By Dieter Holger
Swiss Re Ltd. has raised the rate of its internal levy on carbon emissions and pledged to cut 30% of its emissions from air travel next year.
The Zurich-based reinsurer said Tuesday that its carbon-dioxide emissions from both direct and indirect sources are now priced at $100 per metric ton, from the previous $8 per ton. It is set to rise to $200 a ton by 2030. Funds from the levy go to carbon-removal projects.
"In the fight against climate change, companies can use internal carbon pricing as an important tool to incentivise low-carbon behaviour and decision making," Swiss Re said.
Swiss Re also said it would slash its emissions from air travel by 30% in 2021 compared with 2018 and doesn't plan for business travel to return to pre-pandemic levels.
"Our belief [is] that leading companies can and must propel climate protection beyond mere compliance with current regulations," said Christian Mumenthaler, Swiss Re's chief executive.
Write to Dieter Holger at firstname.lastname@example.org; @dieterholger