One of the world’s largest pension funds, ABP of the Netherlands, is to sell its entire holdings in fossil fuel companies worth more than €15bn as pressure mounts on retirement schemes to protect long-term savings from the threat of catastrophic climate change.
ABP, the Dutch pension fund for educational workers and civil servants, said on Tuesday that it expected to have sold the majority of its investments in oil, gas and coal companies by the first quarter of 2023.
The holdings in about 80 companies currently account for almost 3 per cent of ABP’s €528bn total assets. The divestment means that ABP will no longer hold shares in oil major Royal Dutch Shell.
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