One of world’s biggest pension funds to stop investing in fossil fuels
One of the world’s largest pension funds, ABP, is selling its €15bn-worth of holdings in fossil fuel companies, including Royal Dutch Shell, claiming it had been unable to persuade the sector to transition quickly enough towards decarbonisation.
Corien Wortmann-Kool, the chair of ABP, the Dutch pension fund for civil servants and teachers, said it would no longer invest in producers of oil, gas and coal, and that it would dispense with its current investments in those sectors by the first quarter of 2023.
The fund said it did not expect the decision to have a negative impact on long-term returns for its pension customers. It will invest instead in electricity companies, the car industry and aviation but Wortmann-Kool claimed the fund would be
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