Dutch pension fund ABP has sold a “large part” of its liquid investments in fossil fuel energy producers, totalling €9bn.

The sales include all equities and corporate bonds relating to fossil fuels in developed countries, including the United States, Singapore and Australia.

The pension fund therefore no longer invests in large companies such as Shell, BP and Total Energies.

These sales are yet to reflected in ABP’s latest investment lists this quarter, as they are reported with a quarterly delay.

ABP’s investments in equities relating to fossil fuels in emerging markets remain, and total around €1bn, with these investments expected to be sold this year after these shares have been released from the investment pools.

This will be followed by the reduction of the €5.6bn investments in illiquids, including power plants.

ABP noted that these investments cannot be sold quickly as it is bound by contracts, which can sometimes run for up to 10 years.

“Through our administrator APG, we invest in pools with other pension funds,” ABP stated.

“In order to sell our shares in fossil producers, they must first be detached from these investment pools.

“This therefore only applies to our shares in fossil producers in emerging economies.

“We are also phasing out these shares (approximately €1bn), but as long as we are in the pools, it is still possible that shares will be purchased.”

Share Story: