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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

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