A $20 billion fund in Denmark, MP Pension, is selling its stakes in the 10 biggest oil companies after deciding they haven’t done enough to live up to climate goals set out in the Paris accord. The divestment, which represents a total of 644 million kroner, means MP will no longer hold shares in ExxonMobil, BP, Chevron, PetroChina, Rosneft, Royal Dutch Shell, Sinopec, Total, Petrobras or Equinor. MP said it reached its conclusion on the stakes because “the companies are still working against more demanding climate regulation — despite the companies’ public support for the Paris Agreement.” The fund said the four European majors on the list — BP, Shell, Total and Equinor — had made the most progress and were “showing signs of transitioning,” as opposed to the other six. But none of the 10 companies has a business model compatible with the Paris Agreement.
- Financial Post -