TV4 Nyheterna has previously depicted the protests from, among other things, environmental organizations against the seventh AP fund having shares in the Saudi oil company Saudi Aramco.
Now the fund has decided to sell all shares in the criticized company.
– They have no conversion plans and make no improvements, says Johan Florén, who is head of environmental and social governance at the seventh AP-fonden.
The state-owned Saudi Aramco is the world’s largest oil company, and in violation of the latest climate agreement signed in Dubai last fall, it is increasing its oil production instead of reducing it. Before and during the climate meeting, the Saudi state also lobbied to soften the wording in the agreement when it comes to phasing out coal, oil and gas.
– You could say it got much worse last autumn. A new review by the IEA, the International Energy Agency, has shown that the oil company has no credible conversion plans at all, says Johan Florén.
In addition to Saudi Aramco, six other fossil companies also end up on the seventh APfonden’s blacklist. But the fund still has shares in around 40 other oil companies that, like Aramco, are increasing their oil production instead of reducing it.
– These companies therefore continue to hunt for more deposits, in violation of the climate agreement. They are moving in the wrong direction. They are not something you should invest in in the middle of a climate crisis, says Jakob König, who is project manager at the Fair Finance Guide, which examines how sustainably banks invest and lend money.