Dutch pension fund PFZW has reduced its fossil fuel investments to seven oil and gas companies.

After completing a two-year engagement programme targeting fossil fuel companies at
the end of 2023, the fund has now reduced its investments in the sector to seven listed oil and gas companies. 310 oil and gas companies that do not comply with Paris Climate
Agreement have been sold.

The seven companies are Cosan, Galp Energia, Graanul Invest, Neste Oyj, OMV, Raízen and Worley. These are companies that PFZW describes as “frontrunners in the energy sector” as they are “convincingly committed to switching from fossil fuel to low carbon energy
sources”. These sources include solar energy and biofuels. Shell, BP and TotalEnergies are among the companies sold.

Joanne Kellermann, chair of the board of PFZW, said, “The intensive shareholder dialogue over the past two years with the oil and gas sector on climate has made it clear to us that most fossil fuel companies are not prepared to adapt their business models to ‘Paris’. While the largest companies in this sector do invest in sustainable forms of energy, the switch from fossil to low carbon is not nearly fast enough.

“Incidentally, this reflects the slow pace we see globally in the transition to renewable energy. The seven companies we will continue to invest in are the only ones that show a switch is possible. At the same time, it is disappointing that there are only seven. We encourage the biggest players in the oil and gas sector to also accelerate the switch to a cleaner energy mix. During the COP28, it was once again concluded that haste is an absolute necessity. In addition, many of our participants let us know that they value a rapid energy transition”.

END