October 26, 2021 Read More →

Dutch pension fund divests, Fidelity promises to cut fossil portfolio

Pensions & Investments:

Stichting Pensioenfonds ABP, Heerlen, Netherlands, pledged to stop investing in stocks of fossil-fuel companies effective immediately and divest €15 billion ($17.4 billion) of its assets by the first quarter of 2023, a spokeswoman confirmed Tuesday.

The €523 billion pension fund said in a news release Tuesday it doesn’t anticipate a negative impact on returns as a result of the divestment.

“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-Kool, chairwoman of ABP’s board, in the news release.

Separately, Fidelity International pledged Tuesday to reduce carbon emissions of its investment portfolio by half by 2030.

In an effort to reach net-zero portfolios by 2050, Fidelity launched a new climate investing policy, which states the firm will phase out its investments in the thermal coal sector in Organization for Economic Cooperation and Development countries by 2030 and by 2040 globally.

[Paulina Pielichata]

More: ABP to divest from fossil-fuel stocks immediately

Comments are closed.