Focusing on the climate transition

The Council on Ethics has intensified its engagement with Shell as part of the AP Funds’ overall involvement in the Climate Action 100+ project – a five-year initiative run by investors to systematically engage companies that have extensive greenhouse gas emissions.

From 2019 annual report

The AP Funds together with the world’s largest investors urge companies to improve corporate governance on the climate issue, reduce greenhouse gas emissions and strengthen climate-related financial data in the report’s accounts. Companies that the AP Funds engage in dialogues with are, among others, Volvo, Petrobras, National Grid, Engie, Daimler and Volkswagen. During the year, the Council, together with a small group of investors, continued to engage with Shell as part of the AP Funds’ overall involvement in the Climate Action 100+ project. As an oil company, Shell has set a long-term goal of reducing the company’s carbon footprint for the products that the company sells. The goal is that net emissions over the entire life cycle from the energy sold will decrease by around 20 per cent by 2035 and almost halve by 2050. The Council is now engaged in how this should be done in practice across different sectors where Shell sells its products.