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This Tuesday, 03, MP Pension Informed That It Will Sell Its Stake in 10 of the Largest Oil Companies in the World, One of Which Is Petrobras.
In an effort to exclude significant sources of carbon emissions from its portfolio, the Danish group MP Pension announced this Tuesday, September 3, that it will sell its stake in 10 of the largest oil companies in the world. In Brazil, Petrobras is focusing its efforts on the exploration and production of oil and natural gas while implementing an ambitious program to sell assets deemed non-essential by the current management.
According to the company, the firms it wishes to divest from include the oil companies: ExxonMobil, BP, Chevron, PetroChina, Rosneft, Shell, Sinopec, Total, Petrobras, and Equinor.
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According to MP Pension’s statement, “The divestment occurs because MP assesses that the long-term business models of the companies are incompatible with the climate goals set in the Paris Agreement.”
About 200 countries agreed to limit the increase in global average temperature to well below 2 degrees Celsius above pre-industrial times. The agreement was made at the United Nations Conference on Climate Change – Paris in 2015.
Current policies put the world on track for a temperature increase of at least 3°C by the end of the century.
The divestment totals 644 million Danish crowns (US$ 96.24 million), MP Pension reported in a statement.
According to MP Pension’s chief investment officer, Anders Schelde, “The demand for oil will decline as the green transition gains momentum.”
According to the MP Pension report, the companies – BP, Shell, Total, and Equinor – have shown signs of progress, while the remaining six have made little progress in shifting to greener energy.
Recently, Petrobras’ president, Roberto Castello Branco, reaffirmed that Petrobras’ investments in renewables will focus on research and development.
He also questioned the level of involvement of competitor oil companies with initiatives focused on clean energy.
“There is a lot of marketing and in reality, few actual actions. If we look at European companies focusing on renewables, the projection for renewables in their revenues by 2030 is 1% or at most 1.5%. In practice, it’s not that much.”
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