Swiss Re's approach to using carbon certificates
We purchase a mix of high-quality carbon removal and avoidance certificates to compensate for all remaining in-scope operational emissions.1 The carbon certificates purchasing programme is funded by the Carbon Steering Levy (CSL), Swiss Re's real internal carbon price applied to in-scope operational emissions. We aim to linearly increase the minimum share of carbon removal certificates in the mix, from 0% in 2020 to 100% by 2030, with a corresponding reduction in the share of carbon avoidance certificates. Through this approach, we seek to support the scaling of the carbon removal industry.
When selecting carbon certificates, we apply internal quality standards informed by external standards and guidance, including, among others, the Core Carbon Principles (CCPs) of the Integrity Council for the Voluntary Carbon Market (ICVCM). We assess key quality criteria such as integrity, durability and scalability, as well as additional social and environmental benefits, to determine the overall quality of carbon certificates and to support projects that do not undermine global and local efforts to achieve the United Nations Sustainable Development Goals.
Highlights from the carbon certificate purchasing programme include signing a landmark long-term offtake agreement for technological carbon removal in 2021 with Climeworks, the company developing and operating the first commercial Direct Air Capture (DAC) and storage facility. In 2022, Swiss Re was among the first five companies to join the NextGen CDR Facility as a founding buyer to help build a market for credible and scalable carbon removal by supporting projects that remove atmospheric CO2 emissions. Since then, we have continued to engage with a broad variety of suppliers to maintain a balanced and diversified project portfolio across different technologies.
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1 Scope 1, Scope 2 (market-based) and selected Scope 3 categories (category 3 – fuel- and energy-related activities; category 5 – waste generated in operations; category 6 – business travel; and, within category 1 – purchased goods and services: copy paper and water).
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Certificates used in 2025
In 2025, we compensated a total of 29 213 tonnes of CO2e from our remaining in-scope operational GHG emissions using carbon certificates. In addition, 172 tonnes of CO2e relating to employees’ private emissions were compensated through the NetZeroYou2 employee engagement programme, resulting in a total of 29 385 tonnes of CO2e of retired certificates.
The share of carbon removal certificates in the overall mix was 52%, thus achieving the Group’s minimum target of 50% for 2025. The minimum share of carbon removal increases by 10 percentage points annually between 2021 and 2030, and is set at 60% for 2026.
We source certificates from a variety of suppliers to maintain a balanced and diversified project portfolio across different technologies. In 2025, we used carbon removal certificates generated through Biochar, Direct Air Capture (DAC) and Mineralisation. All carbon avoidance certificates originated from a Gold Standard project distributing clean and efficient cookstoves in Kenya, which received CCP labelling and an AA rating from Calyx Global, an independent carbon credit rating agency for the voluntary carbon market.
2025
|
Project |
Type |
Country |
Standard |
Volume retired (tCO2e) |
Registry |
Description |
|---|---|---|---|---|---|---|
|
Exomad Green, Riberalta & Concepción |
Removal - Biochar |
Bolivia |
CORC 100+ |
13 895 |
Puro Registry |
Exomad Green converts sustainably sourced forestry residues into biochar through pyrolysis, a high-temperature process conducted in the absence of oxygen. This process stabilises the carbon in the biomass and locks it into a durable form that can remain stored for centuries. The resulting biochar is applied to soils to enhance water and nutrient retention and improve soil fertility. |
|
Varaha |
Removal - Biochar |
India |
Global Artisan C-Sink |
1 000 |
Global C-Sink Registry |
Varaha’s biochar project in Gujarat, India, restores degraded grasslands by converting the invasive shrub Prosopis Juliflora into biochar through controlled pyrolysis. The process stabilises carbon in a durable form while supporting ecosystem and biodiversity regeneration. By working with Maldhari smallholders, the project also fosters equitable, community-led climate action |
|
Carboneers SRC India |
Removal - Biochar |
India |
Global Artisan C-Sink |
441 |
Global C-Sink Registry |
Carboneers supports smallholder farmers in Assam and Odisha, India, in producing biochar from agricultural waste using pyrolysis, permanently stabilising carbon. The biochar is applied to fields to improve soil health and drought resilience, while farmers retain ownership of the technology and stronger local livelihoods are supported. |
|
Climeworks Mammoth |
Removal - Direct Air Capture (DAC) and storage |
Iceland |
CORC 1000+ |
30 |
Puro Registry |
Climeworks’ direct air capture (DAC) technology removes CO₂ from ambient air. Powered by low-carbon energy, air is drawn into collector containers, and CO₂ molecules are captured inside with the sorbent. Once saturated, the CO₂ is released with low heat and transferred for storage safely and permanently underground. |
|
Neustark |
Removal - Mineralisation |
Switzerland |
Gold Standard |
19 |
Gold Standard Impact Registry |
Neustark is a Swiss carbon removal company that permanently stores biogenic CO₂ from wastewater facilities and biogas plants by mineralising it in recycled demolition concrete. The captured CO₂ reacts with the minerals to form stable limestone, transforming construction waste into a durable carbon sink. |
|
BURN Kenya |
Avoidance - clean and efficient cookstoves |
Kenya |
Gold Standard, ICVCM CCP-labelled |
14 000 |
Gold Standard Impact Registry |
The BURN Kenya project distributes highly efficient “Kuniokoa” cookstoves to replace traditional three-stone fires, significantly reducing firewood consumption and harmful emissions. By lowering indoor air pollution and pressure on forests, the AA-rated (Calyx Global) project delivers measurable climate benefits alongside improved health for rural households. |
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