ABP of the Netherlands joins a growing number of investment managers blacklisting fossil fuels as pressure for green investing grows
The EU’s biggest pension fund, ABP of the Netherlands, has joined a growing number of investment managers blacklisting fossil fuels as the finance industry gives in to pressure from activists and customers alarmed at the prospect of a climate catastrophe caused by carbon emissions.
The development marks a huge shift over the past seven years. Back in 2014, when DivestInvest first tallied such commitments, funds turning their backs on fossil fuels represented just $52bn. “The fossil-fuel divestment movement is growing at an accelerated clip, because the world has realised where the money flows determines our success in slowing climate change,” said Richard Brooks, climate finance director at environmental non-profit Stand.earth.
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