Investors managing $2.4 trillion are calling on Credit Suisse to take tougher climate action, including cutting its exposure to fossil fuel assets.
“The message from investors is clear: Credit Suisse must urgently back its long-term net-zero ambition with robust fossil fuel disclosures, policies and targets,” Jeanne Martin, senior campaign manager at ShareAction, said in a statement.
UPDATED:
Credit Suisse Aims to Nearly Halve Emissions Financing to Fossil Fuels by 2030
The 11-strong group, which includes Europe's biggest asset manager Amundi, said Switzerland’s second-biggest bank also needed to improve its climate disclosures, align its coal, oil and gas policies with best-practice and set short-term targets to cut fossil fuel-related lending.
The group, which includes the municipal pension fund for Credit Suisse’s home city of Zurich and the Swiss federal pension fund, said it was submitting a resolution to Credit Suisse's annual general meeting (AGM) on April 29.
If taken to a vote, the resolution, coordinated by responsible investment NGO ShareAction and Swiss pension fund adviser Ethos Foundation together with the Swiss Association for Responsible Investments, would be the first climate-related vote to be put to a Swiss company at its AGM.
Credit Suisse said it was engaged in dialogue with shareholders and would outline reductions to its oil, gas and coal financing in its sustainability report on March 10.
“Credit Suisse’s sustainability position is clear,” the bank said in an emailed statement. “We have made a public commitment to achieve net zero across our operations, supply chain and financing activities by 2050.”
Interim targets include monitoring the reduction of both emissions and lending exposure to the oil, gas and coal sector.
The resolution follows the retraction of one at last year’s AGM calling for the phasing out of coal financing.
Credit Suisse published a new coal policy at the COP26 climate talks in November.
The investor group said that policy had “several concerning loopholes,” including allowing the bank to keep funding companies for “energy transition” purposes without a clear definition of what that meant.
Credit Suisse had a torrid 2021, with scandals prompting executive oustings, a full-year loss and a strategic overhaul. A recently created sustainability division was folded back into its business units under new leadership. Read full story
($1 = 0.9182 euros)
Recommended Reading
Shell Shakes Up Leadership with Upstream and Gas Director to Exit
2025-03-04 - Zoë Yujnovich, Shell’s Integrated Gas and Upstream director, will step down effective March 31.
Occidental Temporarily Reduces Warrants Price to Raise $1.6B
2025-03-03 - Occidental Petroleum’s offer to warrant-holders at a reduced exercise price of $21.30 would raise $1.6 billion, the company said.
Dividends Declared Week of Feb. 24
2025-03-02 - As 2024 year-end earnings wrap up, here is a compilation of dividends declared from select upstream and midstream companies.
Q&A: Patterson’s OFS Perspective on the Shale Boom, Pandemic and Current Upswing
2025-02-27 - Former Basic Energy Services CEO Roe Patterson details his perspective on the shale boom and the lessons learned to get back to the current upswing in the industry.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.