(This March 10th story rectifies unit in paragraph 3 of 21.9 million tonnes (not 229.9 tonnes).

Brenna Hughes Neghaiwi

ZURICH (Reuters), – Credit Suisse (SIX): Thursday’s new goals were set by the SIX to reduce its exposure to financing oil, gas, and coal emissions between 2020-2030.

Switzerland’s 2nd-largest bank has decreased its exposure in emissions to which it finances in the oil and gas, and coal sectors by 41%, according to preliminary estimates. The report, released on Thursday and containing $2.6 Billion in outstanding loans, showed this.

The bank has not previously reported on its exposure to fossil fuel-related emissions. For 2021, it estimates that there will be 21.9 Million tonnes of equivalent CO2 equivalent.

Financed emissions is a category of greenhouse gases that can be attributed to the investment and loans made by financial institutions.

Credit Suisse started to adjust its coal policies in response to pressure from environmental groups late 2019 and stopped lending in 2020 for companies that make more than 25% from coal-fired power or thermal coal mining.

These restrictions were further tightened in 2021 when the company decided to exclude any clients that generate more than 5% from coal-related activities, or who are seeking new projects.

Climate activists and investors have asked Credit Suisse to be more aggressive in climate change efforts. Credit Suisse’s investors, who manage $2.4 trillion, are asking the bank this week for tougher measures, such as reducing its exposure to fossil fuel assets.

Amundi, Europe’s most powerful asset manager, and several Swiss pension funds are part of the group. They plan to present a resolution at Credit Suisse’s annual general meeting, April 29.

Credit Suisse published its sustainability report, which detailed the 2021 executive pay cuts. Credit Suisse stated that it has reduced its exposure to coal mining firms by 39% to $640m at end-2021 and decreased its lending exposure to oil companies by 25% between 2020 and $9.8billion.

According to the bank, 2021 figures are still preliminary estimates. They were calculated by year-end exposure and client data on financials for previous years.

It stated that it expects to create additional sector-specific goals before the end 2022.