The new levy, which is higher than the current levy of $8 per tonne CO2 set to gradually increase to $200 per tonne by 2030, will fund a compensation of residual operational emissions through carbon removal projects. The reinsurer will also further curb its flight emissions with a CO2 reduction target of 30 pct in 2021, relative to the 2018 benchmark.
As previously reported, Swiss Re, a signatory of the Paris Pledge for Action and UN-convened Net-Zero Asset Owner Alliance founding member, plans to gradually cut underwriting to the most carbon-intensive oil and gas industries by 2023. (Source: Swiss Re, Reinsurance News, 15 Sept., 2020) Contact: Swiss Re, Christian Mumenthaler, CEO, www.swissre.com
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The company also notes that its first electric car, the ID, will be "CO2 neutral throughout the entire life cycle," including all manufacturing. The electric car is expected to go into production at the end of this year. At the end of last year, Volkswagen announced that it will convert several production sites into pure e-car factories and will invest over €40 billion in future technologies in the next years.
"The Volkswagen Group will be a climate-neutral company by 2050 at the latest," according to Volkswagen CEO Herbert Diess.
(Source: VW, Der Spiegel, Electrek, Bloomberg, Feb., 2019)
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