Zurich Insurance
Climate warning
Climate warning
The Swiss Climate Alliance calls on the Swiss National Bank to align finances with climate-friendly transformation.
In a public appeal by www.unsere-snb.ch the Swiss Allianz shows why the top bank must act now:
1. Disclosure of the investment strategy for the foreign exchange portfolio and transparency on investments in companies in the fossil fuel industry; including disclosure of Scope 3 issues in the foreign exchange portfolio.
2. Develop a robust, publicly available transition plan that is not limited to operational emissions, includes annual science-based targets and regular measurement of progress in adapting to the Paris Agreement and the Convention on Biological Diversity.
3. Exercising the SNB's shareholder rights in fossil fuel companies to promote sustainable and climate-friendly business practices, as well as a time-bound escalation strategy if these companies are not willing to reduce their emissions.
4. Disclosure of how climate-related (nature-related) financial risks are priced into risk management and what measures are taken to achieve active risk management.
5. A macroprudential stress test for risks related to climate and biodiversity loss (using scenarios based on the worst assumed scenarios) and annual publication of the results.
6. An adjustment of capital requirements to take climate and biodiversity risks into account in micro- and macroprudential regulation. For this to happen to a sufficient extent, full ("one for one") capital coverage for loans and insurance for investments in oil, gas and coal companies is required.
7. SNB investments in oil, gas, coal and deforestation can be considered neither liquid nor stable.
As a small shareholder of the SNB and a citizen of our common planet, I ask Zurich Insurance with its monetary and investment policy as well as its financial market regulation to no longer have negative effects worldwide, but – together with the global financial sector – to become a positive force for a just and ecological transition.
C. Rohland,
https://www.climate-solution.org
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7 w
As financial institutions hold significant power in driving economic trends, their investment decisions can accelerate the transition to a more sustainable future.
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7 w
It is important for the Swiss National Bank to prioritize aligning its finances with climate-friendly transformation. #movethemoney #wecandoit!
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7 w
Vanguard, BlackRock and state street all still investing stock and pensions in fossil fuels along with Zurich...