Dutch pension fund ABP has announced plans to cut ties with producers of fossil fuels, such as oil, gas and coal, as part of a goal to minimize global warming to 1.5 degrees celsius.
The decision follows the publication of reports by the International Energy Agency (IEA) and the UN Climate Panel (IPCC).
ABP will stop investing in fossil-fuel producers in phases, with the majority of divestments to be made by first quarter 2023. This concerns more than €15 billion ($17.3 billion) in assets, almost 3 percent of the pension fund’s total assets.
“We part with our investments in fossil-fuel producers because we see insufficient opportunity for us as a shareholder to push for the necessary, significant acceleration of the energy transition at these companies,” said Corien Wortmann, chairman of the board at ABP. “From now on, we will focus on bulk users of fossil energy, such as electricity companies, the car industry, and aviation. Using our influence as a s
