Netherlands. PFZW divests from 114 fossil fuel companies
Pensioenfonds Zorg en Welzijn, Zeist, Netherlands, sold its holdings in 114 fossil fuel companies at a value of €470 million ($468 million) because they did not yet have plans to reduce their carbon emissions.
The pension fund said in a notice on its website that it had also entered into discussions with 13 major fossil fuel companies, such as Shell and BP, about their climate ambitions and how they will be net-zero by 2050.
Starting in 2024, PFZW will only invest in fossil fuel companies that comply fully with the Paris Agreement on climate change and that have set targets for the short and medium terms.
PFZW also votes at shareholder meetings and on proposals by climate action groups.
“We sell the companies that do not take sufficient steps to align with the Paris climate agreement,” the notice said.
PFZW is now looking at which companies will commit themselves to the targets of the Paris Agreement and contribute to preventing global warming. “In 2023, we will sell the laggards,” the notice added.
PFZW has €217.6 billion in assets. How the divested assets were reinvested could not immediately be learned.
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