The value of Dutch pension fund ABP’s illiquid fossil fuel investments has fallen by over €1bn since March 2024, it has revealed in an update on the phase-out of fossil fuel investments.

ABP decided to divest from investments in fossil fuel producers over four years ago and has been gradually selling off the assets since.

The pension fund held various types of fossil fuel investments, such as liquid (equity and bonds) and illiquid (unlisted companies and funds, such as private equity or infrastructure).

In the first quarter of 2024, ABP sold its last liquid investment, with the criteria being companies that derive more than 1 per cent of their turnover from coal mining, oil and/or gas extraction.

Since then, it has held no further investments in oil and gas futures contracts.

It then turned its attention to illiquid investments. It said that, while it was locked into long-term contracts, it has encouraged companies, through discussions, to make their business models more sustainable.

ABP confirmed that if discussions are not effective, it sells its stake when possible. For example, the pension fund recently sold its stake in Exolum, a Spanish company active in fossil energy infrastructure, such as pipelines.

At the end of March 2024, the value of its remaining illiquid investments stood at €4.8bn. By the end of December 2025, the value had fallen to around €3.7bn, a decrease of €1.1bn.

In addition to divesting from fossil fuels, ABP has set a target of investing €30bn by 2030 in assets that contribute to the United Nations’ Sustainable Development Goals 7 (Affordable and Clean Energy) and 13 (Climate Action).

To date, it has invested over €25bn in this area.

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