Denmark’s P+ said it is putting 20 of its equity investments onto an observation list because of their CO2 emissions, and is intensifying its engagement with the firms over this issue.
The labour-market pension fund announced that the value of the investments it is putting under observation totalled DKK163m (€21.9m), with the watchlist including Danish shipping giant A.P. Møller-Mærsk and South Korea’s Samsung Electronics.
Kåre Hahn Michelsen, chief investment officer at P+, said: “By pursuing more focused active ownership with the 20 largest CO2 emitters in the portfolio, we can help to support the large companies’ climate ambitions so it actually becomes climate action.”
The provider, which describes itself as the pension fund for academics, said the move followed the publication in November of its climate goals for 2025 and 2030, which it said “are intended to ensure that we contribute to creating change in reality.”
Through the process of dialogue, the pension fund said it would challenge the firms on their goals for CO2 emissions and, among other things, encourage them to incorporate those targets into their remuneration and incentive structures.
“For example, we are also aware of whether the companies’ climate reports live up to the international recommendations in the area, and that the companies are not involved in financing lobbying work that runs counter to the goals of the Paris Agreement,” Hahn Michelsen said.