June 26, 2008
Credit Suisse Adopts The Carbon Principles
Credit Suisse announced that it has adopted The Carbon Principles — climate change guidelines for lenders to power companies in the U.S.
Under the Carbon Principles, Credit Suisse says it will encourage its energy clients to invest in demand reduction through energy efficiency as well as cost-effective renewable and low-carbon distribution technologies.
Credit Suisse says it will also work with power companies to assess the risks associated with greenhouse gas-emitting fossil fuel generation.
Citigroup, JPMorgan Chase and Morgan Stanley announced The Carbon Principles in February. Bank of America jumped on board in April. They do not preclude banks from financing traditional coal-burning power plants, but do set up a more rigorous evaluation process.
Some financial institutions have taken steps to do their part in combating greenhouse gas emissions, especially through the Carbon Disclosure Project’s Climate Leadership Index, of which Credit Suisse is a member.
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