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Swedens national pension fund to divest from 20 fossil

fuel companies
Louise Hazan October 20, 2014

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GTEBORG, Sweden- The international divestment movement and the Swedish fair
pension campaign #schysstapensioner campaign are celebrating a major win today as the
Second AP Fund one of several Swedish national pension funds announced it would
begin divesting from fossil fuels.
In a move designed to reduce the financial risks of its investments in fossil fuel-based
energy, the Second AP Fund announced today it will no longer have investments in 12 coal
and 8 oil-and-gas production companies. This represents a divestment of holdings with a
total market value of about SEK 840 million (91 million or $116 million).
Following a comprehensive risk analysis of all Second AP Fund holdings in fossil-fuel
based energy companies, based on climate impact, the Fund has decided that divestment
was the prudent option.
Our starting point for this analysis has been to determine the financial risks associated
with the energy sector. By not investing in a number of companies, we are reducing our
exposure to risk constituted by fossil-fuel based energy. This decision will help to
protect the Funds long-term return on investment, says Eva Halvarsson, CEO of the
Second AP Fund.
The majority of the turnover generated by the coal-production companies identified in the
Funds analysis derives from the sale of thermal coal. These companies face considerable
climate-related financial risk, due to the negative environmental and health impacts of
coal, which affect demand. Furthermore, coal-powered electricity production is subject to
competition from gas and renewable energy.
In the case of oil-and-gas companies, the Fund had identified a number of companies
featuring substantial exposure in high-cost projects, such as oil-extraction from oil sands.
The Fund believes these companies face serious climate-related financial risks and that it
is highly likely that these projects may either be stranded or unprofitable.
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The Funds holdings in the 20 companies that have been identified amount to a total
market value of about SEK 840 million.
Todays announcement shows the writing is on the wall for the fossil fuel industry. The
Second AP fund has taken an important first step in recognising that its financially
irresponsible to invest money that is meant to provide for peoples futures in the very
companies fuelling the climate crisis that threatens this future. All AP Funds need to
follow their lead now by phasing out investments in fossil fuels and supporting a just
transition to a livable future instead. Olivia Linander, Fossil Free Sweden campaign
coordinator

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