💸🔦 This week’s corporate carbon removal (CDR) buyer spotlight: Swiss Re 💸🔦

Swiss Re has been one of the first movers on the procurement of #CDR globally. In 2019, the global provider of reinsurance, insurance, and risk transfer solutions was one of the first worldwide that committed to achieving net-zero greenhouse gas (#GHG) emissions in its operations, setting an ambitious target for #2030. A longtime part of the company’s net-zero strategy is investing in CDR certificates.

Let’s take a closer look at how Swiss Re is paving the way as a corporate CDR buyer.

What is Swiss Re’s climate strategy?

💥 Swiss Re is focusing on reducing GHG emissions within its operational value chain – since 2003, the company has compensated 100% of its #Scope1 and #Scope2 emissions and an increasing share of operational #Scope3 emissions.

📈 In 2020, Swiss Re introduced a Carbon Steering Levy (internal carbon price), increased in 2021 from USD 8 to USD 100 and expected to reach USD 200 in 2030. The levy secures the funds needed to purchase removal certificates.

💰 The company plans to support the CDR market by purchasing 100% CDR certificates as early as 2030 to compensate for its remaining operational emissions. Since 2021, Swiss Re has used a combination of CDR and carbon off-set (10% removal and 90% carbon offsets, together costing USD 100 per tonne).

What is Swiss Re’s CDR procurement strategy?

🔥 The company has focused on high-quality CDR certificates, including a multimillion dollar commitment to #DACS and other durable removals.

⭐ From 2014, Swiss Re has exclusively supported #GoldStandard-certified carbon projects, a label which ensures that CO2 emission reduction projects have high environmental integrity and contribute to sustainable development.

📝 In July 2021, the company published a report advocating for insurers to play a significant role in the CDR market by leveraging their financial resources to provide risk mitigation and financing support for CDR and to become early buyers of CDR certificates.

It’s clear that Swiss Re has played an important role both as an advocate for high quality CDR certificates and in speaking up for insurance companies to take a greater role in helping scale the CDR ecosystem. Few large companies have as robust a CDR procurement strategy as Swiss Re does; I’m optimistic that corporate responsibility is spreading, with Swiss Re being a top example.

Shout-out to Mischa Repmann, arguably one of the pioneers in driving corporate CDR procurement within Swiss Re and beyond, and Tom Spencer, who has levelled up Swiss Re’s CDR leadership over the last two years. You can hear more from Tom in the buyers’ panel hosted by Carbonfuture at Carbon Removal Basel earlier this month: https://lnkd.in/dxK-9PFw.