Dutch pension fund ABP will divest 15 billion euros ($17.5 billion) of investments in fossil fuel producers by 2023, it said on Tuesday, as many of the world’s biggest investors set out new climate policies ahead of next week’s COP26 summit.

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With policymakers gearing up for the talks aimed at accelerating action on global warming, financial firms from across the world are announcing new steps to help support the efforts.

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ABP’s move marks a major turnaround for one of the world’s biggest pension funds, which said as recently as June that exiting fossil fuel investments was “not the solution” to global warming.

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Many companies are pledging to get to net-zero greenhouse gas emissions by the middle of this century in line with the aims of the Paris Agreement on climate, though activists are concerned the pace of change is too slow.

On Tuesday, Fidelity International became the latest asset manager to announce shorter-term decarbonisation targets, planning to halve emissions from its investment portfolio by 2030.

“As a responsible investor, we must understand the carbon footprint of the portfolios we manage for our clients and work with the companies we invest in to reduce emissions,” said Fidelity International’s Global Head of Stewardship and Sustainable Investing Jenn-Hui Tan.

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