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.

read more>>


Upcoming Events & Seminars

More Events »

Whipp Tips & News

Switch IPO the latest to limit investor voting rights

As many of 15 percent of U.S. IPOs in recent years have used dual share classes meant to give insiders outsized voting rights, according to the Council of Institutional Investors.

Details »

Wells Fargo executives, board must face lawsuit over fake accounts, federal judge says

http://www.reuters.com/article/us-wells-fargo-accounts-decision/wells-fargo-executives-board-must-face-lawsuit-over-fake-accounts-federal-judge-says-idUSKBN1CA1ZY

Details »

As Ford pushes into electric vehicles, U.S. union aims to save jobs

Ford’s presentation to investors this week under new chief executive Jim Hackett, included a slide touting a 30 percent reduction in “hours per unit” to build electric vehicles.

Details »

More News »


:www.leedejonesgable.com

The information in this website was obtained from sources believed to be reliable, however, we cannot guarantee that the information is accurate or complete. The information provided is a general source of information and should not be considered personal investment advice or solicitation to buy or sell securities.

Leede Jones Gable Inc. is a
Member of IIROC and the Canadian Investor Protection Fund
Stephen Whipp is a member of the Responsible Investment Association