Credit Suisse today announced that it has adopted the Carbon Principles–a set of guidelines for environmental and economic risk management associated with the construction of carbon-intensive U.S. power plants.
As part of its enhanced environmental due diligence under the Carbon Principles, Credit Suisse will encourage power clients to invest in demand reduction through energy efficiency as well as cost-effective renewable and low-carbon distribution technologies. The Bank will also work with power companies to assess the financial, regulatory and environmental risks associated with greenhouse gas-emitting fossil fuel generation.
In April 2008 Credit Suisse pledged $300 million to green energy projects through a partnership with private equity firm Hudson Clean Energy Partners.
In addition, the Bank is implementing several initiatives to reduce its own carbon footprint. For example, since 2006, Credit Suisse has been greenhouse gas-neutral in Switzerland, and the Bank aims to become one of the first carbon-neutral banks globally by 2009.
Announced in February 2008, the Carbon Principles were developed by JP Morgan Chase, Citi, and Morgan Stanley in conjunction with American Electric Power, CMS Energy, DTE Energy, NRG Energy, PSEG, Sempra Energy and Southern Company. The consortium was advised by Sustainable Finance in consultation with Environmental Defense, the Natural Resources Defense Council and Ceres. Bank of America adopted the principles in April 2008.
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