Climate warning

The Swedish state pension fund has invested 500 MSEK in Aramco oil

Image of Ingmar Rentzhog
Ingmar Rentzhog

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Image of Sjunde AP-fonden (AP7)

Sjunde AP-fonden (AP7)

Climate warning
**** UPDATE **** June 3, 2024: Since this warning. AP7 has decided to sell all its shares in Saudi Aramco oil! -> Read more here!

Sweden's largest government pension fund, the Sjunde AP-fonden, AP7 thinks it's a good idea to invest half a billion SEK in Saudi Aramco Oil. This is one of the world's dirtiest oil companies, controlled by the Saudi state, the very country that strongly opposed the COP28 agreement to transition away from fossil fuels.
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The justification of the AP7 is astonishing. They groundlessly claim that Aramco Oil doesn't share the same agenda as the Saudi state, and they audaciously assert that they believe they can influence Aramco Oil through their minority stake in the company.
I would love to know what kind of influence work the AP7 Fund is undertaking with Aramco Oil. Are they attending shareholder meetings and voting against new oil extraction, thereby diminishing the value of their own investment?
Finally, is the AP7 Fund management completely incompetent? Every country in the world has agreed to transition away from fossil fuels. And yet, the AP7 thinks it's a smart move to invest long-term in Aramco Oil shares. Have they ever heard of stranded assets? Do they not realize the risk of placing long-term investments in oil?
Oh, that's right. The AP7 Fund is anything but long-term oriented. Investing in oil can never be sustainable.
I wonder how the CEO of the Seventh AP Fund lives with this decision, and what about all those working in sustainability or risk assessment within the Fund? Can they look themselves in the mirror?
Read more and agree to my Climate Warning. I want more people behind my review. I am reaching out to the AP7 CEO Pål Bergström for an interview. I want to ask them questions about their thinking.
AP7 manages the pension capital for half of Sweden's population, amounting to 5 million savers. Do they genuinely believe that their clients consider investing in one of the world's most notorious oil companies, which is under the control of a dictatorship, to be in their best interest? I am eager to hear their response to this question.
See more in this segment on TV4 (in Swedish).:
https://www.tv4play.se/klipp/ab318227f7ac6683ffe6/kritik-mot-sjunde-ap-fondens-oljeinvestering-kan-inte-bli-mer-ohallbart-an-sa-har


Even more uppsetting. The postion AP7 has in Aramco Oil is not minor. In fact AP7 is the 12th largest investor in shares according to Investingclimatechaous.org
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Sweden has a total of 7 AP funds (state-owned pension funds). Interestingly, AP1 does not allow any investments in fossil fuels at all. If they can make the right decision, why can't AP7 do the same?
Read more:
https://app.wedonthavetime.org/posts/5b0091c5-a924-4d48-9f00-193541326eba?utm_source=url-copy&utm_medium=wdht-web-app-share&utm_campaign=Rentzhog


AP7 has responded to this review:

https://www.youtube.com/watch?v=dXZS6K7p5Cc



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