The large Dutch metal pension scheme PME said it would cease investing in coal producers as it fears its holdings are to become stranded assets.

Eric Uijen, chairman of PME’s executive board, argued that the large carbon footprint of coal and social pressure for sustainable energy meant that mining companies solely focusing on coal did not have a future, and therefore no longer fit in its investment portfolio.

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Citing the Paris climate agreement, the €47bn sector scheme for metalworking and electro-technical engineering said it expected coal would lose its role for energy generation as well as steel production.

The metal scheme has decided that the carbon footprint of its combined investments must have fallen by 25% in 2021.