Sweden’s largest pension fund just gave Exxon Mobil and other energy giants a stinging slap on the face

Nordic.businessinsider.com | Published June 19th, 2017

By Tom Turula

In a pioneering move, Sweden’s largest pension fund, AP7, has sold its investments in six energy companies that it says breach the Paris climate agreement, Reuters reports.

AP7 said on Thursday that it had sold its holdings in ExxonMobil, Westar, Southern Corp and Entergy because they have lobbied against introducing climate legislation in the United States.

In addition to the four American energy giants, AP7 will divest itself of Russian oil giant Gazprom for its pursuit of the black gold in the Arctic, and TransCanada for building large-scale pipelines in North America.

“Since the last screening in December 2016, the Paris agreement to the U.N. Climate Convention is one of the norms we include in our analysis,” the company said in a statement.

The fund also said it will not make any new investments in companies that resist the Paris climate accord.

“We have been vocal in our support of the Paris climate agreement, which we believe is an effective global framework for mitigating the risk of climate change,” the company said in an emailed statement to Reuters.

Exxon ‘respectfully disagreed’ with AP7’s decision, whereas Entergy pointed to its recent initiatives to fight climate change: “In 2016, our CO2 emissions were approximately 20 percent below our year 2000 emissions,” the company said, according to Reuters.

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