The cryptocurrency market has been getting a lot of attention lately, with many people predicting it will grow like crazy before the year is out. But what about all those companies that still rely on fossil fuels? They could be in for hard times as well.
The “carbon neutral” is a goal that many companies have been striving towards. Credit Suisse has set an ambitious target of reducing fossil fuel financing by nearly half by 2030.
Credit Suisse, Switzerland’s second-largest bank, has announced aims to slash fossil fuel emission finance by roughly half by 2030. Before the end of the decade, the business says it intends to reduce its exposure to financing emissions from all types of fossil fuels, including coal, oil, and gas.
According to a preliminary assessment in its sustainability report, the Swiss bank has already reduced its emissions exposure from gas, oil, and coal by 41% between 2021 and 2021.
Credit Suisse will reveal its exposure to financing fossil fuel emissions for the first time. Following criticism from environmental organizations, the firm changed its coal policy in late 2019. The company has also said that it would no longer do business with firms that get more than 25% of their income from coal power stations or thermal coal mining.
Potential Coal Mining Exposure Has Been Reduced By 39%
The bank’s potential coal exposure to coal mining companies has been reduced to $640 million in 2021, down 39 percent from the previous year, according to the executive report on energy sustainability. Similarly, the corporation lowered its exposure to oil and gas industries to $9.8 billion, a 25% reduction from 2021 levels.
Credit Suisse, on the other hand, said that the 2021 amounts are still estimations based on loan exposures and client data emissions. The business indicated that it would increase an update on its sector-specific targets before the end of the year.
Credit Suisse must take more climate action, according to investors.
Despite the bank’s efforts, environmental groups and investors have constantly sought more. Credit Suisse’s investors are urging the bank to take more aggressive action on climate change, including eliminating its exposure to fossil fuel assets.
Last year, Credit Suisse recorded a net loss of $1.7 billion, although its lender’s business dropped somewhat owing to weak trading and wealth management fund performance, as well as litigation reserves.
