Environment Greenhouse Gas Neutrality
Credit Suisse strives to make more efficient use of natural resources and to reduce greenhouse gas emissions. An important pillar of this ambition is our global greenhouse gas neutrality.
We recognize the importance of, and are committed to minimizing, our own climate change impacts. The energy use of our buildings and the business travel of our employees are the most important levers for reducing emissions.
Credit Suisse has been greenhouse gas neutral globally since 2010. We systematically pursue our four-pillar strategy based on operational efficiency improvements, investments, the substitution of existing energy sources. through climate-friendly energy and through renewable energy certificates (RECs) and the compensation of remaining emissions through the purchase of emissions reduction certificates (ERCs). As a result, our net global greenhouse gas emissions decreased by around 32 percent to 141,300 metric tons of CO2 equivalents during the year compared to 2016. By implementing these measures, we achieved greenhouse gas neutrality.
Efficiency gains and reduction of energy consumption through optimization of installations
Energy consumption represents by far the largest direct climate-related impact that Credit Suisse has on the environment. The optimization of operations to increase energy efficiency is therefore a key component of our environmental strategy to achieve a sustained reduction in greenhouse gas emissions.
Reduction of energy consumption through energy-saving investments
We can also reduce our greenhouse gas emissions by investing in energy-saving technologies. When constructing new premises or renovating existing buildings, we focus on installing energy-saving heating, air-conditioning and ventilation systems, and we use highly efficient insulation in our building materials. We also invest in energy-saving technologies for our IT infrastructure, as well as switching to renewable energy sources when upgrading heating systems, installing high-efficiency lighting with LED technology and using energy-optimized cooling systems in computer centers.
Use of climate-friendly energy sources
When concluding new electricity supply contracts, we verify that climate-friendly energy sources such as wind power, hydropower and solar energy are included in the mix and, where possible, we replace fossil fuels with renewable forms of energy. In Switzerland, we have been able to cover our entire electricity consumption with RECs from hydropower In many of our other locations around the world, electricity from renewable sources accounts for part of the energy mix provided by local utilities As a result, 79% of our global electricity consumption in 2018 was certified as renewable. Furthermore, we purchased renewable energy certificates (RECs) for selected Credit Suisse offices in Italy, Poland, the UK and the US, Hong Kong and India to increase our use of climate-friendly energy sources.
Purchase of emissions reduction certificates (ERCs)
Through the optimization of operations, investments in energy-saving systems and the replacement of fossil fuels with renewable energies, we are able to significantly reduce the level of greenhouse gas emissions resulting from our business activities. However, it is not possible to eliminate them entirely. We therefore offset our remaining emissions by purchasing emission reduction certificates (ERCs). Last year, we once again offset all of our net greenhouse gas emissions from operational activities, including global business travel in this way. Our ERC portfolio included projects involving wind power, hydropower, geothermal power, photovoltaic power, biomass/biogas power and cookstove power. 60 percent of the ERCs met the Gold Standard, and the remainder came from climate protection projects verified by independent third parties.
employees were provided with trainings on environmental management and health and safety
thousand hours of videoconferencing (desktop-based and in videoconferencing rooms) were used, helping to reduce our CO2 emissions
Processes and situations that do not change the global balance of greenhouse gases are considered greenhouse gas-neutral or climate-neutral. Because carbon dioxide (CO2) is the greenhouse gas most frequently generated by human activity, the term "carbon-neutral" is often used instead of the term "greenhouse gas neutral."
In order to become greenhouse gas neutral, emissions must either be avoided or balanced through targeted measures. CO2 emissions, for example, can be reduced by cutting energy use or boosting energy efficiency. Remaining emissions can then be neutralized through offsetting – whereby emissions that cannot be prevented are reduced elsewhere. For example, the environmental impact of business-related air travel can be offset through renewable energy resources projects in another location that reduce an equivalent amount of emissions.
Credit Suisse's Greenhouse Gas Emissions
For Credit Suisse as a global financial institution, business travel is a challenge we face in our efforts to reduce our environmental footprint. While it is often essential to maintain direct contact with clients, business travel accounts for around 37 percent of our global greenhouse gas emissions. To reduce the number of flights taken, we encourage employees to travel by train when covering shorter distances, and to use telephone and video conferencing whenever possible. Consequently, the use of videoconferencing (desktop-based and in videoconferencing rooms) amounted to approximately 184,200 hours in 2018. As part of our strategy to maintain global greenhouse gas neutrality, all the emissions from our air travel have been offset since 2010 through the purchase of emission reduction certificates (ERCs): in 2018, this amounted to 47,500 metric tons of CO2 equivalents. To raise employee awareness of this issue, the amount of CO2 emissions resulting from each flight is specified on every airline ticket.
Calculation of Emissions according to International Standards
Credit Suisse calculates emissions according to the VfU standard 2015, in line with the requirements of the Greenhouse Gas Protocol, an international standard for CO2 reporting. The emissions reported comprise direct emissions (scope 1), indirect emissions from the generation of electricity, heat, and steam (scope 2), as well as other indirect emissions caused by business travel, paper consumption, and the disposal of waste (scope 3). An RFI (Radiative Forcing Index) of 1 was used for business air travel.
For more information on how we assume our responsibility for the environment see the Corporate Responsibility Report on pages 50-56.