Swedish pension fund AP1 divests from all fossil fuels

By Clara McDonnell July 1, 2020

On 16 March, 2020, the 34.1 billion EUR Swedish pension fund AP1 announced its decision to divest from all fossil fuels, something that the Swedish campaign Divestera AP-fonderna has been requesting from all AP-funds since 2016. The campaign is satisfied to see a full divestment, including gas, and believe that the other AP-funds will follow shortly suit. AP1 are expected to sell all stock holdings in ExxonMobil, BHP Billiton, CNOOC, Tatneft, Petrobras, as well as stock in approximately 20 additional oil and gas companies. 

The divestment was made both due to financial risks as well as the fact that fossil fuel investment “hampers the work to reach the goals of the Paris agreement”. AP1 stated that continued investment in fossil fuels increases financial risk exposure of pension funds. 

Source: https://www.ap1.se/en/news/ap1-divests-from-fossil-fuels/