Swedish pension fund joins move to end fossil fuel investments

(Reuters, 16 Mar 2020) Western funds are reducing their exposure to industries and companies that are big emitters of planet-heating gases

One of Sweden's national pension funds said it will stop holding investments in fossil fuel firms, joining a strategic shift among global money managers to comply with the United Nations Paris Agreement on climate change.

Western funds are reducing their exposure to industries and companies which are responsible for emissions of carbon dioxide, one of the main greenhouse gases causing global warming.

"Divesting from fossil fuels is an efficient way for the fund to manage the financial risk associated with a transition in line with the Paris agreement," Urban Hansson Brusewitz, chairman of the Swedish fund AP1, said in a statement on Monday.

One of five national pension funds in Sweden, AP1 is the first of them to commit to divesting all holdings in fossil fuel companies, Sara Christensen, a spokeswoman for AP1 told Reuters.

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Reuters, 16 Mar 2020: Swedish pension fund joins move to end fossil fuel investments