ABP exits fossil fuel investments
ABP pension fund will stop investing in oil, gas and coal. The investment package in fossil fuels comprises approximately 15 billion euros, 3 percent of the fund's total number of investments. "It is a drastic decision, but it is necessary," the ABP writes. 'We take our responsibility and are taking this big step because we see that more speed needs to be made.'
Picture: Type tank
The largest pension fund, which includes education staff, wants to contribute to limiting global warming and CO2 emissions. All investments in fossil fuels will be sold by ABP until they are all sold. The fund expects to be ready in the first quarter of 2023.
more sustainable
De AOb has always advocated a more sustainable course, together with the FNV in the Accountability Body of the ABP, which checks afterwards and can give unsolicited advice to the ABP board in advance. Also spurred earlier this year, researchers, professors and lecturers from universities sent a letter to the ABP board to invest in greener companies. on the website the fund writes that several groups have recently urged them to withdraw from the fossil fuel industry. In addition to this encouragement, the UN's alarming climate reports also caused a reversal.
Teacher trainer Auke van Nie sits on behalf of the AOb in the Accountability Body and considers this a good step. “It is a big and serious step for the pension fund,” he says. He thinks it will have a social impact. “Other pension funds have something to explain now that the largest pension fund has gone ahead. We have always said that it should be more sustainable and fossil-free. We have asked the board a lot of questions about that over the past four years.”
Other pension funds have some explaining to do now that the largest pension fund has preceded them. We have always said that it should be more sustainable and fossil-free
No negative return
The pension fund expects this decision to have no negative impact on pensions. For example, CEO Corien Wortmann says in an interview on the website that there is a lot of research showing that an equity portfolio without producers of fossil fuels can also be profitable. 'Studies indicate that investments in fossil fuel producers may become worth (much) less over time. All of that has been taken into account in this decision, and supports our expectation that this decision will not have a negative effect on returns and pensions.'
Stricter criteria
In addition to this decision, the largest pension fund will now focus on major users of oil, gas and coal. These are electricity companies, the aviation and car industry. There will be stricter, more sustainable criteria next year that these companies must meet and the ABP will enter into discussions if companies do not do this. If a company continues to focus too little on sustainability, ABP will sell the investments, says Wortmann.
Apply as a candidate!
Apply for the Accountability Body on behalf of the AOb. In the Accountability Body you actively participate in the policy of the ABP. Representatives also advise the ABP board on premiums, indexations, investment policy and amendments to the articles of association and regulations. Something for you? Send an email with resume to: board @aob. Nl The elections are in April 2022. More information? Mail to AOb-pension advisor Roelf van der Ploeg via: rvploeg@aob. Nl
