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Swiss Re Raises Internal Carbon Levy By More Than 12-fold To $100 Mln/ton - Quick Facts

Reinsurer Swiss Re Ltd. (SSREY.PK) announced Tuesday that it has setup a triple-digit internal carbon levy to support transition to net-zero emissions in operations by 2030. It will levy $100 per tonne as of 2021 and will gradually increase it to $200 per tonne by 2030. This will be a steep increase from today's $8 per tonne CO2 to $100 per tonne CO2 from January 2021.

The new levy incentivises emission reductions in operations and funds the compensation of residual operational emissions through high-quality carbon removal projects. Further emission reduction efforts will focus on air travel, with a 30% CO2 reduction target for 2021, relative to 2018.

Since carbon removal is still a nascent industry, this new way of emissions compensation comes at a price. Swiss Re's new 10-year carbon levy scheme secures the required funds for purchasing removal services from impactful, durable and scalable carbon removal projects.

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