By Christian Moess Laursen


One of the largest pension funds in the Netherlands, PFZW, has sold all of its stakes in Shell, BP and TotalEnergies, saying they aren't investing fast enough in the switch from fossil to low-carbon fuel.

PFZW--which managed around $256 billion at the end of 2023--said Thursday that it sold shares to a total value of 2.8 billion euros ($3.02 billion), accounting for stakes in 310 companies in the oil-and-gas sector.

The divestments mark the completion of a two-year engagement with companies to get them to provide verifiable transition plans that support the goal of the Paris Climate Agreement, the fund said.

"Most of our fossil fuel investments have now been sold off, as these companies have made insufficient steps in the transition to a cleaner energy mix," it said.

Seven listed oil-and-gas companies will remain part of the portfolio, among them Galp, Neste and OMV, which the fund calls front-runners of the global energy transition.

A Shell spokesperson said the company regrets the decision of PFZW, which it said has no benefit for the climate.

In 2023, the Anglo-Dutch energy major invested $5.6 billion in low-carbon energy solutions.

BP and TotalEnergies didn't immediately reply to requests for comment by Dow Jones Newswires.


Write to Christian Moess Laursen at christian.moess@wsj.com


(END) Dow Jones Newswires

02-08-24 0802ET