Climate activists may file sustainability lawsuit against Dutch pension fund
After Milieudefensie won a lawsuit against Shell, climate activists are now also targeting Dutch pension fund ABP - one of the largest pension funds in the world. Protest group ABP Fossielvrij wants to force the pension fund to adopt a sustainable investment portfolio, without fossil fuels like oil, coal and natural gas, Trouw reports.
The final decision to file a lawsuit against APB, the pension fund for teachers, police officers and civil servants, has not yet been made. "We are looking at it seriously with lawyers. The success in the case against Shell is accelerating," Hiske Arts of APB Fossielvrij said to the newspaper. "We see that our campaign is generating too little effect."
In a strategy released last week, ABP promised to push more money into climate friendly projects and to gradually reduce its interests in fossil energy sources. Currently ABP has an estimated 17.4 billion euros, out of a total 446 billion euros, invested in fossil energy. ABP also said it would hire climate advisors and formulate a sharper CO2 strategy.
But according to ABP Fossielvrij, these promises are not enough. In order to act in line with the Paris climate agreement, ABP must immediately stop all new investments in fossil fuels, the protest group said. The fund must also accelerate the cleanup of its existing investment portfolio.
A spokesperson for ABP told Trouw that the fund is aware of the possible lawsuit and is awaiting developments.