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 |