Skip to main content

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.
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
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.
 

2019-06

Join our newsletter

Keep up to date with all the latest from IEEFA