Swiss Re and Mobiliar launch an innovative CO2 compensation solution
27 May 2008, Zurich
Carbon dioxide emissions from cars can be compensated by making financial contributions to CO2 certificates. A service launched jointly by Swiss Re and Mobiliar provides an opportunity for just such compensation. Swiss Re takes on the responsibility for the necessary acquisition and retirement of emissions certificates, thereby making a further contribution to the fight against climate change.
Swiss Re already identified climate change as a key risk 20 years ago and was one of the first major financial service providers to join the fight against climate change. Swiss Re is committed to applying its knowledge and financial strength towards finding solutions to reduce emissions and prepare for the unavoidable consequences of global warming. Robert Wiest, Head of the Western, Southern Europe Business Unit, explains: "We are pleased to be able to benefit our clients by passing on our expertise in this area."
For this purpose, Swiss Re has developed an Internet portal (www.mobi.ch/co2) in cooperation with Mobiliar, Switzerland's largest property insurer, offering people the opportunity to compensate for the carbon dioxide fumes of their own car. On the web page, the amount of CO2 emitted can be calculated on the basis of the number of kilometres driven in one year and the amount and kind of fuel used. Compensation is achieved by retiring emissions certificates bought by Swiss Re in support of emissions reduction projects. This service is offered to all car owners.
Certified quality criteria
The contributions made via the web portal flow into certificates which are used to support, for example, a solar project in southern China or biomass power plants in developing countries. Such projects replace conventional facilities that are run using fossil fuels such as oil or coal. The certificates acquired by Swiss Re fulfil internationally recognised criteria that are measured throughout the duration of the project and monitored by independent organisations. These criteria correspond either to the Standard for Certified Emission Reductions contained in the Kyoto Protocol or at least fulfil the Voluntary Carbon Standard. In addition to reducing CO2 emissions, these projects always make a contribution towards improving local social conditions as well.
Notes to editors
Swiss Reinsurance Company Ltd
Swiss Re is a leading and highly diversified global reinsurer. The company operates through offices in more than 25 countries. Founded in Zurich, Switzerland, in 1863, Swiss Re offers financial services products that enable risk-taking essential to enterprise and progress. The company's traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated "AA-" by Standard, Poor's, "Aa2" by Moody's and "A+" by A.M. Best.
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