Innovative emissions trading project with Mobiliar
Motorists now have the opportunity to offset the carbon emissions of their vehicles by purchasing carbon emission reduction certificates. Swiss direct insurer Mobiliar and Swiss Re have jointly launched a web-based service to offset emissions in private motorised transport based on fuel consumption.
Swiss Re first identified climate change as an emerging risk some 20 years ago, and the concern has since evolved into an important component of our long-term corporate risk management strategy. The company invests in the development of new products and services to ensure the long-term availability and affordability of risk transfer mechanisms and to seize the opportunities that arise with the transition to a low-carbon economy.
In 2008, Mobiliar and Swiss Re jointly developed an online service to off-set carbon emissions in private motorised transport. Based on the fuel consumption, the yearly mileage and the fuel type, the CO2 calculator identifies the motorists’ yearly carbon outage. Motorists can offset these emissions by buying the offered neutralisation service to support climate protection projects. The certificates are purchased through Swiss Re’s own emissions desk.
Quality standards of emission certificates
The emission reduction certificates Swiss Re purchases are verified independently by trustworthy external entities. Eligible certificates are either Certified Emissions Reductions (CERs) under the Kyoto Protocol or Voluntary Emission Reductions (VERs) which are at least compliant with the Voluntary Carbon Standard. This approach will ensure that emission reductions are real, measurable, permanent, additional and unique.
In addition, Swiss Re will apply the following sustainability-related project selection criteria
- Priority to projects which support renewable energy technologies and energy efficiency improvements.
- Preference to photovoltaic power generation, solar, thermal, ecologically sound biomass and biogas (incl. landfill gas), wind, geothermal, small and low-impact hydro.
- Large hydro projects generating a clear sustainable benefit and low environmental impact (ie no dams or reservoirs)
- No off-sets from projects which support sinks (geological or biological)
- Priority to projects with pronounced sustainable social benefits to improve the quality of life for local communities.
