Brenna Hughes Neghaiwi and Simon Jessop

LONDON/ZURICH – $2.4 trillion in investments are coming to investors. Credit Suisse (SIX) To take stronger climate action including reducing its exposure to fossil fuel assets.

Jeanne Martin (senior campaign manager, ShareAction) stated in a statement that investors have sent a clear message: Credit Suisse should urgently support its net-zero long-term ambition with strong fossil fuel disclosures and policies.

Amundi Europe’s largest asset manager was part of the 11-strong group. They said that Switzerland’s second-biggest Bank needed to make climate disclosures and align coal, oil, and gas policies with best practice. Also, they had to set short-term goals to reduce fossil fuel-related lending.

It includes Credit Suisse’s hometown municipal pension fund and the Swiss Federal Pension Fund.

This resolution would go to vote if it was put to the vote. The vote is coordinated by ShareAction (responsible investment NGO) and Ethos Foundation (swiss pension fund adviser), together with the Swiss Association for Responsible Investments.

Credit Suisse indicated that they are in dialogue with shareholders. They will present reductions to their oil, coal and gas financing in the sustainability report which is due out on Thursday.

The bank sent an email declaring that Credit Suisse is in a clear position regarding its sustainability. We have publicly committed to achieving net zero in our operations, supply chains and financing activities by 2050.

Monitoring the emission reduction and lending exposure in the oil, coal and gas sector are interim targets.

This resolution comes after the withdrawal of a previous one calling for the elimination of all coal-financed financing.

Credit Suisse presented a new policy on coal at the COP26 Climate Talks in November.

Investor groups claimed that the policy was riddled with “concerning loopholes”, including the ability for banks to continue funding companies in “energy transition” without having a defined definition.

Credit Suisse experienced a turbulent 2021. The company was plagued by scandals and had to fire its top executives. New leadership led to the reintegration of a recently established sustainability division into existing business units.

($1 = 0.9182 euros)