Friday, June 16, 2017

In Scandinavia, a major divestment

Swedish Pension Fund Sells Out of Six Firms It Says Breach Paris Climate Deal

By REUTERS, JUNE 15, 2017, 2:21 P.M. E.D.T.

OSLO — Sweden's largest national pension fund, AP7, has sold its investments in six companies that it says violate the Paris climate agreement, a decision environmentalists believe is the first of its kind.

AP7, which provides pensions to 3.5 million Swedes, said on Thursday it had sold out of ExxonMobil, Gazprom, TransCanada Corp, Westar, Entergy and Southern Corp, and would no longer invest in companies that operate in breach of the Paris climate accord.

"Since the last screening in December 2016, the Paris agreement to the U.N. Climate Convention is one of the norms we include in our analysis," the company said in a statement.

AP7 said ExxonMobil, Westar, Southern Corp and Entergy had fought against introducing climate legislation in the United States. It also criticised Gazprom for looking for oil in the Russian Arctic and TransCanada for building large-scale pipelines in North America.

(More here.)

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