Asset managers are leaving coal
To date, the world’s largest asset managers / owners with assets under management (AuM) greater than US$50 billion have been slow in announcing their coal exclusion divestment across the whole portfolio.
But change is coming. Global capital flight pressures are building, rapidly. Once big financial players start moving away from coal and fossil fuels, others will quickly follow. The rush for the exit is likely to become a stampede.
See other divestment efforts:
| Global Asset Manager / Owner | Country and/or Headquarters | Finance Restrictions | Restrictions Introduced | Latest Restriction |
|---|---|---|---|---|
| ABP / APG | Netherlands | By the first quarter of 2023, ABP will divest from all fossil fuel producers in phases; the majority of which is expected to be sold. By 2025, will have reduced the carbon footprint of its asset portfolio by 40% from 2015 levels. | 2020-02 2021-01 | 2021-10 |
| Alecta | Sweden | No investments in mining companies with more than 10% turnover from thermal coal and energy companies with over 30% of their turnover from energy production based on thermal coal. | 2019 | |
| Amundi | France | Exclusion of companies generating more than 25% of revenues from coal mining extraction or with annual coal extraction >100 Mt without intention to reduce. Exclusion of companies with revenue in coal mining extraction and coal power generation >50% of their revenue. Exclusion of coal power generation and coal mining extraction companies with a threshold between 25% and 50% with no intention to reduce the % of revenue from coal power generation or coal mining extraction. | 2016 | 2019-06 |
| Asset Management One | Japan | Has set 30 trillion-yen worth of AUM (53% of its AUM, as of end of March 2021) as its 2030 interim goal, on the path to achieving net zero greenhouse gas emissions by 2050 or earlier. | 2021-09 | |
| ATP Group | Denmark | Will stop putting money in external funds that hold fossil fuel investments | 2020-02 | |
| Aware Super (was FirstState) | Australia | By July 2021, had completely divested from thermal coal. By 2023, a 30% emissions-reduction target across its investment portfolio, and a 45% cut by 2030. | 2020-07 2020-10 | 2021-07 |
| BlackRock | U.S. | Will cut companies that derive a quarter or more of their profits from thermal coal from its actively managed portfolios. | 2020-01 | |
| Caisse de dépôt et placement du Québec (CDPQ) | Canada | By 2030, no longer financing any new thermal coal projects in addition to gradually phasing most coal-powered assets in industrialized countries out of our portfolio. By 2040, eliminating them fully worldwide. | 2020 | 2021-09 |
| Caisse des Dépôts et Consignations (CDC) | France | Will not invest in listed equity and bonds of companies whose activity’s exposure to thermal coal exceeds 10% of the turnover. Committed not to finance new coal-based energy production capacities (greenfield) on its equity investments and its credit activities in territorial projects. | 2019-05 | 2020-04 |
| Crédit Mutuel Asset Management | France | By 2030, completely removing funding from coal energy. Worldwide ban on new coal mines and new coal plants as well as a corporate ban for new coal pure businesses. | 2020-02 | |
| Deka Investment | Germany | From May 1, 2020, its' actively managed mutual funds will no longer be allowed to invest in companies that generate more than 30% of their revenue from coal mining or more than 40% from coal-based electricity generation. | 2020-04 | |
| Fidelity International | Bermuda | By 2040, will phase out its exposure to thermal coal. By 2050, achieving net-zero greenhouse gas emissions. | 2021-10 | |
| Första AP-fonden (AP1); Fourth Swedish National Pension Fund (Fjärde AP-fonden AP4); and Sjunde AP-fonden (AP7) | Sweden | As of March 2020, AP1 is divesting all fossil fuel companies. AP4 divested more than 20 thermal coal companies to reduce climate risk (using a threshold of 20% of revenues). AP7 has a climate policy of active engagement including pursuing shareholder resolutions to enact change. | 2018-06 | 2020-03 |
| Government Pension Fund Global (GPFG) | Norway | Has progressively tightened its coal exclusion criteria, including divesting 71 coal companies to-date and reduced its investments in oil and gas | 2015 | 2019-06 |
| Groupama Asset Management | France | 2019 | ||
| HESTA | Australia | By 2030, reduce absolute carbon emissions by 33% across its investment portfolio, and 100% by 2050. | 2020-06 | |
| IFM Investors | Australia | By 2030, will make no new investments in any infrastructure asset that garners more than 20% of its revenue from thermal coal, and will exit thermal coal-reliant assets. | 2021-09 | |
| KLP | Norway | Substantially ceased coal insurance and divested coal assets. | 2019-05 | |
| Legal & General Investment Management Limited (LGIM) | UK | Divestment only applies to LGIM’s Future World funds. | 2019-06 | |
| LGT Group | Liechtenstein | Excludes companies that produce coal or generate energy from coal to support the achievement of temperature targets set out in the Paris Agreement. | 2019 | |
| M&G | UK | By 2050, net zero carbon emissions across all investment portfolios. Will exclude companies which cannot commit to a complete phase out of coal by 2030 in developed countries and 2040 in emerging markets | 2021-03 | |
| Macquarie Group, including Macquarie Asset Management (which Macquarie Infrastructure and Real Assets (MIRA) belongs to) | Australia | By 2040, global net zero emissions (MAM). By 2050, global net zero emissions (MGroup). MGroup exiting coal by 2024. | 2020-12 | 2021-05 |
| National Pension Service (NPS) | South Korea | Implementing a strategy restricting investment in coal mining and power generation industries. | 2021-05 | |
| New York City Employees' Retirement System | U.S. | Divested an estimated $4b from securities related to fossil fuel companies | 2021-01 | |
| New York State Common Retirement Fund | U.S. | By 2040, net zero greenhouse gas emissions | 2020-12 | |
| Pensioenfonds van de Metalektro (PME) | Netherlands | Has sold all its investments in fossil fuels | 2021-09 2021-09 |
|
| Pensioenfonds Zorg en Welzijn (PFZW) | Netherlands | From 2020, will be phasing out investments in coal and oil extracted from tar sands. | 2015-11 | 2020-08 |
| Pension Insurance Corporation (PIC) | UK | By 2025, no new purchases in companies that derive more than 10% of turnover from coal extraction or burning, or from Tar Sands. | 2021-07 | |
| Pictet Group | Switzerland | By December 2020, will have eliminated any exposure to companies carrying out activities related to the production and extraction of fossil fuels | 2020-02 | |
| RobecoSAM (owned by ORIX Europe, a subsidiary of ORIX Corporation) | Japan | Divested from mining companies and power producers that generate > 10% of revenue from thermal coal | 2020-04 | 2020-09 |
| Storebrand ASA | Norway | By 2026, total exit from coal, and carbon neutral by 2050. | 2013 | 2019-12 |
| Union Investment | Germany | By 2025, will have ended investment in coal. | 2020-04 | |
| United Nations Joint Staff Pension Fund (UNJSPF) | U.S. | By end 2020, will divest from investments in publicly traded companies in the coal energy sector | 2020-08 |
Note: IEEFA will continue to monitor announcements and will add or delete asset managers pending implementation of said announcements.
Exclusions: Significant asset managers / owners are restricted from this tally if they have AUM<US$50billion, and/or the institution’s announcement has not been followed up with public disclosure, and/or the restrictions are selectively limited.