Credit Suisse Asset Management
44% of total AUM
initially committed to be managed in line with net zero
USD $220.68 billion
currently committed to be managed in line with net zero
Information on interim target(s) covering the proportion of assets to be managed in line with net zero
Our target metric is the emissions intensity. For 2019 emissions intensity was calculated as 186 tCO2e per million CHF invested. The target metric is calculated for our in-scope assets (listed equities and corporate bonds) and excludes the in-scope AuM of instruments and regions where there is currently no automated data collection process available.
The 2030 interim goal of Credit Suisse Asset Management is to achieve a 50% reduction in investment-associated emissions in intensity terms (tCO2e per CHF million invested) compared to 2019. Our ambition is to achieve net zero by 2050.
GHG scopes included:
Our methodology accounts for Scope 1 and 2 emissions of all issuers held in our managed portfolios that are in scope and for Scope 3 emissions for the issuers in the energy sector. The enterprise value and GHG emissions data that we apply to calculate the investment-associated emissions are obtained from research and data provider MSCI.
According to IPCC special report on global warming of 1.5°C, the pathways that limit global warming to 1.5°C with no or limited overshoot require by about 45% (40-60% interquartile range) emission reduction by 2030. This translates into an annual reduction of 6%.
Proportion of AUM committed:
Our interim 2030 goal will apply to listed equities and corporate bonds. Due to the current lack of available data, it is not possible to accurately measure the investment-associated emissions of all of our in-scope assets. Altogether, we were able to retrieve data to calculate the investment-associated emissions of 39% of the total AuM managed within Credit Suisse Asset Management in 2021. Our ambition is to include more assets over time in order to reach 100% coverage of our AuM in the long term so that we can achieve our net zero goal by 2050.
Policy on coal and other fossil fuel investments:
Credit Suisse Asset Management’s offerings classified as 2-Avoid Harm and above, based on the Credit Suisse Group’s proprietary Sustainable Investment Framework, currently do not invest in companies that derive more than 20% of their combined revenues from thermal coal mining or coal-powered electricity generation. Additionally, for the same product range, we have a plan to gradually strengthen these restrictions, which includes a 15% revenue threshold by 2025 and a 5% revenue threshold by 2030. In addition to our intentions for thermal coal, we are also introducing a restriction on companies active in Arctic oil & gas with a 5% revenue threshold as well as an oil sands restriction with a 10% revenue threshold. Both restrictions are introduced as of April 1, 2023, and will apply to actively managed portfolios in the same product range.
Climate Action Plan: Sustainable Investing | Credit Suisse Asset Management (credit-suisse.com)
TCFD Report of Credit Suisse Group: Sustainability Reporting & Disclosure | Credit Suisse (credit-suisse.com)
Methodology specification: Global GHG Accounting and Reporting Standard for the Financial Industry developed by the Partnership for Carbon Accounting Financials (PCAF)