Dutch Pension Giant Spurns Fossil Fuels as Funds Shift Before COP26
By Toby Sterling and Simon Jessop
Dutch pension fund ABP will divest 15 billion euros ($17.5 billion) of investments in fossil fuel producers by 2023, it said on Tuesday, as many of the world’s biggest investors set out new climate policies ahead of next week’s COP26 summit.
With policymakers gearing up for the talks aimed at accelerating action on global warming, financial firms from across the world are announcing new steps to help support the efforts.
ABP’s move marks a major turnaround for one of the world’s biggest pension funds, which said as recently as June that exiting fossil fuel investments was “not the solution” to global warming.
Photo courtesy of Zbynek Burival.