Pensioenfonds PGB reduces CO2 emissions
Written by Sunniva Kolostyak
The Dutch pension fund Pensioenfonds PGB is reducing its investments in coal in a bid to fulfil policies and combat climate change, it announced.
This is the first concrete step PGB has taken in order to meet the climate targets of the Paris agreement.
In a statement, PGB said: “We have to switch to a sustainable energy supply. Coal as a raw material for energy generation does not belong here because of their harmful emissions of greenhouse gases.”
The scheme has removed investments in thermal coal as CO2 emissions must be heavily reduced in order to transition into a climate-neutral economy. It has also since 1 October stopped investing in companies that generate more than 50 per cent of turnover from thermal coal production.
A 2016 member survey showed that the majority did not want the fund to invest in fossil fuels unless options are limited, however alternatives should not be at the expense of the return.
The reduction is part of PGB’s socially responsible investment policy (SRI), which was extended in 2017. As part of its SRI, the fund has stopped investing in tobacco and has extended the list of excluded controversial weapons.
Earlier this year, the board also decided to exclude companies that make firearms intended for sale to citizens.