Credit Suisse release Official Statement After Roger Federer Controversy


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Credit Suisse release Official Statement After Roger Federer Controversy

The Swiss Bank Credit Suisee have been in the news not only in the business world but also in the tennis world, after the recent climate change controversy involving their brand ambassador, the tennis legend Roger Federer.

The 20-time Grand Slam champion Roger Federer had already issued an official press statement in regards to the controversy expressing his views on the topic. Now, the Swiss bank have also issued their own press statement in which they have clarified their own position on the topic.

In the statement, the bank says, "The currently on-going campaign against Credit Suisse is spreading false information and ignoring facts: - Credit Suisse's internal guidelines are subject to ongoing review and have been continuously tightened.

Recently, Credit Suisse declared that it would no longer finance coal-fired power plants. - Singling out Credit Suisse among global banks is misleading and uncalled for. Credit Suisse is seeking to align its financing with the objectives of the Paris Agreement and has launched a global and Group-wide climate risk strategy in August 2019 with a three pronged approach - Firstly, we continue to work with our clients to support their transition to low-carbon and climateresilient business models, and further integrate climate change into our risk management models - Secondly, we stay committed to focus on delivering sustainable finance solutions that help our clients achieve their goals and make a contribution to the realization of the UN Sustainable Development Goals - And thirdly, we will further reduce the carbon footprint of our own operations.

Since 2010, we have reduced our net greenhouse gas emissions by over 60% and are operating globally on a greenhouse gas neutral basis - Finally, the campaign uses several subjects, including a collage with a picture and a statement of Credit Suisse Group CEO, Tidjane Thiam, saying “For all uncertainty disruption creates, it also offers boundless opportunities”.

This statement was part of his opening remarks at the Asian Investment Conference (AIC) 2018. The context was disruption through technology and fintechs, and had nothing to do with fossil fuel business opportunities. Additionally, we highlight the following facts regarding our lending activities, our sustainable finance engagement and our continuous stakeholder dialogue.

" In the statement, the bank goes on to say that the percentage of their fossil fuel lending is in the low single digit range of the bank’s total net lending and that since 2010, they have completed more than 110 transactions in the field of renewable energy with a volume of more than 94 billion dollars and supported the issuance of USD 28 billion in green bonds for our clients between 2013 and 2019.

Roger Federer is currently in Melbourne where he is preparing for the Australian Open Grand Slam tennis tournament, that begins on January 20th. The Swiss legend will be aiming to win the 21st Grand Slam title of his career in Melbourne.