Dutch Pension Fund To Divest From Fossil Fuel Producers

The Netherlands’ biggest pension fund announced Tuesday that it will stop investing in companies that produce fossil fuels, saying the move, long been demanded by fund members — was prompted by recent climate reports by the United Nations (UN) and International Energy Agency (IEA), Mike Corder reported for the Associated Press (AP).

Photo Insert: ABP Chairman of the Board Corien Wortmann

The ABP fund is a wealthy and influential investor that manages the pension savings of more than 3 million Dutch workers in the government and education sectors. It has some 15 billion euros ($17.4 billion) invested in fossil fuel production, almost 3% of its assets.

The head of climate and energy at the Dutch branch of Greenpeace, Faiza Oulahsen, called the move “fantastic news in the fight against the climate crisis” and said she wants it to set a precedent.

“This step by ABP is extremely important and makes clear once again that the time of coal, oil, and gas is passing,” Oulahsen said.

“Quitting fossils is the only logical answer to scientists’ warnings. We also expect this step from other financiers, major polluters, and governments.”

The announcement comes just days before a UN climate conference known as COP26 opens in Glasgow.

Many environmental activists, policymakers, and scientists say the Oct. 31-Nov. 12 event marks an important and even crucial opportunity for concrete commitments to the targets set out in the 2015 Paris climate accord.

“We want to contribute to minimizing global warming to 1.5 degrees Celsius. Large groups of pension participants and employers indicate how important this is to them,” ABP Chairman of the Board Corien Wortmann said.

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