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Company Response

Credit Suisse's response

[Full response attached]

Credit Suisse acknowledges that financial flows also need to be brought in line with the objectives of the Paris Agreement and is continuing to expand its own role in supporting the transition to a low-carbon and climate-resilient economy. In 2019, we introduced a Group-wide Climate Risk Strategy program based on a three-pronged approach. First, we aim to work with our clients to support their transition to low-carbon and climate-resilient business models and to further integrate climate change into our risk management models. Second, we endeavor to focus on delivering sustainable finance solutions that help our clients achieve their goals and contribute to the realization of the UN Sustainable Development Goals (SDGs). Credit Suisse would like to be the partner of choice when it comes to supporting clients with capital and advice in their transition to funding investments in new, efficient technologies and production processes as well as low-carbon products and services. Third, we aim to further reduce the carbon footprint of our own operations. 

Credit Suisse carries out a series of measures to assess business risks. If there are grounds to believe that a potential transaction or client relationship could pose an unacceptable risk or is not compatible with our existing agreements or internal guidelines, Credit Suisse conducts a bank-wide standardized Reputational Risk Review Process. Environmental (such as climate change) and human rights-related risks are some of the risks considered in that process...

[W]e announced in 2019 that we would no longer provide any form of financing specifically related to the development of new coal-fired power plants...

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