Pensioenfonds Zorg en Welzijn (PFZW) has sold interests in fossil companies for 303 million euros. It concerns 78 companies, including Dana Gas, Diamondback Energy and Vivo Energy, that did not meet the fund’s climate requirements.
The sale is part of a two-year program aimed at encouraging the fossil sector to bring its activities more quickly into line with the Paris Climate Agreement. If companies do not meet the climate targets set after a deadline, PFZW will sell its interests.
Earlier this month it was announced that civil servants’ pension fund ABP has sold no less than 9 billion euros in fossil pension investments since October 2021.
According to PFZW chairman Joanne Kellermann, a rapid energy transition due to the invasion of Ukraine and the sharp rise in energy prices has never been more important.
“We will continue with our approach we started last year to put pressure on the fossil energy sector. It is not just about selling investments in companies, because that in itself does not contribute to solving the climate issue. That is why we are also putting our power as a shareholder to move the fossil sector to a faster transition to renewable energy.”
