Danish pension funds used to be at the top of the class in green investments, but a new report calls that status into question, Danish news daily Politiken writes.

Denmark slips three places in a climate ranking list from British think tank Asset Owners Disclosure Project, moving from last year's fifth place to eighth place. Sweden and Norway maintain first and second place, respectively.

Although Danish pension funds meticulously choose CO2-friendly companies, Politiken reports that they are much less persistent in pushing the companies that they invest in to adopt a greener profile.

In Denmark, only PKA reaches the top mark AAA, while academic pension fund MP Pension, despite some improvement, pulls down the Danish average with the grade D.

"I am pleased that we are ranking a whole 40 places higher than last year. Hopefully it is an indication that the world can see our serious work on the climate agenda. For example, we have allocated DKK 5 billion to climate friendly investments in 2016," says Chairman at MP Pension, Egon Kristensen, to Politiken.

English Edit: Marie Honoré