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PenSam keeps oil companies on short leash: "Need a concrete plan for exiting oil"

The business model of oil firms isn't tenable in the long term due to the green energy transition, according to PenSam CIO Claus Jørgensen and Head of ESG Mikael Bek. The pension fund now excludes a string of oil outfits including Aker, Equinor and Chevron.

Photo: Russell Cheyne/Reuters/Ritzau Scanpix

Danish pension fund PenSam's blacklist of companies excluded from its investment universe has grown to 324 companies, including oil giants Chevron, ExxonMobil, Aker and Equinor.

Investors are posing strict requirements for a green agenda in investment portfolios, making it harder for oil and other energy companies to convince them that they can see a way out of their current business area, oil, in the foreseeable future.

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