Dutch fund sells $3 billion worth of shares in Shell, BP and Total Energy

Written by Christian Moes Laursen

PFZW, one of the Netherlands’ largest pension funds, has sold all its shares in Shell, BP and Total Energies, saying they are not investing fast enough in the switch from fossil fuels to low-carbon fuels.

PFZW, which had about $256 billion under management at the end of 2023, said on Thursday that the total shares sold were 2.8 billion euros ($3.02 billion), including stakes in 310 companies in the oil and gas sector. It was announced that it would be.
The fund said the sale marks the end of a two-year engagement with oil and gas companies aimed at getting them to provide verifiable transition plans that support the goals of the Paris Climate Agreement. It is said to mean.
“Most of our fossil fuel investments are currently being sold as these companies have taken insufficient steps in transitioning to a cleaner energy mix,” the company said.
Seven publicly traded oil and gas companies remain in the portfolio, including Gulp, Neste and OMV, which the fund calls frontrunners in the global energy transition.
Shell, BP and Total Energy did not immediately respond to Dow Jones’ requests for comment.
Email Christian Moess Laursen at christian.moess@wsj.com.