ABP pension fund will stop investing in fossil fuel producers. The pension fund for civil servants and teachers says that, among other things: the recent report of the UN climate panel IPCC the reason for this decision. With 3 million participants, ABP is the largest pension fund in the Netherlands.
At the end of last year, ABP had invested more than 15 billion euros in fossil fuel producers, such as the large oil and gas companies Shell, BP, ExxonMobil and Gazprom. The value of the shareholding in Shell was end of 2020 431 million euros.
After the first three months of 2023, the majority of investments in fossil fuel producers will have been sold, the pension fund expects.
Criticism
The ‘fossil’ investments of pension funds, including ABP, have been under a magnifying glass for some time. A growing number ABP pensioners is critical of it, although it is still a small group out of a total of three million participants.
In April this year, for example, a petition was handed over by the 21 water boards for a climate-neutral pension. A group of officials did the same last November.
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