Sweden’s AP2 has reduced the carbon footprint of its investments by a third between January and June after overhauling its benchmarks, according to its interim report.

Releasing financial results for the first half of this year, the Gothenburg-based pension fund said it made an overall 2.9% return on investments in the period including costs, underperforming its benchmark by 0.1 percentage points.

Eva Halvarsson, chief executive of the state pension buffer fund, said: “During the first quarter, the fund implemented extensive changes to its management of foreign equities by introducing new benchmarks for both emerging markets and developed markets.”