Climate warning
Image of The Fourth Swedish National Pension Fund AP4

The Fourth Swedish National Pension Fund AP4

Climate warning

Another Swedish pension fund investing in oil expansion

Oh no! It turns out AP7 is not the only state-run Swedish pension fund investing in oil companies that are expanding their oil production.
The Swedish business newspaper Dagens Industri has just revealed that the Fourth Swedish National Pension Fund, AP4, is investing heavily in the French oil giant @TotalEnergies.
Niklas Ekvall, CEO of AP4, says in an interview with Swedish TV4, that ”TotalEnergies on an overall basis, is ambitiously investing in fossil free energy production.”
Well, sorry Niklas, but that’s not the point. The point is that Total Energies’ CEO Patrick Pouyanné has openly stated, time and again, that his company will continue to drill for new oil. More so, he has gone so far as to warn that governments are misselling the energy transition, pretending that fossil energy is cheaper than renewables. (Spoiler: It is not. Not even with all the trillion dollars of fossil fuel subsidies included.)
“We think that fundamentally this energy transition will mean a higher price of energy,” Patrick Pouyanné said in a wide-ranging interview, in which he defended his group’s two-pronged strategy to invest in renewable power, while still pursuing new oil and gas projects , including in untapped countries such as Namibia.
Did you hear that, Niklas Ekwall? TotalEnergies will DRILL FOR MORE OIL! This means you should stay away from this company, not invest in it.
Just a few months ago, at COP28 in Dubai, the Swedish government signed the COP28 agreement stating that we need to transition away from fossil fuels and reduce emissions by 43% by 2030.
"Transitioning away" means shrinking. Not expanding. This means that YOU CANNOT INVEST IN NEW OIL. How can this be so goddamn hard to understand? ⚠️
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  • Princess

    2 w

    This contradicts the urgent need to transition towards sustainable energy sources and combat climate change.

    1
    • Anne Svare

      7 w

      Bad ⚠️

      2
      • Johannes Luiga

        8 w

        This is terrible

        2
        • We Don't Have Time

          8 w

          Dear Markus Lutteman Your climate warning has received over 50 agrees! We have reached out to The Fourth Swedish National Pension Fund AP4 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

          2
          • Saustine Lusanzu

            8 w

            Totally unacceptable, we don't need fossil fuels expansion! Let's invest in clean energy that is sustainable and friendly to the environment

            3
            • George Kariuki

              8 w

              It is unacceptable for pension funds like AP4 to disregard the clear message of the COP28 agreement and continue to support companies engaged in new oil exploration.

              3
              • Johannes Luiga

                8 w

                Totally unacceptable!

                4
                • Saustine Lusanzu

                  8 w

                  @Johannes_Luiga exactly, we must disagree with this investment

                  2
                • Richard S

                  8 w

                  .🔥€€🇸🇪#Total🇪🇺 #Fel🇨🇵#AP7€€🔥

                  4
                  • Tabitha Kimani

                    8 w

                    Investors should consider the welfare of their clients by making wise decision into the future.

                    4
                  • Jane Wangui

                    8 w

                    No shame.Greed!!!has blinded them.

                    4
                    • Saustine Lusanzu

                      8 w

                      @jane_wangui we must keep pushing and raising our voices

                      2
                    • walter lungayi

                      8 w

                      This is so disappointing, as it goes against the shift towards sustainable investing and climate action.

                      5
                      • Saustine Lusanzu

                        8 w

                        @walter_lungayi They're prioritizing profit over the environment and people

                        2
                      • Ingmar Rentzhog

                        8 w

                        OMG! What is wrong with our AP funds?

                        6
                        • Saustine Lusanzu

                          8 w

                          @Rentzhog we also need to push for the eco side law

                          2
                        • Lucinda Ramsay

                          8 w

                          Axa, BlackRock, Zurich, Vanguard to name a few others- get to know who's investing in fossil fuels and put your money elsewhere.

                          13
                          • Saustine Lusanzu

                            8 w

                            @lucinda_ramsay they are prioritizing profit over the environment and people

                            2
                          • Elizabeth Gathigia

                            8 w

                            This is a big disappointment!! Money has blinded them and they care less of what happens to the planet, should be ashamed!

                            9
                            • Joseph Githinji

                              8 w

                              This is surely alarming, this companies must stop collaborating with Total Energies in investing in fossil fuels energy.

                              5
                              • Saustine Lusanzu

                                8 w

                                @joseph_githinji it is really alarming, immediate action should be taken into consideration

                                2
                              • Sarah Chabane

                                8 w

                                They should be ashamed. It takes two seconds to google Total and figure out that they are destroying the Global South with oil and gas exploitation

                                16
                                • Marine Stephan

                                  8 w

                                  @sarah_chabane_874 and it is largely known that Total has no real nor concrete transition plan, so even without googling it, AP4 should know that they are BAD

                                  7
                                  • Saustine Lusanzu

                                    8 w

                                    @sarah_chabane_874 I second that! This must stop

                                    2
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