Sweden's Seventh AP Fund (AP7) has blacklisted Saudi Aramco and six other companies from its portfolio all due to large-scale operations within oil extraction or coal production, the pension fund manager said on Monday.
"The companies are blacklisted because they do not act in line with the Paris Agreement due to large-scale oil or coal operations without transition plans," AP7 said in a statement.
The six other companies which were excluded were India's Oil and Natural Gas Corporation Ltd (ONGC.NS), opens new tab, China Petroleum & Chemical Corporation (600028.SS), opens new tab, PetroChina (601857.SS), opens new tab, Shanxi Coal International Energy Group (600546.SS), opens new tab, Wintime Energy Group (600157.SS), opens new tab and Zhejiang Zheneng Electric Power (600023.SS), opens new tab.
The fund has in total blacklisted 51 fossil fuel companies due to breaches of the Paris Agreement and another ten oil and coal companies are excluded on other criteria, it said.
https://www.reuters.com/sustainability/climate-energy/swedens-seventh-ap-fund-excludes-saudi-aramco-six-other-companies-2024-06-03/
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26 w
Happy to see big polluters being blacklisted by AP7 fund. By now funding should go to clean energy producers.
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29 w
This is more like it !It's the news we should be hearing more frequently as we need to stop funding fossil fuels to meet our climate goals !Kudos to AP 7
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31 w
Good work, really 💚
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31 w
Sweden’s AP7 fund excluding major fossil fuel companies from its investments is a significant positive step. This move aligns with the Paris Agreement and promotes cleaner energy investments, driving progress against climate change. I support this move and it was about time they did this
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31 w
Finally! A very good step in the right direction. Pension money need to be a force for good.
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31 w
@Christina_Carlmark Yeah, imagine you being a climate advocate and having your money in AP7 and seeing your money continuously being used to finance the thing you've been so much against. The pensioners must be happy with this move
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31 w
Great news!
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31 w
Let's see other investors follow the lead and #MoveTheMoney away from polluters and towards a clean energy future.
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31 w
@george_kariuki We need to bankrupt these fossil corporations. Effectively endure they're cut out of financing and make fossil fuels unprofitable. To align your money with fossil fuels is to ask for unprecedented losses.
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31 w
Absolutely great, a step into the right direction 👍 @ Sweden seventh AP funds
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31 w
Now it seems they are walking the talk... we have to #MoveTheMoney from fossil fuels companies.
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31 w
This is huge! Many financiers who are fickle regarding investing in green are going to lean towards renewable!
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31 w
Dear Boniface Kuria Your climate love has received over 50 agrees! We have reached out to Sjunde AP-fonden (AP7) by email and requested a response. I will keep you updated on any progress! To reach more people and increase the chance of a response, click the Share button above to share the review on your social accounts. For every new member that joins We Don't Have Time from your network, we will plant a tree and attribute it to you! /Adam, We Don't Have Time
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31 w
Congratulations to Sweden Seventh AP funds for putting funds away from the fossil fuels producers. It is a great achievement as it helps in reducing greenhouse gas emissions in Sweden and putting a stop to land degradation.
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31 w
This is amazing! We Don't Have Time has been covering this story for a long time and has broadcast a long, in-depth interview on AP7 about its investment in Saudi Aramco. Watch it here: https://www.wedonthavetime.org/events/movethemoney-interviews