AMSTERDAM, Feb 8 (Reuters) - Dutch healthcare workers' pension fund PFZW on Thursday said it had sold almost all its holdings in fossil fuel companies, including oil majors Shell SHEL.L , BP BP.L and TotalEnergies TTEF.PA , for lack of a credible climate strategy.
PFZW, with 237.8 billion euros ($256.4 billion) in assets, said it sold shares in 310 companies for a total 2.8 billion euros.
It kept shares in only seven oil and gas companies that it said showed a credible strategy to transition from fossil fuels to sustainable energy.
Those include Neste Oyj NESTE.HE , Galp Energia GALP.LS , Cosan and Worley Ltd (WOR) .
Its decision followed an announcement two years ago that the fund would disinvest by 2024 from any fossil fuel company that didn't have a "convincing and verifiable" strategy to reach the goals laid out in the Paris Climate Change agreement.
"Intensive talks with the sector have made it clear that most fossil fuel companies are not prepared to change their business model," PFZW Chair Joanne Kellerman said.
"Even though the largest companies in the sector do invest in sustainable energy, the switch from fossil to renewable is not going fast enough," Kellerman said.
PFZW said it would significantly increase its investments in companies that work on energy transition.
($1 = 0.9276 euros)
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$13.49 |
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-0.190(1.39%) |
Mkt cap ! $6.961B | |||
| Open | High | Low | Value | Volume |
| $13.65 | $13.76 | $13.32 | $33.38M | 2.472M |
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| No. | Vol. | Price($) |
|---|---|---|
| 2 | 1705 | $13.42 |
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| Price($) | Vol. | No. |
|---|---|---|
| $13.49 | 10000 | 1 |
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| WOR (ASX) Chart |