Fossil Free _ Sweden_s National Pension Fund to Divest From 20 Fossil Fuel Companies
3
)RVVLO )UHH ± 6ZHGHQ¶V QDWLRQDO SHQVLRQ IXQG WR GLYHVW IURP IRVVLO IXHO FRPSDQLHV KWWSJRIRVVLOIUHHRUJVZHGHQVQDWLRQDOSHQVLRQIXQGWRGLYHVWIURPIRVVLOIXHOFRPSDQLHV Fossil Free About Latest News Take action Contact Media Sweden’s national pension fund to divest from 20 fossil fuel companies Louise Hazan October 20, 2014 GÖTEBORG, Sweden- The international divestment movement and the Swedish fair pension campaign #schysstapensioner campaign are celebrating a major win today as the Second AP Fund – one of several Swedish national pension funds – announced it would begin divesting from fossil fuels. In a move designed to reduce the financial risks of its investments in fossil fuel-based energy, the Second AP Fund announced today it will no longer have investments in 12 coal and 8 oil-and-gas production companies. This represents a divestment of holdings with a total market value of about SEK 840 million (€91 million or $116 million). Following a comprehensive risk analysis of all Second AP Fund holdings in fossil-fuel based energy companies, based on climate impact, the Fund has decided that divestment was the prudent option. “Our starting point for this analysis has been to determine the financial risks associated with the energy sector. By not investing in a number of companies, we are reducing our exposure to risk constituted by fossil-fuel based energy. This decision will help to protect the Fund’s long-term return on investment,” says Eva Halvarsson, CEO of the Second AP Fund. The majority of the turnover generated by the coal-production companies identified in the Fund’s analysis derives from the sale of thermal coal. These companies face considerable climate-related financial risk, due to the negative environmental and health impacts of coal, which affect demand. Furthermore, coal-powered electricity production is subject to competition from gas and renewable energy. In the case of oil-and-gas companies, the Fund had “identified a number of companies featuring substantial exposure in high-cost projects, such as oil-extraction from oil sands. The Fund believes these companies face serious climate-related financial risks and that it is highly likely that these projects may either be stranded or unprofitable”. Share Tweet
description
carbon
Transcript of Fossil Free _ Sweden_s National Pension Fund to Divest From 20 Fossil Fuel Companies
8/14/2015 Fossil Free – Sweden’s national pension fund to divest from 20 fossil fuel companies
http://gofossilfree.org/swedens-national-pension-fund-to-divest-from-20-fossil-fuel-companies/ 1/3
Fossil FreeAbout
Latest News
Take action
Contact
Media
Sweden’s national pension fund to divest from 20 fossilfuel companies
Louise Hazan October 20, 2014
GÖTEBORG, Sweden- The international divestment movement and the Swedish fairpension campaign #schysstapensioner campaign are celebrating a major win today as theSecond AP Fund – one of several Swedish national pension funds – announced it wouldbegin divesting from fossil fuels.
In a move designed to reduce the financial risks of its investments in fossil fuel-basedenergy, the Second AP Fund announced today it will no longer have investments in 12 coaland 8 oil-and-gas production companies. This represents a divestment of holdings with atotal market value of about SEK 840 million (€91 million or $116 million).
Following a comprehensive risk analysis of all Second AP Fund holdings in fossil-fuelbased energy companies, based on climate impact, the Fund has decided that divestmentwas the prudent option.
“Our starting point for this analysis has been to determine the financial risks associatedwith the energy sector. By not investing in a number of companies, we are reducing ourexposure to risk constituted by fossil-fuel based energy. This decision will help toprotect the Fund’s long-term return on investment,” says Eva Halvarsson, CEO of theSecond AP Fund.
The majority of the turnover generated by the coal-production companies identified in theFund’s analysis derives from the sale of thermal coal. These companies face considerableclimate-related financial risk, due to the negative environmental and health impacts ofcoal, which affect demand. Furthermore, coal-powered electricity production is subject tocompetition from gas and renewable energy.
In the case of oil-and-gas companies, the Fund had “identified a number of companiesfeaturing substantial exposure in high-cost projects, such as oil-extraction from oil sands.The Fund believes these companies face serious climate-related financial risks and that itis highly likely that these projects may either be stranded or unprofitable”.
Share Tweet
8/14/2015 Fossil Free – Sweden’s national pension fund to divest from 20 fossil fuel companies
http://gofossilfree.org/swedens-national-pension-fund-to-divest-from-20-fossil-fuel-companies/ 2/3
The Fund’s holdings in the 20 companies that have been identified amount to a totalmarket value of about SEK 840 million.
“Today’s announcement shows the writing is on the wall for the fossil fuel industry. TheSecond AP fund has taken an important first step in recognising that it’s financiallyirresponsible to invest money that is meant to provide for people’s futures in the verycompanies fuelling the climate crisis that threatens this future. All AP Funds need tofollow their lead now by phasing out investments in fossil fuels and supporting a justtransition to a livable future instead.” Olivia Linander, Fossil Free Sweden campaigncoordinator
Sign up!Stay up to date with latest from the fossil fuel divestment movement!
Country
GET UPDATES
Be the first of your friends to like this
Fossil Free
Groundbreaking report hit thenewsstands today that shows moreclearly than ever the writing on the wall:Fossil fuels are history.Take action: If you live in California, tellyour Assembly Member to back thisimportant coal divestment bill
15 hrs
Fossil Free18,518 likes
Like Page Sign Up
8/14/2015 Fossil Free – Sweden’s national pension fund to divest from 20 fossil fuel companies
http://gofossilfree.org/swedens-national-pension-fund-to-divest-from-20-fossil-fuel-companies/ 3/3
Now's the time to #divest! If you live in California, take action here: fossilfreeca.org/sb185 @FossilFreeCA twitter.com/kdeleon/status…
Fossil Free @GoFossilFree
Expand
New report by @TrilliumAM shows more clearly than ever the writing on the wall: Fossil fuels = history #divest #sb185 pic.twitter.com/wSbrmmaUyk
Fossil Free @GoFossilFree
13h
14h
Tweets Follow
Tweet to @GoFossilFree
Fossil Free
About
Contact
Media
