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One of world’s biggest pension funds to stop investing in fossil fuels

The Guardian

One of world’s biggest pension funds to stop investing in fossil fuels

Daniel Boffey in Brussels: Tue 26 Oct 2021 16.08 BST

One of the world’s largest pension funds, ABP, is selling its €15bn-worth of holdings in fossil fuel companies, including Royal Dutch Shell, claiming it had been unable to persuade the sector to transition quickly enough towards decarbonisation.

Corien Wortmann-Kool, the chair of ABP, the Dutch pension fund for civil servants and teachers, said it would no longer invest in producers of oil, gas and coal, and that it would dispense with its current investments in those sectors by the first quarter of 2023.

Mark van Baal, of Follow This, a campaign group that uses activist investment to pressure oil companies into decarbonising in line with the limits set by the 2015 Paris climate agreement, said: “Today, Shell loses one of their best friends. We hope this is a wake-up call for the board of Shell.“

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