Swiss Re AG is a leading global reinsurance company headquartered in Zurich, Switzerland. The company operates in the reinsurance sector, providing risk transfer solutions to insurance companies and other clients worldwide. Swiss Re AG has a long history of providing innovative reinsurance solutions to its clients, and has been at the forefront of the industry for over 150 years.
One of the key areas of focus for Swiss Re AG is decarbonisation. The company recognises the urgent need to reduce greenhouse gas emissions and mitigate the impacts of climate change. To this end, Swiss Re AG has set ambitious targets to reduce its own carbon footprint and support the transition to a low-carbon economy.
One of the ways in which Swiss Re AG is working towards decarbonisation is through its corporate energy strategy. The company is committed to reducing its energy consumption and increasing the use of renewable energy sources. Swiss Re AG has set a target to reduce its energy consumption by 20% by 2020, and has already made significant progress towards this goal.
One of the key initiatives that Swiss Re AG has implemented to support its corporate energy strategy is the use of corporate power purchase agreements (PPAs). PPAs allow companies to purchase renewable energy directly from generators, usually at a fixed price over a long-term contract. By entering into PPAs, Swiss Re AG is able to secure a reliable and cost-effective source of renewable energy, while also supporting the development of new renewable energy projects.
Swiss Re AG has already signed several PPAs for renewable energy, including wind and solar projects in the United States and Europe. The company has also invested in renewable energy projects directly, such as the 50 MW solar power plant in the United States.
In addition to its own energy consumption, Swiss Re AG is also working to support the decarbonisation of the wider economy. The company is a member of the RE100 initiative, which brings together companies committed to sourcing 100% of their electricity from renewable sources. Swiss Re AG has committed to sourcing 100% of its electricity from renewable sources by 2025.
Swiss Re AG is also involved in a range of other initiatives to support decarbonisation, such as the Task Force on Climate-related Financial Disclosures (TCFD). The TCFD is a global initiative that aims to improve the transparency and consistency of climate-related financial disclosures. Swiss Re AG is a supporter of the TCFD and has committed to implementing its recommendations.
Overall, Swiss Re AG is a leading global reinsurance company that is committed to decarbonisation and the transition to a low-carbon economy. The company's corporate energy strategy and use of corporate PPAs are key initiatives that are helping to reduce its own carbon footprint and support the development of new renewable energy projects. Swiss Re AG's commitment to decarbonisation is an important example for other companies in the reinsurance sector and beyond.