The Swiss private bank is partnering with the airline to promote sustainable air travel.
Julius Baer is the first financial institution in Switzerland to work with Swiss International Air Lines (Swiss) and Lufthansa Group to promote more sustainable air travel, it said in an emailed statement Monday. The partnership is an important milestone in the implementation of the bank's climate strategy, it said.
Two-thirds of Julius Baer's operational greenhouse gas emissions come from air travel, according to the statement. As part of its climate strategy, the bank has committed to reducing emissions from business travel by 30 percent by 2025 compared to 2019, it said.
It also introduced an internal price for air travel of 100 francs per tonne of carbon dioxide equivalent, it said. These funds will be used to purchase sustainable aviation fuel and to finance projects to sequester carbon dioxide in nature, it added.
