June 16, 2017

Sweden’s Largest Pension Divests From Paris Accord Violators ExxonMobil and TransCanada

This moves makes AP7 the first pension to divest specifically from ExxonMobil

GLOBAL — In a major win for the fossil fuel divestment movement, the #ExxonKnew campaign, and efforts to block investments in the companies backing fossil fuel pipelines, Sweden’s largest pension fund, AP7, announced this week that it will divest from six companies that are in violation of the Paris climate agreement. This includes particularly bad actors ExxonMobil and TransCanada, making AP7 the first pension fund to divest specifically from Exxon.

In response, Jamie Henn, 350.org Strategic Communications Director, said:

“Sweden divesting its largest pension from Exxon proves you can’t claim to support climate action while funding and perpetuating climate change. Exxon knew about climate change half a century ago, and continues to sow doubt and bankroll climate deniers. With its core business model dependent on exploiting people and planet for profit, Exxon is in direct violation of the Paris agreement.

“Meanwhile, TransCanada has been championing disastrous projects like the Keystone XL pipeline, despite massive resistance from Indigenous peoples, farmers, and communities living along its route. As TransCanada attempts to move the risky pipeline forward, the company will face increasing pressure from investors who know these pipelines are a climate and financial disaster.”

“With Trump ditching the the Paris agreement, the onus undoubtedly falls on our cities, states, and institutions to take bold climate action: starting with divesting from the companies causing the problem. New York — where the state’s own attorney general is investigating all that Exxon knew — must follow the leadership of AP7 and divest from Exxon and its industry ilk.”

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Contact: Lindsay Meiman, lindsay@350.org, (347) 460-9082

For more information on the Swedish AP fund divestment campaign, visit: https://gofossilfree.org/se/divestera-ap-fonderna/

For a full list of divestment commitments, visit: gofossilfree.org/commitments

 

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