A Danish pension fund has said it would sell its stake in major oil companies as their business models are incompatible with the goals set out in the Paris climate agreement . MP Pension, a $20 billion pension for Danish M.A’s, M.Sc.’s and Ph.D’s who are employed in public sector universities and upper secondary schools, said it would dump its stakes in 10 of the world’s largest oil companies, including ExxonMobil, BP, Chevron, PetroChina, Rosneft and Royal Dutch Shell. The divestments amount to nearly $100 million, or 0.5 percent of the fund’s total portfolio. "We found that none of the oil majors has a business model that is compatible with the goals of Paris Agreement and thus we decided to sell them all," Anders Schelde, the fund’s chief investment officer, told DW. "We put them all on our blacklist, our exclusion list." The fund reviewed the corporate strategies of the companies to figure out how serious they were about tackling climate change, their capital expenditure to see if they were building new fossil fuel projects and finally their lobbying efforts to ensure they remained in sync with the climate goals. Dirty Investments MP Pension’s decision comes as asset managers […]

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