Swedish pension fund AP1 has said it will no longer invest in fossil fuel companies.

The $35.8 billion fund says it has been working to identify and assess the effects of climate change and the transition to a low-carbon economy on the fund’s investment portfolio, “continued investments related to [fossil fuel] activities can increase the financial risk exposure of the fund.”, it said in a statement. In a move to remove climate-related risk exposure related to the fund, it will also develop measurable targets and a roadmap toward reaching a carbon neutral portfolio by 2050.