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SUMMARY

The plan will reduce bank's exposure to oil, gas and coal, both downstream and upstream.

By Callum Cyrus

Credit Suisse said on March 10 it will look to limit financing of fossil fuel emissions in the oil, gas and coal sectors before the end of this decade.

In its sustainability report for 2021, the bank said it aims to achieve 49% reductions in emissions exposure to oil, gas and coal by 2030, including both downstream and upstream. The target is based on 2020 drawn exposures with Credit Suisse, using that as a baseline for subsequent calculations. According to preliminary estimates, the bank had $2.6bn in fossil fuels exposure between 2020 and 2021.

Credit Suisse managed to slash potential coal exposure by 39% last year. There was a 25% potential reduction across the oil and gas sectors both upstream and downstream, reaching $9bn in December 2021 from around $13bn the previous year.

The company's sustainable finance target would see it lending at least CHF300bn ($323.5bn) by 2030 to sectors aligned with UN development goals, ranging from renewables to the circular economy, housing and decarbonised energy.

By 2050 Credit Suisse hopes to have achieved net zero carbon emissions from its investment portfolio, in line with the US and EU climate change objectives.