ESG & Investing
The List of Money Managers Axing Oil Stocks Just Got Longer
- PFA pension fund excludes Shell from $110 billion portfolio
- No. 1 pension investor in Netherlands also exiting oil, gas
There’s a growing list of institutional investors in Europe who are stripping oil and gas stocks out of their portfolios, in a move they say reduces the risk of ending up with stranded assets and financial losses.
The latest to do so is PFA, Denmark’s largest commercial pension fund with roughly $110 billion of assets under management. The investor has just offloaded its $170 million stake in Shell Plc based on an assessment that the company’s capital expenditure on renewables is worryingly low.