The 144-mile-long oil pipeline runs through family farms and rainforests. When it is finished, the oil transported here will produce twice as much carbon dioxide emissions as all Swedish industry combined.
– This is a terrible project. It leads to forced displacement of the local population and destruction of the ecosystems, says Kristina Östman, who is climate manager at the Nature Conservation Association.
“Having discussions with the company”
Fjärde AP-fonden’s CEO Niklas Ekvall says that they do not support the project with the oil pipeline and that they are holding discussions with the company TotalEnergies. At the same time, he still expresses confidence in the company.
– Overall, Totalenergies is a company that is ambitious in its investments in fossil-free energy production, says Niklas Ekvall.
Several AP funds have shares in several oil companies
The French company TotalEnergies is one of the oil companies included in the review that Dagens Industri publishes today. DI has mapped the fossil content of AP funds one to four, i.e. the funds that function as buffers between what is paid in and what is paid out in the pension system.
Among other things, it emerges that the third and fourth AP funds have shares in several oil companies that have plans to greatly increase their oil production. Thus, contrary to what is stated in the climate agreement, that one should move AWAY from fossil fuels.
– The companies that we have in our portfolio make large investments in renewable energy sources and other types of investments that reduce the carbon footprint. It is a prerequisite for being included in our portfolio, says Niklas Ekvall.
Fjärde AP-fonden emphasizes that these companies they invest in also invest in solar and wind power, for example.
“Isn’t enough”
However, the Nature Conservation Society is critical and believes that the funds’ investments in renewable alternatives are not sufficient.
– We know that if we are to meet the Paris Agreement’s 1.5 degree target, we must now stop all new extraction of fossil fuels. It will not be enough to invest in a little more renewables on the side. What is required is a complete phasing out of all fossil fuels. says Kristina Östman at the Nature Conservation Association.