AMWatch

FIM's new fund adopts zero tolerance policy to fossil fuels

The strict exclusion policy means two Finnish energy giants have been dropped by the new fund.

Photo: PR / FIM

S-Bank and FIM are launching a new type of European listed equity fund, which applies a strict zero tolerance policy towards companies whose business involves any fossil fuels such as oil, natural gas or coal. Even Finnish listed energy giant Fortum and petroleum refinery company Neste have been excluded from the investment universe of the new Fossil-Free Europe fund.

The new vehicle, which follows the MSCI Europe index, will not invest in Fortum, which despite the coal-fired power plants of its subsidiary Uniper, is still included in several sustainability indices and responsible investment funds, Finnish daily Kauppalehti reports.

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