Julius Baer, SWISS Partner for Sustainable Air Travel
Julius Bär Group
Julius Baer, a prominent Swiss financial institution, is making significant strides in its climate strategy by forging a groundbreaking partnership with Swiss International Air Lines (SWISS) and the Lufthansa Group (the parent company of SWISS).
This collaborative effort marks a historic achievement in Julius Baer's climate initiatives, launched in 2022, as it becomes the first financial institution in Switzerland to champion more eco-conscious air travel practices.
Julius Baer's resolve to address climate concerns is driven by the realisation that a substantial portion of its operational greenhouse gas emissions stems from air travel.
As part of its climate strategy, the bank has pledged to reduce business travel emissions by 30% by 2025 compared to 2019 levels. It has also implemented an internal carbon pricing mechanism, imposing a CHF 100 fee per metric tonne of carbon dioxide equivalent on air travel. These funds are earmarked for the purchase of Sustainable Aviation Fuel (SAF) and the support of nature-based carbon removal initiatives, enhancing the bank's sustainability measures.
SAF emerges as a promising alternative to traditional kerosene, derived from biogenic waste materials such as used cooking oil and animal fat. Notably, SAF offers a substantial reduction of at least 80% in CO2 emissions compared to kerosene. While other solutions, such as electric or hydrogen-powered aircraft, remain in the early stages of development, SAF is readily producible at an industrial scale and compatible with existing aircraft and infrastructure.
Yvonne Suter, Head of Sustainability at Julius Baer, expressed the bank's commitment, stating, "As a global wealth manager, we acknowledge the substantial role air travel plays in our business operations. However, we are taking proactive steps to mitigate its environmental impact. We take pride in leading the way within our industry by contributing to the advancement of sustainable air travel."
Dieter Vranckx, CEO of SWISS, welcomed the partnership, saying, "We are thrilled to embark on this innovative collaboration with Julius Baer. Much like SWISS, Julius Baer operates on a global scale, delivering personalised services to discerning clients who expect the highest product quality. By becoming the first Swiss financial institution to join forces with SWISS to procure sustainable aviation fuel for its business travel, Julius Baer is pioneering sustainable mobility solutions."
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Source: Julius Baer