Pension fund divests 35 oil firms for Paris pact failures

Following an investigation into a large number of oil and gas companies, Danish pension fund PKA has decided to cease investing in 35 of oil firms. The businesses have not done what is needed to comply with the Paris Agreement on climate change, it explains.

Denmark's PKA -- a pensions company running several labour-market pension funds -- had already divested from several coal companies. On top of that, it has now decided to exit a group of oil companies that have not done enough to comply the 2015 Paris Agreement on climate change. A central goal of the Paris treaty is to limit global temperature increases to two degrees Celsius by the end of the century.

PKA writes in a statement that the company has investigated the climate efforts of 62 oil and gas companies, and subsequently chosen to exclude 35 companies on account of their not "taking the necessary initiatives for living up the Paris Agreement."

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