Both ENDS
Dutch pension money is invested heavily in companies that contribute to deforestation in the Amazon region and the Cerrado savanna in Brazil, such as soy, animal feed and beef companies. This is concluded in a report published today by Profundo, commisioned by the Fair Finance Guide, Hivos and Both ENDS. All ten pension funds that were examined invest in these types of companies, with the ABP pension fund and Pensioenfonds Zorg en Welzijn on top with investments worth EUR 580 million and EUR 383 million respectively.
By Daniëlle Hirsch and Maria van der Heijden
The social debate on the Netherlands' role in the global economic crisis is now in full swing. At the centre of the debate is the question: how can we compensate for the setbacks affecting the Dutch economy without losing sight of efforts to make international trade and production chains more sustainable? We – Both ENDS and MVO Nederland (CSR Netherlands) – are particularly concerned about what we hear in these discussions about human rights, climate and the environment. That these are 'luxury problems' which we have no time to address at this time of crisis. And this, while the Corona crisis is showing us just how closely our current economy is irrevocably intertwined with the pollution of the planet and is making people all around the world more and more vulnerable. In short, we have to make our economy more resilient to such shocks. And that means committing ourselves to achieving the Sustainable Development Goals (SDGs) and the goals of the Paris climate agreement. We therefore address ourselves first and foremost to the government.
The world has to stop using fossil fuels, but investment in the sector continues unabated. Investors of all kinds, including banks, insurance companies and pension funds, are hesitant about making the change to sustainable energy and are not sure where to start. In the autumn of 2019, together with the DivestInvest Network and Sustainable Energy (Denmark), Both ENDS published a report entitled ‘Managed Decline of Fossil Fuel Businesses’. The report describes five criteria to test whether companies in the fossil sector are actively taking steps to wind down their fossil activities. The criteria are helping investors to choose investments that are in line with the Paris goal of restricting global warming to a maximum of 1.5 degrees Celsius. We spoke to Lars Jensen, Senior Analyst at Sustainable Energy and lead author of the report.
Good news for the climate: last week, the European Investment Bank (EIB) decided to stop investing in fossil fuels by 2021. This is part of its new energy strategy.
Amsterdam, 23 September 2019 - The world's 5th largest pension fund, with assets of over €430 billion, Dutch ABP is continuing to invest in companies that are on a collision course with the Paris climate goals, such as coal and oil companies.
