Climate warning
Image of Sjunde AP-fonden

Sjunde AP-fonden

Climate warning

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

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).:


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:


AP7 has responded to this review:

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



Do you agree?

214 more agrees trigger a published article

  • Erika Borgonovo Barrote

    10 w

    As always some countries are very hard on latin america pushing Amazon protection...but then in their countries...the so what they want to make money

    1
    • Esther Wanjiku

      10 w

      I find this very pertubing and very hideous.Playing with people's pension by investing in fossil fuels is just the height of malpractice and borders on insanity.

      2
      • Kriss

        10 w

        When we take care of the environment we will not only take care of us but also to the coming generation.

        3
        • Lena Bromarker

          10 w

          Who gave them the right to play with my childrens future?

          5
          • Esther Wanjiku

            10 w

            @lena_bromarker No one , absolutely no one and it is a shame

            1
          • Maja Barbaric

            11 w

            Pension fund has a responsibility to act in best interest of its investors beyond short term profit! I wish people trusting this fund with their savings hear about this and put sufficient pressure on fund management to get them to change course away from fossil. Question to fund representative: When will you stop investing in fossil?

            3
            • We Don't Have Time

              11 w

              Thank you to everyone who has pressed Agree on this Climate ⚠️. We have now been promised an interview with Johan Florén, Chief ESG & Communication Officer at AP7. Watch it here: https://www.youtube.com/watch?v=dXZS6K7p5Cc

              12
              • Catarina Rolfsdotter-Jansson

                11 w

                @WeDontHaveTime Great Work, best of luck with the interview!

                1
              • Chandraamohan Sivala

                13 w

                🙏🏻🤝

                2
                • Ulf Mård

                  13 w

                  Heja Ingmar!

                  4
                  • johnte ndeto

                    13 w

                    Stop funding fossil fuels fund clean renewable energy it's safer for all of us

                    6
                    • Björn Klemming

                      13 w

                      Completely crazy! A case for dismissal. .

                      5
                      • Jonas Oldmark

                        13 w

                        This behaviour is surreal. Total lack of leadership and responsibility for humanity.

                        5
                        • pella thiel

                          13 w

                          Extremely risky investment

                          4
                          • Save Lake Varese

                            13 w

                            The richness of Saudi Arabia is only connected to their oilproduction. A Swedish government pension fund should not invest into Aramco Oil

                            6
                            • Markus Lutteman

                              14 w

                              I thought pension funds were all about securing a good future – not destroying it.

                              5
                              • Agnes Fischer

                                14 w

                                We save money in retirement funds in order to have a decent future. I dont want that decensy in a way that means my kids can´t.

                                5
                                • F. VALLET

                                  14 w

                                  AP7, please divest from Saudi Aramco to invest in Green Techs and in massive REFORESTING and agro-forestrial projects !

                                  5
                                  • Amelie Silfverstolpe

                                    14 w

                                    Sell and change strategy! This is not what we should use Swedish pension funds for!

                                    6
                                    • Valerie de Liedekerke

                                      14 w

                                      It is without my permission and it goes against my values to invest my pension funds in fossil fuels.

                                      5
                                    • Ingrid Hesser

                                      14 w

                                      This is disgusting! What is the real story behind the strategy of a PENSION FUND (exists to secure the future for retirees with minimal risk) to invest in the ONE INDUSTRY which ACTIVELY works to put humanity at maximum risk? Who is holding whom to what?? There are ALWAYS personal short-term interests behind these completely foolish and uneducated decisions. Threats? Bribes? Come on Sjunde AP-fonden, AP7 - show some stamina (and smartness)!

                                      6
                                      • Patrick Kiash

                                        13 w

                                        @ingrid_hesser_779 I agree with your right questions. Yes AP7 should show the smartness from now-on.

                                        2
                                      • Carla Lif

                                        14 w

                                        I don't agree to have my pension money invested in a high-risk, high-carbon investment such as the fossil fuel industry!

                                        7
                                        • Tv

                                          14 w

                                          It should be regarded as criminal for pensions funds run by Swedish state to invest in fossilfuels

                                          6
                                          • Rotich Kim

                                            14 w

                                            This is disturbing to see such company engaging in environmental distrusting activities they need to show concern on how they will have new investment and have willingness to have a dialogue and look for better solution our environment is our life .✍️

                                            3
                                            • angelica andersson

                                              14 w

                                              So I haven't studied law or anything but I briefly scrolled through the law about AP funds and I cannot believe for a second that this investment decision is compatible with the law. Anyone with a proper education in law who is willing to take this to court? Meanwhile the rest of us could demand whoever is responsible for the decision to be fired, this is state run after all and we shouldn't let them get away with ruining our lives. I think it's seriously messed up that I as a Swedish pension saver need to de-select the standard state option of pension saving in order to have a decent chance for a liveable world during my pension years...

                                              10
                                              • Princess

                                                14 w

                                                @angelica_andersson Your observations are interesting, Angelica. Could you elaborate on specific aspects of the law that you find incompatible with this investment decision? Your perspective adds valuable insight to the discussion.

                                                7
                                                • angelica andersson

                                                  14 w

                                                  @princess_nel_268 I Google translated some sections of the law: "The administration must take place exclusively in the interest of the pension savers." ... "The funds in the funds that the Seventh AP Fund manages must be managed in an exemplary manner through responsible investments and responsible ownership. In administration, the Seventh AP Fund must attach particular importance to how sustainable development can be promoted without renouncing the goal in the second paragraph. Law (2022:1547)." My take is that acting in the interest of the pension savers must include to both manage their funds well and to not sabotage the pension savers' chances at a decent quality of life and life expectancy. And there is no question that the fund is required to take sustainability into account when making investment decisions.

                                                  9
                                                • Catarina Rolfsdotter-Jansson

                                                  14 w

                                                  Against all science and also bad economics.

                                                  8
                                                  • Simon Bergbom

                                                    14 w

                                                    This is so frustrating

                                                    6
                                                    • Christina Carlmark

                                                      14 w

                                                      This is awful! I do hope you get an interview with the CEO.

                                                      3
                                                      • Odd Klofsten

                                                        14 w

                                                        I do agree!

                                                        4
                                                        • Ingmar Rentzhog

                                                          14 w

                                                          This is ChatGPT remarks about my post: It sounds like you’re deeply frustrated and concerned about the ethical implications and environmental impact of AP7’s investment in Saudi Aramco Oil. Your points raise significant questions about the role of large pension funds in addressing climate change, the effectiveness of shareholder activism in influencing company policies, and the long-term financial risks associated with investing in fossil fuel companies. Regarding the specific issues you’ve raised: 1. Investment in Saudi Aramco Oil: Your concern seems to be rooted in the contradiction between investing in a major oil company and the global shift towards sustainable energy sources. This is a complex issue, as fossil fuel investments have historically been financially lucrative, but are increasingly seen as problematic from an environmental and ethical standpoint. 2. Influence through Minority Stake: The belief in influencing company policy through minority stakeholder positions is a debated strategy. Some argue that it can lead to positive changes, while others see it as ineffective, especially when dealing with large, state-controlled companies. 3. Stranded Assets and Long-term Risks: Your mention of stranded assets reflects a growing concern in the investment world about the future value of fossil fuel resources. As the world transitions to cleaner energy sources, investments in traditional energy companies could lose value, posing financial risks. 4. Ethical and Sustainability Concerns: There’s a clear tension between the ethical implications of such investments and the financial motivations behind them. The role of sustainability and risk assessment teams in these decisions is indeed crucial. 5. Public Perception and Accountability: The issue of whether such investments align with the interests of the fund’s clients – in this case, millions of Swedish pension savers – raises questions about public accountability and the social responsibility of government pension funds. To address these issues thoroughly, it would be important to have a broader understanding of AP7’s investment strategy, the rationale behind such decisions, and how they align with global sustainability goals. An interview with the CEO, as you suggested, could provide valuable insights into their decision-making process and future plans in light of these concerns.

                                                          6
                                                          • Princess

                                                            14 w

                                                            @Rentzhog Engaging in a dialogue with AP7's CEO could offer valuable insights into the decision making and how the fund plans to address the ethical and environmental challenges.

                                                            5
                                                          • George Kariuki

                                                            14 w

                                                            Engaging in thoughtful and constructive dialogue about this issue is crucial to ensure that Swedish pension funds contribute meaningfully to a sustainable future.

                                                            4
                                                            • Princess

                                                              14 w

                                                              Absolutely, George. Constructive dialogue is key in navigating the complexities of sustainable investments.

                                                              4
                                                            • Kevin

                                                              14 w

                                                              This is a very huge investment to something we would call a lost cause. They need to really relook their fossil fuel stand and stop with the ridiculous investment

                                                              6
                                                              • Princess

                                                                14 w

                                                                @Kevin I agree with you 💯.

                                                                4
                                                                • Esther Wanjiku

                                                                  10 w

                                                                  @Kevin The utter definition of people gone rogue.

                                                                • winnie nguru

                                                                  14 w

                                                                  We all admire Sweden for its commitment towards climate change. Its sad to see this

                                                                  6
                                                                  • Princess

                                                                    14 w

                                                                    @winnie_nguru The challenge lies in aligning financial decisions with sustainability objectives.

                                                                    4
                                                                  • johnte ndeto

                                                                    14 w

                                                                    why can't such funds be invested in alternative clean sources of energy that still will make profit margins

                                                                    7
                                                                    • We Don't Have Time

                                                                      14 w

                                                                      Dear Ingmar Rentzhog Your climate warning has received over 50 agrees! We have reached out to Sjunde AP-fonden 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

                                                                      6
                                                                      • Johannes Luiga

                                                                        14 w

                                                                        Totally unbelievable that they do such miserable investments with my and other Swedish pension funds …

                                                                        7
                                                                        • Princess

                                                                          14 w

                                                                          @Johannes_Luiga It's time for a thorough reassessment of investment strategies to ensure pension funds align with the collective values and contribute to a sustainable future

                                                                          3
                                                                          • Esther Wanjiku

                                                                            10 w

                                                                            @Johannes_Luiga very malicious

                                                                          • Thomas Tienso

                                                                            14 w

                                                                            I just mailed the press contacts at 7AP, Mikael and Johan, and wrote that I seen the interview and that I don’t find this acceptable.

                                                                            6
                                                                            • Princess

                                                                              14 w

                                                                              @thomas_tienso Thank you, Thomas, for taking the initiative to voice your concerns directly to Mikael and Johan at AP7. 💚

                                                                              3
                                                                            • Elizabeth Gathigia

                                                                              14 w

                                                                              This is very disappointing, why would they invest in fossil fuel instead of clean energy? What language do we use so they can understand better that fossil fuel is destroying our planet? 😣

                                                                              6
                                                                              • Princess

                                                                                14 w

                                                                                @elizbeth_gathigia Let's continue advocating for a shift towards sustainable choices to protect our planet and future generations.

                                                                                4
                                                                                • Esther Wanjiku

                                                                                  10 w

                                                                                  @elizbeth_gathigia And with people's pension fund ?

                                                                                • Lucinda Ramsay

                                                                                  14 w

                                                                                  It needs more publicity- I'm sure many Swedes would want to change their policies if they knew

                                                                                  6
                                                                                  • Princess

                                                                                    14 w

                                                                                    @lucinda_ramsay You're right; increased awareness can drive change.

                                                                                    4
                                                                                  • walter lungayi

                                                                                    14 w

                                                                                    It's disappointing to see the Swedish state pension fund investing in Aramco oil, especially considering the global push to transition away from fossil fuels. It's important for investment funds to align with ESG principles for a sustainable future.

                                                                                    5
                                                                                    • Princess

                                                                                      14 w

                                                                                      @walter_lungayi It seems counterproductive amid the global push to transition away from fossil fuels

                                                                                      4
                                                                                    • Edwin wangombe

                                                                                      14 w

                                                                                      This is unfortunate... Sweden was heading in the right direction and the world viewed it as the leader of the change this planet needed now such news creates a setback in the efforts the country had made in the transition to a fossil-free nation

                                                                                      8
                                                                                      • Princess

                                                                                        14 w

                                                                                        @edwin_wangombe Let's hope for a reevaluation of investment strategies to realign with the country's commendable efforts toward a sustainable future

                                                                                        3
                                                                                      • Munene Mugambi

                                                                                        14 w

                                                                                        Are they telling us they're backing fossil fuels over renewable energy?

                                                                                        9
                                                                                        • Princess

                                                                                          14 w

                                                                                          This is concerning given the environmental impact associated with fossil fuels.

                                                                                          18
                                                                                          • Patrick Kiash

                                                                                            14 w

                                                                                            Such news are heartbreaking! And we believe Sweden is in front side fighting for climate crisis...someone somewhere is misleading and overlooking profit over people and state, am sure majority of Swedish couldn't wish their pension to be invested on fossil fuel companies. A new method or formula should change soonest to safeguard peoples funds.

                                                                                            19
                                                                                            • johnte ndeto

                                                                                              14 w

                                                                                              @patrick_kiash I totally agree with you Patrick

                                                                                              5
                                                                                              • Kriss

                                                                                                10 w

                                                                                                @patrick_kiash I back you up Patrick

                                                                                                1
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