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.
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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.
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.