One of world’s biggest pension funds to stop investing in fossil fuels

ABP says it will no longer invest in sector and will sell 15bn of holdings by first quarter of 2023

One of the world's largest pension funds, ABP, is selling its 15bn-worth of holdings in fossil fuel companies, including Royal Dutch Shell, claiming it had been unable to persuade the sector to transition quickly enough towards decarbonisation.

Corien Wortmann-Kool, the chair of ABP, the Dutch pension fund for civil servants and teachers, said it would no longer invest in producers of oil, gas and coal, and that it would dispense with its current investments in those sectors by the first quarter of 2023.