PFA ramps up oil exposure despite criticism

Denmark's largest commercial pension fund is maintaing its billion-kroner investments in fossil fuel companies despite uncertain market conditions and criticism from environmental organizations. "I understand the dilemma, but I don't understand why people are so certain about what the right thing to do is," says PFA's group CIO Kasper Ahrndt Lorenzen.

PFA also invests in renewable energy sources including off-shore wind, says Kasper Ahrndt Lorenzen. | Photo: PR

PFA, sees no reason to sell its oil equities. The corona-related oil crisis, and critics who say that PFA should be more socially responsible and invest in green energy, have made no difference.

"We do not disagree that we need to back up the Paris Agreement. We do not disagree about the goal - we disagree about the methods. We also fundamentally believe that if companies don't fall in line with the Paris agreement, they will be badly-positioned and lose money," emphasizes Kasper Ahrnt Lorenzen, group investment director at PFA.

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