• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 2 days Even Shell Agrees with Climate Change!
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 9 days America should go after China but it should be done in a wise way.
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 4 days World could get rid of Putin and Russia but nobody is bold enough
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Dutch Fund Keeps Shell, BP in Portfolio as it Dumps 40 Other Oil Firms

Dutch pension fund Pensioenfonds Metaal & Techniek (PMT) is divesting from 40 oil and gas companies, but will keep its investments in Shell and BP and seven other energy firms as it sees the nine companies as “the most promising” for PMT in the sector.

PMT will continue to invest in Aker BP, BP, Enbridge, Eni, Equinor, Galp Energia, Neste Oyj, OMV, and Shell as it “bid goodbye” to 40 other oil and gas firms, the pension fund said on Friday.

Those nine companies meet PMT’s requirements—to have publicly stated an ambition to achieve net-zero emissions by 2050 and unveil substantiated action plans to cut emissions, the fund said.

“PMT is confident in continuing constructive engagement with these companies towards a 1.5 degree world,” it said.

“We think it is important that multinationals like Shell, despite moving slowly through the energy transition for now, are part of the solution,” Hartwig Liersch, PMT’s director of investments, said in a statement. 

Climate change is the single largest motivation of investment institutions to decide to exclude companies from their portfolios, a newly launched ‘exclusion tracker’ showed earlier this year.

Investors have become increasingly wary of investing in ‘sin industries’, which for many now include fossil fuel companies alongside the weapons and tobacco sectors.

Pension funds and other institutional investors in Europe have excluded some major oil and gas companies from their portfolios, while some European banks have scaled back financing for fossil fuel projects.

Not all investors are dumping fossil fuels—some believe that owning stocks could help them influence decisions at oil and gas firms regarding emissions reductions. Not all banks are ditching financing for oil and gas, either.

Yet, many investors have excluded stocks of oil and gas companies in recent years due to concerns about the impact the business of fossil fuels has on climate.

ADVERTISEMENT

By Tom Kool for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on December 01 2023 said:
    Huge fan of Royal Ahold. *WAY* better than Wal-Mart even Publix but posting up against Kroger will not be easy.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News