Dutch asset manager to cut fossil fuels from its mutual funds
Robeco will eliminate investments in thermal coal, oil sands and Arctic drilling by year end
London — Dutch asset manager Robeco is excluding investments in thermal coal, oil sands and Arctic drilling from all its mutual funds, it said on Thursday, joining other investors in cutting their exposure to fossil fuels.
Companies that derive 25% or more of their revenues from thermal coal or oil sands, or 10% or more from Arctic drilling, will be barred from its investment portfolios, Robeco said in a statement.
The €155bn asset manager previously excluded thermal coal investment from its sustainable funds only. It is also adding oil sands and Arctic drilling firms to its exclusion list, it said.
“Our move to exclude investments in fossil fuels from our funds is a further step in our efforts to lower the carbon footprint of our investments, transitioning to a lower carbon economy,” said Victor Verberk, Robeco’s chief investment officer for fixed income and sustainability.
A number of European insurers and asset managers have cut investments in fossil fuels, including Dutch insurer Aegon. But pressure groups have pointed out that falling coal profitability could limit the effect of revenue-linked exclusions.
Robeco said it would complete the exclusion of fossil-fuel firms by the end of this year. Robeco in 2018 excluded tobacco-related investments from all its mutual funds because of the social affect.
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