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Sustainability Report 2021

2Credit Suisse Sustainability Report 2021

Preface

Thought leadership plays an important role in developing sustainable solutions. Our top-notch research - including reports examining Supertrends, biodiversity and gender diversity in the labor force - are important contributions to the public debate. We were delighted in 2021 to hold our first Sustainability Week and our 5th annual Global Women's Financial Forum to bring together global leaders from business and public policy to discuss ways to create sustainable, shared prosperity.

Iris Bohnet

Board of Directors Sustainability Leader

Our new Group strategy puts sustain

-ability at the core of our value proposition, grounded in our firm belief that such a focus is central to long-term growth for our clients and ourselves. We are committed to helping our clients in their transition to a lower carbon future, and have made significant progress towards meeting our commitment of CHF 300 billion in sustainable finance by 2030. This report outlines our achievements as well as areas where we still need to improve - as we set our sights higher for 2022 and beyond.

Thomas Gottstein

Chief Executive Officer

This report builds on our conviction that sustainable policies and strategies begin with transparency and a clear governance framework. We believe a strong risk management culture is critical for the success of our Group and for our approach to climate and sustainability risk. Our Sustainability Report also outlines our strategy to improve diversity and inclusion, as well as the important role we play in supporting our communities and society.

Axel P. Lehmann

Chairman of the Board of Directors

3Credit Suisse Sustainability Report 2021

Introduction

The G of Environmental, Social and Governance drew a lot of focus at Credit Suisse in 2021. It has been a challenging period with the Archegos and Supply Chain Finance Funds matters and, in early 2022, a change in leadership of our Board of Directors. We deeply regret that these incidents have caused significant concerns for our stakeholders, and would like to thank them for their support during these times.

Management division, with sustainability a

core element of our value proposition to our clients, shareholders and employees.

More broadly, the year 2021 saw a

welcome, albeit uneven, recovery for global economies amid a heightened focus on sustainability around the world.

Improvements in labor markets were a

positive development for many families and communities. The rollout of

COVID-19 vaccines highlighted the power

of science to transform lives, even as their distribution underscored some of the persistent gaps between developed and emerging economies.

Yet even amid all of the uncertainties and

strains surrounding economies and societies in 2021, the world kept moving.

Countries in developed and emerging We have been, and remain, committed to addressing these issues and other legacies, recognizing that sustainable policies and strategies begin with strong governance. We have taken decisive action when needed, and are committed to learning from all of these matters as part of our ongoing remediation. Already, significant changes to our organization and risk management policies have been implemented where needed.

As part of this effort, we made significant

changes to our strategy after careful consideration by the Board of Directors and Executive Board. Our new Group strategy centers on three pillars:

Strengthen, Simplify and Invest for

Growth. We are organized around four

divisions, including a unified, global Wealth

Management division, a global Investment

Bank, a Swiss Bank and an Asset markets announced targets for carbon neutrality. Companies firmed up net-zero commitments. The financial industry embraced partnerships and standard setting to help create transparency around ESG (Environmental, Social, Governance) policies.

The economic recovery of 2021 under-

scored the importance of emphasizing the

ESG approach, not simply as something

that is good for society, but also as an essential ingredient of good business strategy and lasting economic prosperity.

The COP26 summit in Glasgow in

November displayed ongoing global

progress in committing to the goals of the

Paris Climate Agreement, but also

highlighted that there is much to do.

Businesses, governments and civil society

came together with a shared purpose to deal with pressing global issues from climate change to biodiversity, generating fresh momentum for 2022 and beyond.

As a global company operating in about

50 countries, we at Credit Suisse continu

ously reflect on our place in the world, guided by the 17 United Nations Sustain able Development Goals (SDGs). And

External context

June 2021

Merger between SASB

and IIRC, creating the Value

Reporting Foundation

announced

June 2021

Launch of the Taskforce on

Nature-related Financial

Disclosures (TNFD)

April 2021

The Glasgow Financial

Alliance for Net Zero

(GFANZ) is established

May 2021

FINMA publishes amend

ments requiring large banks (supervisory categories 1 and

2) in Switzerland to provide

disclosures about their climate-related financial risks

January 2021

WEF announces business

commitments to IBC

Stakeholder Capitalism

Metrics

4Credit Suisse Sustainability Report 2021

while our organizational structure changed as a result of our Group strategy, we reaffirm the sustainability strategy we launched in 2020. At the same time, we regularly examine ways to better assist clients in achieving their investment objectives while having a positive influ ence on the environment and society.

The core of our sustainability approach

comprises five pillars: delivering sustain able solutions; enabling client transitions; engaging with thought leadership; driving our own transition; and adapting our culture and engagement.

Among the highlights in this report,

addressing those themes:

We made significant progress on our

commitment to provide at least

CHF 300 billion in sustainable finance

by 2030.

We delivered on our firm belief that

thought leadership is central to prog ress on sustainability. Key publications included thematic sector reports and top themes. We published our flagship

Supertrends report outlining many key

sustainability themes such as

Introduction

Technology, Millennial Values and

Anxious Societies. We published a

report on Biodiversity, and a trio of reports on the role of women in the labor market and financial markets.

These were just one part of our

heightened focus on the S - Social - of ESG.

We were delighted to host our 5th

Global Women's Financial Forum and

our inaugural Sustainability Week, which brought together thought leaders, policy makers and business and financial experts.

We amplified our efforts to improve

disclosure and drive standard setting, taking into account the recommenda tions of the Sustainable Accounting

Standards Board (SASB, now main

tained by the Value Reporting Founda tion) and the Task Force on Climate-re lated Financial Disclosures (TCFD).

Recognizing the need to achieve

greater consistency, we incorporated a series of core metrics recommended by the World Economic Forum (WEF). We joined a number of industry associa tions, including the Net Zero Banking

Alliance, which is working towards

External context

November

2021

The Sustainable Markets

Initiative (SMI) announces

recipients of the Terra Carta Seal

November

2021

COP26 UN Climate Change

Conference

November

2021

International Sustainability

Standards Board (ISSB)

launched at COP26

October 2021

COP15 UN Biodiversity

Conference

August 2021

Publication of the sixth

assessment report of the

Intergovernmental Panel on

Climate Change (IPCC)

Sustainability Strategy

Deliver sustainable

solutionsProvide sustainable investment solutions

Enable client

transitions

Aim to provide at least CHF 300 bn of

sustainable finance by 2030

Engage with thought

leadership

Help address important social issues

providing platforms for stakeholder engagement, and thought leadership

Drive our own

transition

Commitment to Science Based Targets

Initiative, alignment to the Paris Agreement

and repositioning portfolio for the transition.

Enhanced sustainability reporting with best

practice standards

Adapt our culture

franchise with focus on diversity & inclusion

5Credit Suisse Sustainability Report 2021

common standards on how to measure, report and set targets for carbon reduction. In February 2021, we joined the Sustainable Markets Initiative's

Financial Services Taskforce, a collabo

ration of around a dozen global banks convened by HRH the Prince of Wales to accelerate the financial industry's transition to net zero.

We continued to progress our 2050 net

zero emissions commitment, by developing reduction pathways for the highest carbon emitting sector expo sures and expanding efforts to align our financing activities with the Paris

Agreement global warming limit of 1.5º

C. Furthermore, we introduced a

time-bound commitment to restrict financing and capital market underwrit ing to businesses involved in activities related to thermal coal mining and coal power. This was on top of sector restrictions we described in our 2020

Sustainability Report.

We trained employees in ESG and

continued our investments in talent and education to strengthen sustainability governance. Furthermore, we revised

ESG-linked Executive Board compensa

tion scorecards.

This Sustainability Report is an integral

part of our ongoing dialogue with stake holders and we are delighted to share it with you.

Introduction

We would also draw our readers' attention to the evolving practices when it comes to ESG reporting. The disclosures contained within this report are inherently limited by the emerging science and market practices, the requirement to use estimates for certain figures, the dependency on managementquotesdbs_dbs26.pdfusesText_32

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