Stockholm, April 25, 2018 – Greenpeace Sweden announced that it will no longer contribute to the mandatory Swedish Public Pension Funds (AP 1 through 4). The reason for this decision is that the Public Pension Funds invest billions of Swedish crowns in climate-damaging coal, oil and gas industries. Technically, this means that Greenpeace Sweden will no longer be paying part of the employer fees corresponding to the sum earmarked for the Swedish Public Pension Funds.
In 2017, The Swedish Public Pension Funds had 13 billion Swedish crowns (approximately 1.2 billion Euro) invested in 43 of the 100 companies whose business had the most hazardous impact on the climate globally. These include the American oil giant Exxon Mobil and the Swedish company Lundin Petroleum. The latter is under investigation for breaching international law and have plans to expand oil prospects deeper into Arctic waters than ever before.
“As an environmental organization, we simply cannot contribute to the bankrolling of these climate degrading businesses. No one should”, says Frode Pleym, Head of Greenpeace Sweden.
Greenpeace demands that the Swedish Public Pension Funds introduce a policy and timeline for moving investments out of the fossil fuel industry. Until then, Greenpeace Sweden will divert the pension fees, roughly 200 000 Swedish crowns a month, to a protected account.
“Greenpeace Sweden believes in a strong and sustainable public pension system. We want to pay our pension fees, but as is now, our pension savings are used to speed up our own demise. If we are to enjoy safe autumn years, we cannot destroy our future prospects by financing one of the largest threats to our survival on this planet”, says Frode Pleym.
Greenpeace Sweden argues that The Swedish Public Pension Funds’ current investment scheme breaches the Paris Agreements, Sweden’s Environmental Goals, the intention of the recently passed Climate Law and even the Swedish Constitution.
“The Swedish Public Pension Funds, as functions of The Swedish State, have a responsibility for ensuring that they do what is in their power to make sure that Sweden lives up to international agreements, laws and political ambitions. Investing billions in companies that are the biggest contributors to climate change is not in line with that responsibility”, says Frode Pleym.
Frode Pleym, Head of Greenpeace Sweden, +46 707280447
Daniel Bengtsson, Head of Communications, Greenpeace Nordic, +46 703009510