The Hague, Netherlands Oct. 26 (UNA): The Netherlands’ largest pension fund announced Tuesday that it will stop investing in companies that produce fossil fuels, saying the move – long demanded by many fund members – was recently prompted. Climate reports by the United Nations and the International Energy Agency.
The ABP Fund is a wealthy and influential investor managing the retirement savings of more than 3 million Dutch workers in the government and education sectors. It has about 15 billion euros ($17.4 billion) invested in fossil fuel production, roughly 3% of its assets, the Associated Press (AP) reported.
In a tweet, the Dutch branch of Greenpeace called the move “a huge victory for all the people who called on ABP to take climate action!”
The announcement comes just days before the opening of the United Nations climate conference known as COP26 in Glasgow.
Many environmental activists, policy makers and scientists say October 31-November. The twelfth event represents an important and even critical opportunity for concrete commitments to the goals set out in the 2015 Paris Climate Agreement.
We want to contribute to reducing global warming to 1.5°C. ABP Chairman Corien Wortmann said in a statement that large groups of pensioners and employers indicate how important this is to them.
“The ABP Board sees the need and urgency to change course,” she added. “We are participating in our investments in fossil fuel producers because we see insufficient opportunity for us as shareholders to push for a necessary and significant acceleration of the energy transition in these companies.”
The fund said it would invest in the major users of fossil fuels – energy producers, the automotive and aviation industries – and, using its leverage as a shareholder, would “encourage companies that use fossil fuels to become more sustainable.”
It said it would phase out its fossil fuel holdings, with most of it expected to be sold by the first quarter of 2023.
RAE