PKA excludes energy companies resistant to change

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Stockholm (NordSIP) PKA has recently divested from five Canadian oil companies, bringing the total number of fossil fuel-related firms it has excluded from its investment universe to 53 in the past two years, observes IPE. These exclusion are not however based on a blanket rule on fossil fuel. The danish pensions administrator, responsible for DKK250bn of social and healthcare pension funds, decides on exclusions after concluding that the companies in question have not proposed convincing plans regarding climate change.

In an interview with IPE, Pelle Pedersen, head of responsible investment at PKA said: “As a long term investor we have to have a nuanced approach when it comes to investment, and everything we do is combined with engagement. We want to know whether these companies have a long-term plan to be part of the renewable energy sector, benefiting from this new type of growth. Even climate-change sceptics should recognise the broad economic move towards renewable energy sources that is going on.”

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