P+ divests 42 fossil companies

1 December 2021

A number of oil and utilities companies in our portfolio have business plans that are incompatible with the objectives of the Paris Agreement. Therefore, we divest our investments to a total value of DKK 458 million.

In recent months, we have analyzed and assessed a number of oil and utility companies in the portfolio. The result is that in the coming time we will divest our investments in 42 companies to a total value of DKK 458 million. This is what the deputy director of P + Kirstine Lund Christiansen says:

“As it appears from our new climate goals, we want the CO2 footprint from our investment portfolio to be significantly reduced by 2025. This means that in future we will set even stricter climate requirements for the companies in which we invest. The business plans of the 42 oil and utility companies in which we now divesting, we consider to be incompatible with the Paris Agreement, just as the companies’ climate ambitions have not been sufficiently translated into climate action. As we also assess that we can not achieve concrete results in the short term through dialogue and active ownership, we have therefore chosen to divest the companies before the end of 2021. ”

Goodbye to BP and Equinor

Among the 42 divested companies are 22 utilities and 20 oil companies, including BP and Equinor, which have been on the watch list since February. Kirstine Lund Christiansen explains:

“We have previously assessed that BP and Equinor had the potential to develop business plans that are compatible with the Paris Agreement. Therefore, we have for a period kept our investments in the two companies, but at the same time put them on our observation list and thus under increased supervision. We have also exercised active ownership and pushed for the green ambitions to be implemented. Unfortunately, we must now state that we have not seen the necessary progress. BP’s climate goals, for example, do not include all their relevant activities, while Equinor’s plans to develop new oil fields are unsatisfactory. ”

Source: P+
Multiple reports with cicle diagram and text

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