Zurich – In the future, Swiss Export Risk Insurance (SERV) will only insure low-carbon companies. For this purpose, the federally owned insurance company for export risks has developed a guideline. After that, it wants to implement the transition to clean energy in accordance with the UN Climate Change Conference in Glasgow.
Swiss Export Risk Insurance(SERV), based in Zurich, now only insures low-carbon companies against export risks. It has now published its approach, including clearly defined exceptions, in a directive, according to a media release.
This marks the end of the federal government’s public insurance support for the fossil fuel sector in line with the declaration made at the UN Climate Change Conference in Glasgow. According to this 2021 resolution, signatory states, including Switzerland, are to end public support for “the international energy sector, which remains fully geared to the use of fossil fuels.”
Exceptions represent clearly defined and justified cases that are “consistent with limiting global warming to 1.5 degrees Celsius and the goals of the Paris Agreement.” Thus, SERV continues to insure decommissioning of existing facilities as well as projects that reduce pollution and CO2 emissions from existing infrastructure and do not increase its useful life or capacity.
Exports “related to fossil fuels but not part of the energy sector but from other CO2-intensive sectors” are not covered by the directive. This means that exports from sectors such as waste management, transport, industry including cement and fertilizer production, as well as district heating, building services and agriculture remain insurable.
SERV insures the export transactions of Swiss companies, in particular against payment defaults, for example if a buyer abroad is unable or unwilling to pay for political or economic reasons. In this way, it contributes to the competitiveness of the Swiss export industry. ko