Denmark’s PKA excludes 35 oil companies from portfolio
Written by Natalie Tuck
Denmark’s PKA has revealed it has excluded 35 oil and gas companies from its portfolio because it believes the companies are not taking the steps to meet the Paris agreement.
PKA examined 62 oil and gas companies’ climate measures, and chose to exclude 32, placing 15 on a watch list, in order to influence their policies. It brings the total excluded oil and gas companies to 40, along with 70 previously excluded coal companies.
The excluded oil and gas companies include Anadarko, Chesapeake Energy, Marathon Oil, Apache, Gazprom, Inpex, Lukoil, Rosneft and Sinopec, PKA said.
The fund said it has now turned its focus to carbon emissions in the automative industry, which it said accounts for 16 per cent of global CO2 emissions.
Chief Executive Peter Damgaard Jensen said: “Automakers that don’t invest in the development of electric and hybrid cars will pose a financial risk, as electric cars will be more attractive to consumers in line with technological developments.”
“At PKA, we will have the same critical approach to the automotive industry, as we have to coal and oil,” he said.
The International Energy Agency estimates that 600 million cars need to be converted to electric or hybrid by 2040 to meet targets under the Paris agreement.