Exiting oil/gas

Finance is exiting oil and gas 

To date, over 100 and counting globally significant financial institutions have announced their divestment from coal.

Now they’re exiting oil, gas, arctic drilling and tar sands.

Many have also committed to reducing their total fossil fuel exposure to align with the Paris Agreement’s target of 1.5 – 2 degrees celsius.

The questions is, who’s next?

Progress

Central Banks
Development Finance Institutions
Multilateral Development Banks
Asset Managers / Owners
Export Credit Agencies
Insurers / Reinsurers
Global Banks (Private)

We will not be making additional investments in coal plants

Ayala Corp President Eric Francia

You talk to anyone at the moment, they say there’s no money

Boris Kamstra, executive director, Alphamin Resources

To pull millions out of poverty, we need reliable and affordable electricity

Up until now, that has meant burning coal. This cannot continue.

José Viñals, Chairman, Standard Chartered

We are aware that financial institutions are adopting policies that restrict coal financing

Enea’s CEO, Miroslaw Kowalik

The trend in financial markets is that you see fewer and fewer investors still willing to fund fossil fuels

Eskom CEO Phakamani Hadebe

Even for companies that have good projects it’s very difficult for them to raise any money in these markets

Caroline Donally, managing director, Denham Capital

By going coal free, we are sending a strong signal on the urgency of shifting from fossil to renewable energy

KLPs CEO Sverre Thornes

631 institutional investors with more than $37 trillion in assets

are urging governments to phase out thermal coal power worldwide, put a price on carbon, end subsidies for fossil fuels, and strengthen nationally-determined contributions

The Investor Agenda, December 2019

Global Financial InstitutionTypeCountry and/or HeadquartersFinance RestrictionsCommitment to reduce total fossil fuel exposure and/or align with 1.5-2.0°CRestrictions IntroducedLatest Restrictions
ABN AMROBankNetherlandsOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2018-11
Achmea GroupInsurer / ReinsurerNetherlandsOil sands2020-062021-01
Aegon N.V.Insurer / ReinsurerNetherlandsOil sands Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-01
African Development Bank Group (Banque Africaine de Développement) (AfDB)Multilateral Development BankCôte d’IvoireArctic drilling Aligning with 1.5-2.0°C2019-09
Agence française de développement (AFD)Multinational Development BankFranceOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2019
ASR NLInsurer / ReinsurerNetherlandsOil sands 2020-06
ATPAsset Manager / OwnerDenmarkOil sands2020-02
AxaInsurer / ReinsurerFranceOil sands Aligning with 1.5-2.0°C2017-12
AXIS CapitalInsurer / ReinsurerBermudaOil sandsReducing total fossil fuel exposure 2020-012021-01
Banco Santander, S.A.BankSpainOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2018-112021-02
Bank of AmericaBankUSArctic drilling2020-12
Bank of Montreal (BMO)BankCanadaArctic drilling2020-10
Banque de France (BdF)Central BankFranceOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
20192021-01
BarclaysBankUKArctic drilling Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-04
Bayerische Landesbank (BayernLB)BankGermanyOil sands
Arctic drilling
Reducing total fossil fuel exposure 2019-12
Belfius BankInsurer / BankBelgiumOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2019-12
BNP ParibasBankFranceOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2017-10
Caisse des Dépôts et Consignations (CDC)Asset ManagerFranceOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2021-01
CaixaBankBankSpainOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2019-02
CDC GroupDevelopment Finance InstitutionUKOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-07
CitigroupBankUSArctic drillingReducing total fossil fuel exposure2020-04
Crédit Agricole GroupBankFranceOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2017-12
Crédit Mutuel Asset ManagementAsset ManagerFranceOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-02
Credit Suisse GroupBank
SwitzerlandArctic drillingReducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-07
Deutsche BankBankGermanyOil sands
Arctic drilling
Reducing total fossil fuel exposure2020-07
European Bank for Reconstruction and Development (EBRD)Multilateral Development BankLondonOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2018-12
European Investment Bank (EIB)Multilateral Development BankLuxembourgOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2019-11
FMO (Dutch Development Bank)Development Finance InstitutionNetherlandsOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-112021-06
Folksam GroupInsurer / ReinsurerSwedenOil sands
Arctic drilling
Reduced exposure to energy sector within its international equity portfolio by around 50%.2019-052021-01
Generali GroupInsurer / ReinsurerItalyOil sandsReducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-032021-06
Goldman SachsBank / Asset ManagerUSArctic drilling2019
Government Pension Fund Global (GPFG)Asset Manager / OwnerNorwayGeneral exclusion of all oil and gas exploration firms globally. Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-09
Groupe des Assurances Mutuelles Agricoles (Groupama)Insurer / ReinsurerFranceOil sands 2019-12
Hannover Re / Talanx GroupInsurer / ReinsurerGermanyOil sandsReducing total fossil fuel exposure 2019-11
HSBC HoldingsBankUKOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-02
ING GroupBankNetherlandsOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2019-06
Inter-American Development Bank (IDB)BankUSOil sands
Arctic drilling
2020-09
JPMorgan Chase & Co.BankUSArctic drilling2020-02
KBC GroupBankBelgiumOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-11
KfWDevelopment Finance InstitutionGermanyOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-11
KLPPension FundNorwayOil sandsReducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2019-10
Landesbank Baden-Württemberg (LBBW)BankGermanyOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2019-03
LänsförsäkringarInsurer / ReinsurerSwedenOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-11
Lloyds Banking GroupBankUKOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-01
MAPFREInsurer / ReinsurerSpainOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-12
MetLifeInsurer / ReinsurerUSOil sands 2020-07
Morgan StanleyBankUSArctic drilling2020-052020-12
Munich ReInsurer / ReinsurerGermanyOil sandsReducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2019-12
National Australia Bank (NAB)BankAustraliaOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2019-12
NatixisInsurer / ReinsurerFranceOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2018-11
NatWest Group (formerly The Royal Bank of Scotland Group)BankUKOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-07
NedbankBank / Asset ManagementSouth AfricaOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2021-04
NN Group (Nationale-Nederlanden)Insurer / ReinsurerNetherlandsOil sandsReducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2019-05
NordeaBankFinlandOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2019-052021-02
Pensioenfonds Zorg en Welzijn (PFZW)Pension FundNetherlandsOil sands
2020-08
Pension Insurance Corporation (PIC)Asset ManagerUKOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2021-07
RabobankBankNetherlandsOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-04
RobecoAsset ManagerNetherlandsOil sands
Arctic drilling
Aligning with 1.5-2.0°C2019-09
Royal Bank of Canada (RBC)BankCanadaArctic drilling2020-10
RSA Insurance GroupInsurer / ReinsurerUKOil sands
Arctic drilling
Aligning with 1.5-2.0°C2020-01
SCORInsurer / ReinsurerFranceOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2019-07
ScotiabankBankCanadaArctic drilling2020-12
Société GénéraleBankFranceOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2018-05
Standard CharteredBankUKOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020
StorebrandAsset Manager / OwnerNorwayOil sands Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-08
Suncorp GroupInsurer / ReinsurerAustraliaWill stop financing overall oil and gas sectorReducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-08
Svenska Handelsbanken ABBankSwedenHas removed all oil and gas from its funds
Oil sands
Arctic drilling
Aligning with 1.5-2.0°C2020-032021-06
SwedbankBankSwedenArctic drilling2021-02
TD Bank GroupBankCanadaArctic drillingReducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-11
The Hartford Financial Services GroupInsurer / ReinsurerUSOil sands2019-12
The World BankMultilateral Development BankWashingtonOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2017-12
UBSBank / Asset ManagerSwitzerlandOil sands
Arctic drilling
Reducing total fossil fuel exposure 2020-03
UniCreditBankItalyOil sands
Arctic drilling
2019-09
Varma Mutual Pension Insurance CompanyInsurer / ReinsurerFinlandOil sands
Arctic drilling
Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2019-11
Wells FargoBankUSArctic drillingReducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2020-03
Zurich Insurance GroupInsurer / ReinsurerSwitzerlandOil sands Reducing total fossil fuel exposure
Aligning with 1.5-2.0°C
2019-06

Note

* Globally significant financial institutions are defined as banks and insurers / reinsurers with AUM>US$10billion.

Insurance companies divest coal investments across their asset portfolio and restrict the provision of insurance, while banks restrict lending and underwriting to coal companies or projects.

IEEFA will continue to monitor announcements and will add or delete institutions pending implementation of said announcements.

‘ This exclusion only applies to the Banque de France’s “own funds” and pension fund.

Exclusions

Significant financial institutions are restricted from this tally if they have AUM<US$10billion, and/or the institution’s announcement has not been followed up with public disclosure, and/or the restrictions are selectively limited.

Those excluded include:

 Japan International Cooperation Agency (JICA) and Nippon Export and Investment Insurance (NEXI) due to flouting the OECD policy it is following.

FMO has assets of US$10bn.

Macif & Oslo has AUM<US$10bn.

Goldman Sachs and Wells Fargo as their policies are weak.

Japanese insurers have had no divestment.

The Swiss Investment Fund for Emerging Markets (SIFEM) has AUM of only US$1bn.

Iceland’s DFI as IEEFA is unable to find any information on size.

Bank Australia / Bendigo Bank have AUM<US$10bn.

A number of smaller Export Credit Agencies are not included: Belgium, Czechia, Greece, Hungary, Israel, Latvia, Luxembourg, Netherlands, New Zealand, Portugal, Slovak Republic, Slovenia and Sweden.