Länsförsäkringar has announced it has excluded more than 10 oil & gas firms – including giants BP, Shell and Exxon – from its investment universe, after dramatically tightening its thresholds around turnover linked to oil & gas extraction and exploration from 50% to 5%.
With the announcement yesterday, the Stockholm-based insurance group becomes the latest in a growing number of investors ditching or planning to ditch big emitters they feel unable to steward.
ABP, Europe's largest public sector pension fund, for example, announced plans in October to exit fossil fuel producers, citing “insufficient opportunity” for climate stewardship. And last month, RI reported that the board of Danish pension provider PKA had agreed it will sell out of companies being targeted by Climate Action 100+ if they are out of step with the Paris Agreement by as early as 2022.
Länsförsäkringar said in its announcement that it had been gradually tightening i…