The Dutch pension fund, PFZW, has revealed that it is turning its attention to the largest users of fossil fuels, in relation to its work on ESG issues.

This will include car manufacturers and companies that make steel and cement.

“These companies still use a lot of fossil fuels and thus emit a lot of CO2 worldwide. Or they make products that emit a lot of CO2, such as cars that run on gasoline,” the pension fund said.

“If these large users of fossil fuels switch to renewable energy or make cleaner products, the oil and gas companies' demand for fossil fuels will drop. These companies are then also likely to switch to renewable energy more quickly, as their largest customers demand it.”

More recently, PFZW has actively engaged with companies in the oil and gas sector, calling on them to emit less CO2.

“Over the past two years, we have targeted oil and gas companies to ask them to come up with a good climate strategy that complies with the Paris Climate Agreement,” the pension fund revealed.

As a result, it now only invests in listed oil and gas companies with a good climate strategy, having sold its investments in other companies.

Its work on ESG issues is part of its goal for its investments to have net-zero CO2 emissions by 2050.

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