Denmark's pension fund PKA, with around $46 billion worth of assets under management, excluded 35 oil and gas companies from its investments portfolio due to these companies' failure to realize the goals of the Paris climate agreement, PKA said on Thursday.
The fund, one of the largest pension service providers for labor market pension funds in Denmark, said in a written statement that in total it previously excluded 70 coal companies for its failure to meet climate goals.
According to Danish news platform DR, these excluded oil and gas companies are Gazprom, Rosneft, Lukoil, Chesapeake, Anadarko, Noble Energy and Marathon Oil.
The fund confirmed that it reviewed 62 oil and gas companies in total before it made its decision.
"The consequence is that PKA has decided to exclude 35 of the 62 companies because PKA believes that the companies do not take the necessary initiatives to comply with the Paris agreement," it stressed.
The PKA also noted that focus would also be placed on the automotive industry.
According to PKA, the International Energy Agency estimates that there should be 600 million electric and hybrid cars on the streets by 2040 to comply with the Paris agreement.
"PKA does not stop the journey here, with reference to the fact that the pension company will in the future focus on the automotive industry," the fund explained.
By Murat Temizer