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

For Immediate Release

Organization Profile: 
Contact: 

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.”

###

To view this statement online, visit: https://350.org/press-release/sweden-exxon-transcanada-paris-violation-divestment/

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

###

350 is the red line for human beings, the most important number on the planet. The most recent science tells us that unless we can reduce the amount of carbon dioxide in the atmosphere to 350 parts per million, we will cause huge and irreversible damage to the earth. But solutions exist. All around the world, a movement is building to take on the climate crisis, to get humanity out of the danger zone and below 350. This movement is massive, it is diverse, and it is visionary. We are activists, scholars, and scientists. We are leaders in our businesses, our churches, our governments, and our schools. We are clean energy advocates, forward-thinking politicians, and fearless revolutionaries. And we are united around the world, driven to make our planet livable for all who come after us.

Share This Article