Oil regulatory body, AP7, imposes sanctions on two oil companies for violating the terms of the Paris Agreement.
The Swedish AP Fund 7 (AP7), a major pension fund with assets worth $99.8bn, has taken a significant step towards addressing climate change by blacklisting two energy companies, EOG Resources and MEG Energy Corp.
The blacklisting of these companies is a result of their failure to comply with the Paris Agreement's goals, specifically in the areas of oil operations for EOG Resources and oil sands operations for MEG Energy Corp.
AP7's blacklist includes a total of 110 companies, with 53 being fossil fuel companies excluded based on Paris Agreement violations and another ten blacklisted under other criteria. Notably, AP7 also excludes firms involved in the development or production of nuclear weapons.
AP7's climate policy, which has been in place since 2016, aims to avoid investments in companies with significant fossil fuel exposure or unacceptable environmental impacts. The fund continues to engage with blacklisted companies to encourage improvement.
The blacklisting by AP7 does not signify the end of dialogue with the companies in question. Instead, it is a means to foster a more responsible approach towards climate change and sustainability.
AP7's Johan Floren, who focuses on placing biodiversity in the active consciousness of investors, underscores the importance of this initiative. He emphasises that the fund's actions are driven by a commitment to long-term value creation and a sustainable future.
However, it's worth noting that the provided search results do not contain information about AP7 blacklisting companies specifically for violating the Paris Agreement, nor any list of such companies or detailed reasons. For up-to-date lists and specific reasons for exclusion, one would need to obtain information directly from AP7’s official communications or sustainability reports.
In 2025, AP7 plans to expand its blacklist review to assess more oil companies, further reinforcing its commitment to combating climate change and promoting sustainable investments.
The blacklist by AP7 includes 53 fossil fuel companies excluded based on Paris Agreement violations, demonstrating their focus on companies with significant fossil fuel exposure. AP7's climate policy, aimed at avoiding investments in companies with unacceptable environmental impacts, continues to evolve, with plans to expand the blacklist review in 2025 to assess more oil companies.
