US$20bil fund reveals savings after dumping oil before rout

The fund took the first major step toward cleansing its portfolio of oil stocks back in 2019, when it sold stakes in ExxonMobil, BP, Chevron, PetroChina, Rosneft, Royal Dutch Shell, Sinopec, Total, Petrobras and Equinor, worth a total of 644 million kroner (US$93mil).

COPENHAGEN: MP Pension, which oversees about US$20bil from its base north of Copenhagen, decided last year to do its bit to save the planet by exiting some of the biggest oil producers in the world. The focus on climate change ended up saving it a lot of money.

Chief investment officer Anders Schelde’s call to dump almost US$100mil worth of fossil-fuel stocks in September has already boosted MP’s portfolio by US$40mil, he says. The fund has since continued to purge its portfolio oil stocks, and is urging other investors to do the same, he says.