Europe’s biggest pension fund, ABP of the Netherlands, announced earlier this week that it will sell off all of its fossil fuels investments by 2023.
Europe’s biggest pension fund, ABP of the Netherlands, announced earlier this week that it will sell off all its fossil fuels investments by 2023. With ABP’s current fossil fuel holdings valued at about $17.4 billion, the move is one the largest divestments ever announced by a pension fund.
Corien Wortmann-Kool, ABP’s chair, told the Financial Times that the fund decided to abandon fossil fuel investments because it realized it didn’t have the leverage as a shareholder to push fossil fuel companies for a “significant acceleration of the energy transition.”
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