The Netherlands' PFZW, one of the largest pension funds in the country, announced that it has sold all its stakes in Shell, BP, and TotalEnergies. The fund, which managed approximately $256 billion at the end of 2023, revealed that the total value of the shares sold amounts to 2.8 billion euros ($3.02 billion). These divestments encompass stakes in 310 companies within the oil and gas sector.

This move signifies the culmination of a two-year engagement between PFZW and oil and gas companies. The aim of this engagement was to encourage these companies to develop verifiable transition plans aligning with the Paris Climate Agreement's goal. PFZW has expressed its disappointment in the lack of progress made by the companies in transitioning towards a cleaner energy mix.

While most of PFZW's fossil fuel investments have been divested, the fund will retain stakes in seven listed oil and gas companies. These companies include Galp, Neste, and OMV, which PFZW views as frontrunners in the global energy transition.

When approached for comment, Shell, BP, and TotalEnergies did not immediately respond.

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