Oil & Gas Divestment
Globally significant asset managers / owners with assets under management (AuM) greater than US$50 billion, and banks and insurers / reinsurers with AUM or loans outstanding larger than US$10 billion are restricting fossil fuel lending to oil, LNG, gas, oil sands and arctic drilling.
Global Financial Institution | Type | Country and/or Headquarters | Finance Restrictions | Commitment to reduce total fossil fuel exposure and/or align with 1.5-2.0°C | Restrictions Introduced | Latest Restrictions |
---|---|---|---|---|---|---|
ABN AMRO | Bank | Netherlands | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2018-11 | |
ABP / APG | Pension Fund | Netherlands | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2021-10 | |
Achmea Group | Insurer / Reinsurer | Netherlands | Oil sands | 2020-06 | 2021-01 | |
Aegon N.V. | Insurer / Reinsurer | Netherlands | Oil 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 Bank | Côte d’Ivoire | Arctic drilling | Aligning with 1.5-2.0°C | 2019-09 | |
Agence française de développement (AFD) | Multinational Development Bank | France | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2019 | |
AIG | Insurer / Reinsurer | U.S. | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2022-03 | |
ASR NL | Insurer / Reinsurer | Netherlands | Oil sands | 2020-06 | ||
ATP | Asset Manager / Owner | Denmark | Oil sands | 2020-02 | ||
AXA | Insurer / Reinsurer | France | Oil sands Arctic drilling |
Aligning with 1.5-2.0°C | 2017-12 2020-06 |
2021-10 |
AXIS Capital | Insurer / Reinsurer | Bermuda | Oil sands | Reducing total fossil fuel exposure | 2020-01 | 2021-01 |
Banco Santander, S.A. | Bank | Spain | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2018-11 | 2021-02 |
Bank of America | Bank | US | Arctic drilling | 2020-12 | ||
Bank of Montreal (BMO) | Bank | Canada | Arctic drilling | 2020-10 | ||
Banque de France (BdF) | Central Bank | France | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2019 | 2021-01 |
Barclays | Bank | UK | Arctic drilling | Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2020-04 | |
Bayerische Landesbank (BayernLB) | Bank | Germany | Oil sands Arctic drilling |
Reducing total fossil fuel exposure | 2019-12 | |
Belfius Bank | Insurer / Bank | Belgium | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2019-12 | |
BNP Paribas | Bank | France | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2017-10 | |
Caisse de dépôt et placement du Québec (CDPQ) | Asset Manager | Canada | Oil sands Arctic drilling |
Reducing total fossil fuel exposure | 2021-09 | |
Caisse des Dépôts et Consignations (CDC) | Asset Manager | France | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2021-01 | |
CaixaBank | Bank | Spain | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2019-02 | |
CDC Group | Development Finance Institution | UK | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2020-07 | |
Citigroup | Bank | US | Arctic drilling | Reducing total fossil fuel exposure | 2020-04 | |
Crédit Agricole Group | Bank | France | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2017-12 | |
Crédit Mutuel Asset Management | Asset Manager | France | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2020-02 | |
Credit Suisse Group | Bank | Switzerland | Arctic drilling | Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2020-07 | |
Deutsche Bank | Bank | Germany | Oil sands Arctic drilling |
Reducing total fossil fuel exposure | 2020-07 | |
European Bank for Reconstruction and Development (EBRD) | Multilateral Development Bank | London | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2018-12 | |
European Investment Bank (EIB) | Multilateral Development Bank | Luxembourg | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2019-11 | |
FMO (Dutch Development Bank) | Development Finance Institution | Netherlands | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2020-11 | 2021-06 |
Folksam Group | Insurer / Reinsurer | Sweden | Oil sands Arctic drilling |
Reduced exposure to energy sector within its international equity portfolio by around 50%. | 2019-05 | 2021-01 |
Generali Group | Insurer / Reinsurer | Italy | Oil sands | Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2020-03 | 2021-06 |
Goldman Sachs | Bank / Asset Manager | US | Arctic drilling | 2019 | ||
Government Pension Fund Global (GPFG) | Asset Manager / Owner | Norway | General 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 / Reinsurer | France | Oil sands | 2019-12 | ||
Hannover Re / Talanx Group | Insurer / Reinsurer | Germany | Oil sands Arctic drilling |
Reducing total fossil fuel exposure | 2019-11 | 2021-12 |
HSBC Holdings | Bank | UK | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2020-02 2021-12 |
2022-02 |
ING Group | Bank | Netherlands | Oil sands Arctic drilling Will no longer finance upstream conventional oil and gas projects approved after December 2021. |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2019-06 | 2022-03 |
Inter-American Development Bank (IDB) | Bank | US | Oil sands Arctic drilling |
2020-09 | ||
Intesa Sanpaolo S.p.A. | Bank | Italy | Oil sands Arctic drilling |
2021-07 | ||
JPMorgan Chase & Co. | Bank | US | Arctic drilling | 2020-02 | ||
KBC Group | Bank | Belgium | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2020-11 | |
KfW | Development Finance Institution | Germany | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2020-11 | |
KLP | Pension Fund | Norway | Oil sands | Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2019-10 | |
Landesbank Baden-Württemberg (LBBW) | Bank | Germany | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2019-03 | |
Länsförsäkringar | Insurer / Reinsurer | Sweden | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2020-11 | |
Laurentian Bank | Bank | Canada | Oil sands Arctic drilling |
Reducing total fossil fuel exposure | 2021-12 | |
Lloyds Banking Group | Bank | UK | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2020-01 | 2021-10 |
MAPFRE | Insurer / Reinsurer | Spain | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2022-02 | 2021-12 |
MetLife | Insurer / Reinsurer | US | Oil sands | 2020-07 | ||
Morgan Stanley | Bank | US | Arctic drilling | 2020-05 | 2020-12 | |
Munich Re | Insurer / Reinsurer | Germany | Oil sands | Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2019-12 | |
National Australia Bank (NAB) | Bank | Australia | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2019-12 | |
Natixis | Insurer / Reinsurer | France | Oil 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) | Bank | UK | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2020-07 | 2022-02 |
Nedbank | Bank / Asset Manager | South Africa | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2021-04 | |
NN Group (Nationale-Nederlanden) | Insurer / Reinsurer | Netherlands | Oil sands | Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2019-05 | |
Nordea | Bank | Finland | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2019-05 | 2021-02 |
Pensioenfonds van de Metalektro (PME) | Asset Manager | Netherlands | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2021-09 | |
Pensioenfonds Zorg en Welzijn (PFZW) | Pension Fund | Netherlands | Oil sands | 2022-02 | ||
Pension Insurance Corporation (PIC) | Asset Manager | UK | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2021-07 | |
Rabobank | Bank | Netherlands | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2020-04 | |
Robeco | Asset Manager | Netherlands | Oil sands Arctic drilling |
Aligning with 1.5-2.0°C | 2019-09 | |
Royal Bank of Canada (RBC) | Bank | Canada | Arctic drilling | 2020-10 | ||
RSA Insurance Group | Insurer / Reinsurer | UK | Oil sands Arctic drilling |
Aligning with 1.5-2.0°C | 2020-01 | |
SCOR | Insurer / Reinsurer | France | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2019-07 | |
Scotiabank | Bank | Canada | Arctic drilling | 2020-12 | ||
Société Générale | Bank | France | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2018-05 | |
Standard Bank Group | Bank | South Africa | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2022-03 | |
Standard Chartered | Bank | UK | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2020 | |
Storebrand | Asset Manager / Owner | Norway | Oil sands | Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2020-08 | |
Suncorp Group | Insurer / Reinsurer | Australia | Will stop financing overall oil and gas sector | Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2020-08 | |
Svenska Handelsbanken AB | Bank | Sweden | Has removed all oil and gas from its funds Oil sands Arctic drilling |
Aligning with 1.5-2.0°C | 2020-03 | 2021-06 |
Swedbank | Bank | Sweden | Arctic drilling | 2021-02 | ||
Swiss Re | Insurer / Reinsurer | Switzerland | Oil sands Arctic drilling From July 2023, will no longer provide insurance cover for oil and gas companies responsible for the world’s 10% most carbon-intensive oil and gas production. The policy leaves a large set of carbon-intensive companies where it can keep investing. |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2022-03 | |
TD Bank Group | Bank | Canada | Arctic drilling | Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2020-11 | |
The Hartford Financial Services Group | Insurer / Reinsurer | US | Oil sands | 2019-12 | 2021-11 | |
The World Bank | Multilateral Development Bank | Washington | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2017-12 | |
UBS | Bank / Asset Manager | Switzerland | Oil sands Arctic drilling |
Reducing total fossil fuel exposure | 2020-03 | |
UniCredit | Bank | Italy | Oil sands Arctic drilling |
2019-09 2022-01 |
2022-02 | |
Varma Mutual Pension Insurance Company | Insurer / Reinsurer | Finland | Oil sands Arctic drilling |
Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2019-11 | |
Wells Fargo | Bank | US | Arctic drilling | Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2020-03 | |
Zurich Insurance Group | Insurer / Reinsurer | Switzerland | Oil sands | Reducing total fossil fuel exposure Aligning with 1.5-2.0°C |
2019-06 |