The air travel collaboration is a significant step forward in Julius Baer‘s climate policy, which was announced in 2022.
Air travel accounts for two-thirds of Julius Baer’s operating greenhouse gas emissions.
As part of its climate policy, the bank expressed to reducing business travel emissions by 30% by 2025 compared to 2019.
It also imposed an internal carbon price of CHF100 ($110) per metric tonne of carbon dioxide on air travel.
These funds will be utilised for purchasing SAF and fund nature-based carbon removal projects in the future to supplement this approach.
SAF is a kerosene substitute that is produced from biogenic waste, such as leftover cooking oil and animal fat.
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Since it produces at least 80% less carbon dioxide than kerosene, it will be crucial in the effort to decarbonise aviation travel.
While alternative technologies, such as planes powered by electric or hydrogen engines, are still in its initial stage of development, SAF can now be manufactured on a large scale and employed in current aircraft and infrastructure.
Yvonne Suter, head sustainability at Julius Baer, said: “As a global wealth manager, we recognise that air travel is a significant part of our business. However, we can take steps towards minimising its impact. We are proud to take on a leading role in our industry in contributing towards the development of more sustainable air travel.”
SWISS CEO, Dieter Vranckx, added: “We are delighted to embark on this new partnership with Julius Baer. Like SWISS, Julius Baer is active all over the world. And like SWISS, it offers individualised services to discerning customers who seek and expect top product quality. In electing to become the first Swiss financial institution to team up with SWISS to acquire sustainable aviation fuel for its business travel, Julius Baer is adopting a pioneering role in making mobility more sustainable.”