Sweden’s AP funds are still investing in fossil fuel companies that fail to meet climate goals according to the Swedish Society for Nature Conservation.

AP funds has around $250 billion AUM and has committed to ESG investing but not a single one of the fossil-fuel companies held by the AP funds has set climate goals that live up to the Paris Agreement, the conservation group has said. The pension fund has about $1.8 billion invested in 66 of the world’s 200 biggest polluters, says the group.

AP funds dispute the criticism saying that active ownership is more effective than exclusion strategies. Tobias Fransson, the fund’s head of sustainability, has said, “AP4 has ambitious climate targets to halve emissions once again by 2030 to reach net zero emissions by 2040,” he said. It’s “chosen to continue to own energy companies with goals and plans that we believe have the potential to be in line with the Paris Agreement, and which also have plans for extensive and increasing investments in renewable energy.” He said they’ll continue to engage in “dialogue with the energy companies.”