This Tuesday, 03, MP Pension informed that it will sell its participation in 10 of the largest oil companies in the world, one of which is Petrobras.
Seeking to exclude important sources of carbon emissions from its portfolio, the Danish group MP Pension, announced this Tuesday, September 03, that it will sell its stake in 10 of the largest oil companies in the world. In Brazil, Petrobras is focusing its efforts on exploration and production of oil and natural gas, while putting into practice an ambitious program for the sale of assets considered non-essential by the current management.
According to the company, the companies that it wants to exclude its participation are the oil companies: ExxonMobil, BP, Chevron, PetroChina, Rosneft, Shell, Sinopec, Total, Petrobras and Equinor.
According to the statement from MP Pension "The divestment occurs because the MP assesses that the companies' long-term business models are incompatible with the climate targets established in the Paris Agreement".
About 200 countries have agreed to limit the global average temperature rise 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 at least a 3°C rise by the end of the century.
The divestment amounts to DKK 644 million ($96,24 million), MP Pension said in a statement.
According to the head of investment at MP Pension, Anders Schelde, “Demand for oil will fall as the green transition gains speed”,
According to the opinion of MP Pension, the companies – BP, Shell, Total and Equinor – showed signs of progress, while the remaining six made little progress in shifting to greener energy.
Recently, the president of Petrobras, Roberto Castello Branco, reaffirmed that Petrobras' investments in the area of renewables will be focused on research and development.
He also questioned the level of involvement of oil competitors with clean energy initiatives.
“There is a lot of marketing and in reality very few actions. If we look at European companies that focus on renewables, the projection of renewables in their revenues in 2030 is 1% or a maximum of 1,5%. In practice, it's not all that.
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