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A front loader collects a shovel of coal from a pile at the Raspadsky open-pit coal mine, operated by Raspadskaya PJSC, in Mezhdurechensk, Russia, on Friday, Feb. 5, 2021. (Photo: Andrey Rudakov/Bloomberg)

(Bloomberg) — Two years after committing to cut its net emissions to zero by 2050, Swiss Re gave more specifics on March 16 on how it plans to achieve its target.

The world’s second-largest reinsurer said it intends to reduce the carbon intensity of its corporate bond and equity portfolio by 35% from 2018 levels by the middle of the decade. It also plans to phase out providing coal insurance to Organisation for Economic Cooperation and Development member states by 2030 and the rest of the world by 2040. In addition, Swiss Re unveiled an internal carbon levy of $100.

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