceedings and other contingencies;
actions taken by regulators with respect to our business and practices and possible resulting changes to our business organization, practices and policies in countries in which we conduct our operations;
the effects of changes in laws, regulations or accounting or tax standards, policies or practices in countries in which we conduct our operations;
the expected discontinuation of LIBOR and other interbank offered rates and the transition to alternative reference rates;
the potential effects of changes in our legal entity structure;
competition or changes in our competitive position in geographic and business areas in which we conduct our operations;
the ability to retain and recruit qualified personnel;
the ability to maintain our reputation and promote our brand;
the ability to increase market share and control expenses;
technological changes instituted by us, our counterparties or competitors;
the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users;
acquisitions, including the ability to integrate acquired businesses successfully, and divestitures, including the ability to sell non-core assets; and
other unforeseen or unexpected events and our success at managing these and the risks involved in the foregoing.

We caution you that the foregoing list of important factors is not exclusive. When evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, including the information set forth in “Risk factors” in I – Information on the company in our Annual Report 2019 and in “Risk factor” in I – Credit Suisse in our 1Q20 Financial Report.

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