In 2017 Both ENDS stepped up its efforts to stop the Dutch government from supporting the fossil fuel industry. Phasing out fossil fuels is key to achieving the goals set in the Paris Climate Agreement. To Both ENDS, there is another reason: fossil fuel-related projects often have disastrous effects for the poorest people in the Global South.
New research by Both ENDS, Fossielvrij NL and urgewald shows that, in 2017, pension fund ABP invested 500 million euros more in coal, oil and gas than in the previous year – a total of 10.9 billion euros. These investments in fossil fuels not only stand in sharp contrast to ABP's claim that it has achieved substantial successes in its climate policy, but are also in flagrant violation of the Paris climate agreement. Unlike international forerunners among pension funds, ABP continues unabated to invest in the fossil energy sector.
The Dutch pension fund, ABP, invested about two billion euros more in the fossil energy industry at the end of 2016 than the year before. This is announced by the report "Dirty & Dangerous: the fossil fuel investments of Dutch pension fund ABP," published today by Both ENDS, German urgewald and Fossielvrij NL. The report criticizes these investments because of the impact on the climate and the catastrophic consequences for the people in the areas where coal, oil and gas are being produced.
Biju Mathew, an American professor from India who is also active for the 'Mining Zone Peoples Solidarity Group (MZPSG), visited Both ENDS' office in Amsterdam on January 19th. He was returning from a 'fact-finding mission' in the province of Orissa in India, where Korean steel company POSCO has plans for building a steel plant, several iron ore mines, roads, a railroad and a private harbor.
It has been planned for several years, but had so far been postponed: the Korean steel company POSCO wants to build and operate on a large scale in Orissa, an Indian state. Local people, environmental organizations and experts strongly resisted the plan, with all the consequences that entailed. Local police and militias cracked down the protests and recently there were four deaths. Wiert Wiertsema points out the responsibility of ABP, the Dutch pension fund that invested in POSCO. Wiertsema and ABP talked recently about the issue following an official complaint by the FGG Alliance on violations of the OECD guidelines for multinational enterprises.