Swiss Re Puts $$ Behind Energy Program

Swiss Re said it is putting money behind its campaign against global warming with subsidies to employees around the world who purchase hybrid vehicles or spend for other energy saving items.

A spokesperson for the Zurich-based reinsurer said U.S. staff could receive up to $4,077 in payments for spending that can lead to a reduction in carbon monoxide emissions.

The company said its actions are part of a commitment it has made to support the Clinton Foundation's global initiative to cut emissions and support clean energy. The non-partisan foundation was established by former President Bill Clinton

Swiss Re said it calls its efforts the "COYou2 reduce and gain" program.

In 2003, Swiss Re said, the company declared that it would make its own operations carbon neutral by 2013.

It said "COYou2 reduce and gain" backs employees' investments in measures that contribute to reducing greenhouse gas emissions, particularly in relation to mobility, heating and electrical energy.

Such measures, which vary according to regional circumstances and preferences, include low-emission hybrid cars, use of public transport, and the installation of solar panels or heat pumps.

From now until the end of 2011, Swiss Re said it will rebate each employee one half of the amount invested in these measures, up to a maximum per employee of CHF 5000 ($4077) or the equivalent in local currency. Swiss Re has offices in over 30 countries.

Ivo Menzinger, head of Sustainability & Emerging Risk Management, who is in charge of the "COYou2 reduce and gain" program, said, "Swiss Re is actively engaged in mitigating climate change and its consequences."

He said in a statement that the program "is an investment that will encourage our employees to make a personal contribution and further raises awareness of the issue."

Alayna Tagariello, vice president for Swiss Re America Holding Corp. media relations in New York said U.S. employees could receive payments for the purchase or lease of a hybrid or electrical vehicle, home solar panels or heat pump and other investments based on recommendations from a home energy audit.