We apply a number of pre-defined criteria and qualitative standards that may lead to the exclusion of a company or a country from our investment scope if they do not meet these criteria and qualitative standards. Swiss Re’s Sustainability Risk Management team develops and updates the Group-wide exclusion lists of countries and companies based on the Sustainability Risk Framework. Further information is available in this report.

In order to mitigate the risk of stranded assets in light of an accelerating transition to a low-carbon economy, we avoid investments in companies that generate 30% or more of their revenues from thermal coal mining or that use at least 30% thermal coal for power generation. We also divested from companies with more than 20% revenues from tar sands operations. For more information, see our Climate-related Financial Disclosures (TCFD) in the 2018 Financial Report.