The CO2NetZero Programme

Our transition path to net zero for operations consists of two phases: a near-term (until 2030) and a long-term phase (beyond 2030).

The programme includes three key elements:

Reducing GHG emissions within operations by setting both near-term and long-term science-based targets that are aligned with a 1.5°C-compatible pathway;
Supporting the development of the carbon removal market through early engagement, setting a target to purchase and retire 100% carbon removal certificates as early as 2030, covering the remaining operational emissions in scope¹ in that year;
Continuing to purchase and retire carbon avoidance and carbon removal certificates to compensate our remaining operational emissions in scope1 for the near-term, linearly increasing the minimum share of carbon removal certificates in the mix from 0% in 2020 to 100% in 2030.

Carbon Steering Levy

In early 2021, Swiss Re became the first multinational company to introduce an ambitious triple-digit real internal carbon price on both direct and indirect operational GHG emissions. The Carbon Steering Levy, which started at 100 USD and is set to increase until 200 USD per tonne of CO₂e in 2030, is the overarching element of our CO2NetZero Programme, helping to meet both our “Do our best” and “remove the rest” objectives:

Placing an increasing price on carbon incentivises concrete actions on emissions reduction
The levy is expected to generate the funds required to cover the rising costs of the carbon certificates mix used for compensating emissions, as we plan to linearly increase the share of carbon removals to 100% in 2030

In 2023, the Carbon Steering Levy was set at USD 123 per tonne of CO₂e – up from USD 112 in 2022.

Footnote:

¹ Scope 1, Scope 2 and selected Scope 3 categories (category 3 – fuel- and energy-related activities, category 5 – waste generated in operations, category 6 – business travel, and paper and water in category 1 – purchased goods and services).