Dutch pension fund to divest from fossil fuel producers

The Netherlands’ biggest pension fund says it will stop investing in companies that produce fossil fuels

THE HAGUE, Netherlands -- The Netherlands' biggest pension fund announced Tuesday that it will stop investing in companies that produce fossil fuels, saying the move — that has long been demanded by many members of the fund — was prompted by recent climate reports by the United Nations and International Energy Agency.

The ABP fund is a wealthy and influential investor that manages the pension savings of more than 3 million Dutch workers in the government and education sectors. It has some 15 billion euros ($17.4 billion) invested in fossil fuel production, almost 3% of its assets.

The head of climate and energy at the Dutch branch of Greenpeace, Faiza Oulahsen, called the move “fantastic news in the fight against the climate crisis” and said she wants it to set a precedent.

“This step by ABP is extremely important and makes clear once again that the time of coal, oil and gas is passing,” Oulahsen said. “Quitting fossils is the only logical answer to scientists’ warnings. We also expect this step from other financiers, major polluters and governments.”