MP Pension excludes a further 24 oil companies

Denmark’s MP Pension has excluded a further 24 oil companies, bringing its total oil shares exclusion value to DKK 870m.

Last year, the pension fund decided to exclude the world’s 10 largest oil companies from its portfolio. Now MP Pension has excluded another 24 major oil companies, including Lukoil PJSC, which is one of Russia's largest oil producers.

Commenting, MP Pension investment manager Anders Schelde, said: “Last year we looked very closely at the 10 largest oil companies in the world. The conclusion was - unfortunately and not surprisingly - that none of them were on a course compatible with the aims of the Paris Agreement.”

He said that the fund now only has a few more companies to analyse until oil stocks, which are out of step with the Paris Agreement, will be eradicated from the portfolio.

MP Pension has also turned its attention to bonds, and in the future, bonds, not just shares, will also be covered if coal or tar sands companies issue them.
Furthermore, MP Pension will analyse the fossil divestment at least once a year to ensure it is on a par with the green transition.

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