Dutch pension fund PFZW has said that it will divest from oil and gas company BP if it does not have a ‘convincing and verifiable’ strategy to comply with the Paris Climate Agreement by the end of 2023.

The pension fund will sell all of its interest in the company in early 2024 if these terms are not met.

As in previous years, activist shareholder Follow This has filed a shareholder resolution with BP, which will be voted on at BP’s shareholders’ meeting on 27 April.

The resolution states that BP must bring its CO2 targets in line with the Paris Climate Agreement, consisting of 2030 targets for reducing Scope 3 emissions.

PFZW has stated that it will vote in favour of the shareholder proposal.

“If BP does not have a convincing and verifiable strategy to comply with the Paris Climate Agreement by the end of 2023, we will sell our interests in early 2024,” thew pension fund said.

“For everyone who builds up a pension with us, we as a pension fund are committed to a good pension in a liveable world.

“We therefore use our influence as a pension investor by pointing out to companies their role and responsibility for the environment and society.”

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