WASHINGTON (dpa-AFX) - Reinsurance company Swiss Re Ltd (SSREY.PK) unveiled on Tuesday various carbon reduction goals to change its investment portfolio to net-zero greenhouse gas emissions by the year 2050.
As part of this process, the company plans carbon intensity reduction target of 35 percent for corporate bond and listed equity portfolio by 2025. The company also has plans to withdraw from all coal-based assets for the portfolio by 2030.
The company plans to raise its investments in renewable and social infrastructure by $750 million. Additionally, Swiss Re will raise its green, social and sustainability bond exposure to $4 billion by 2024-end from $2.6 billion at the end of 2020.
Commenting on the measures undertaken, Chief Executive Officer, Christian Mumenthaler, said, 'Signing up to net-zero emissions by 2050 and setting concrete climate targets are important first steps. We are moving ahead in all areas of our business to accelerate the transition towards net zero.'
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