Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration (FDA) has gone ahead with the approval of antiviral drug remdesivir as first treatment for COVID-19, notwithstanding last week's findings by the World Health Organization (WHO) that the drug is not effective for COVID-19 treatment. Thursday, Gilead Sciences announced that the FDA approved remdesivir, sold under the brand name Veklury. Integrated payments firm American Express Co. (AXP) reported Friday that net income for the third quarter declined to $1.1 billion or $1.30 per share from $1.8 billion or $2.08 per share in the prior-year quarter. Consolidated total revenues, net of interest expense, also decreased 20 percent to $8.8... The Federal Trade Commission or FTC has launched a new fraud reporting platform, using which, consumers can easily report fraud and all other consumer issues directly to the regulator. In a statement, the FTC said its new website, ReportFraud.ftc.gov, will provide a streamlined and user-friendly way to submit reports about scams, frauds, and bad business practices.
Follow RTT