PKA (Danish Pension Fund) Cutting 35 Oil & Gas Firms From Investment Portfolio
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A Denmark-based pension fund managing around $46 billion in assets has announced that it will now exclude 35 prominent oil and natural gas firms from its investment portfolio, according to recent reports.
That Danish pension fund, dubbed PKA, made the decision to exclude the fossil fuel firms in question from future investment due to an intention to live up to the goals set out by the relatively recent Paris Climate Agreement.
Reuters provides a bit more information: “The excluded companies include Anadarko, Chesapeake Energy, Marathon Oil, Apache, Gazprom, Inpex, Lukoil, Rosneft, and Sinopec, PKA said. The pension fund also excluded 70 coal companies from its portfolio.”
It’s probably not the most important bit of news, but it still makes for an interesting data point. It’s becoming increasingly clear that many large funds of various kinds will exit fossil fuel investment over the coming decade.
Notably, of course, this doesn’t necessarily mean much of anything when it comes to state-owned fossil fuel companies — whether in the context of literally being state owne or in the context of simply holding the reigns of government.
What do I mean when I say that? I mean that, effectively speaking, divestment isn’t likely to have much of an effect on the operations of such firms. Well, not in the near- or mid-term — perhaps over the long term such strategies will be somewhat effective in that context.
On that note, perhaps there are synergies to this story: Head Of DUH: Angela Merkel “Remotely Controlled” By German Auto Industry.
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