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.
| Institution | Type | Headquarters | Restrictions | Commitment | Introduced | Latest |
|---|---|---|---|---|---|---|
|
ABN AMRO |
Bank |
Netherlands |
Oil sands. |
Reducing total fossil fuel exposure. |
|
2018-11 |
|
ABP / APG |
Pension Fund |
Netherlands |
Oil sands. |
Reducing total fossil fuel exposure. |
|
2021-10 |
|
Achmea Group |
Insurer / Reinsurer |
Netherlands |
Oil sands |
|
2021-01 | |
|
Aegon N.V. |
Insurer / Reinsurer |
Netherlands |
Oil sands |
Reducing total fossil fuel exposure. |
|
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 | |
| Allianz | Insurer / Reinsurer | Germany | Oil sands. Arctic drilling. Wider oil/gas restriction. In exploration and development of new oil and new gas fields (upstream), construction of new midstream infrastructure related to oil, construction of new oil power plants and other unconventional exploration such as relating to Antarctic, coal-bed methane, extra-heavy oil and oil sands, as well as ultra-deep sea. |
Reducing total fossil fuel exposure. Aligning with 1.5-2.0°C. |
2022-05 | |
| 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. Wider oil/gas restrictions. Will not provide any financial product/services to any oil/gas extraction projects/activities, new oil upstream clients, Arctic drilling, oil upstream greenfield projects, tar sands, fracking or coal bed methane, companies with more than 30% exposure in unconventional oil/gas exploration. |
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. Wider oil/gas restrictions. Will no longer finance or invest in companies with more than 10% of their activities in tar sands and shale oil and gas, nor finance any oil and gas projects and related infrastructure in the Arctic and Amazon regions. By 2025, 12% reduction of its credit exposure to the upstream oil and gas industry and a 25% reduction to the upstream oil industry, versus 2020. |
Reducing total fossil fuel exposure. Aligning with 1.5-2.0°C. |
2017-10 | 2022-05 |
| 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 | |
| Citigroup | Bank | US | Arctic drilling | Reducing total fossil fuel exposure | 2020-04 | |
| Crédit Agricole Group | Bank | France | Oil sands. Arctic drilling. Ceasing all financing for new projects directly related to unconventional hydrocarbons, and for new oil or gas projects in the Arctic. |
Reducing total fossil fuel exposure. Aligning with 1.5-2.0°C |
2017-12 | 2022-06 |
| 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 | |
| E.Sun Financial Holding | Bank | Taiwan | Oil sands. Arctic drilling. Will not finance and invest in unconventional oil/gas exploration activities and companies generating more than 5% of their revenue from such activities. Will have no exposure to the sector by 2035. |
Aligning with 1.5-2.0°C. | 2022-05 | |
| 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. Wider oil/gas restrictions. No longer financing 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 |
| Nordic Investment Bank (NIB) | Multilateral Development Bank | Finland | Oil sands. Arctic drilling. |
Reducing total fossil fuel exposure. Aligning with 1.5-2.0°C. |
2021-11 | |
| 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 | |
| Skandinaviska Enskilda Banken AB (SEB) | Bank | Sweden | Oil sands. Arctic drilling. |
Reducing total fossil fuel exposure. Aligning with 1.5-2.0°C. |
2021-02 | |
| Sompo Holdings Inc | Insurer / Reinsurer | Japan | Oil sands. Arctic drilling. Will stop underwriting new policy or investment for tar sands and energy exploration projects in Arctic National Wildlife Refuge. |
2022-05 | ||
| 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 | Oil sands. Arctic drilling. Wider oil/gas restrictions. Has removed all oil and gas from its funds. Will not directly finance new or expansion of existing extraction of both conventional and ‘unconventional’ oil or gas, or any infrastructure directly linked. Will not initiate any new business relationships with or provide financing to companies or Groups active in the extraction of oil or gas, or in the construction of infrastructure directly linked. With the exception of unconventional extraction, exemptions can be made for companies that are active in oil and gas, if they are deemed to be companies in transition. |
Reducing total fossil fuel exposure. Aligning with 1.5-2.0°C. |
2020-03 2021-06 |
2022-05 |
| 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. |