NU Online News Service, July 21, 4:11 p.m. EDT
Conning Asset Management, a subsidiary of Swiss Re, has been chosen to manage a post-2012 carbon credit fund.
Swiss Re made the announcement in its "2008 Corporate Responsibility Report," outlining the company's efforts toward sustainability over the past year.
The report is designed to show the Zurich-based company's attempts to act as a responsible company, Swiss Re said.
With the Kyoto Protocol expiring in 2012, five major European financial institutions, led by the European Investment Bank, have chosen Conning Asset Management to manage the fund to purchase carbon credits starting in 2012, Swiss Re stated.
The fund has investments totaling $177 million and will buy credits from companies who have stayed under a certain emission level and then sell them to companies needing to offset their carbon emissions, the report added.
Swiss Re also noted that its carbon dioxide emissions per employee were down in 2008, although that was partially due to decreased air travel.
The number of Swiss Re locations using renewable energy sources was increased to 23, the report revealed.
Two new risk education programs were launched in Honduras and Peru, designed to protect against humanitarian disasters, according to the report.
A series of reports were designed in addition to these programs to find solutions in regards to country risk management and agricultural risk management, Swiss Re stated.
The company said it also was able to develop several new risk transfer methods through different public-private partnerships.
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