Swiss funds with assets over $270 billion plan to divest from oil giants' bonds

Swiss institutional investors managing assets worth over $270 billion intend to phase out bonds from several of the world's largest oil companies. This was reported by Bloomberg, according to UNN.

Details

The decision was made following a recommendation from the Swiss Association for Responsible Investments (SVVK-ASIR), which brings together pension funds and insurance companies. The association recommended that its members no longer invest in the debt securities of Chevron, Exxon Mobil, Marathon Petroleum, PBF Energy, Phillips 66, Valero Energy, and Saudi Aramco after current assets mature.

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SVVK-ASIR explains the move by stating that these companies are continuing or increasing oil and gas production. In particular, Saudi Aramco is considered the world's largest corporate source of carbon emissions. Against this backdrop, some investors are tightening the environmental criteria for their portfolios.

Among the organizations that have already confirmed their readiness to follow the recommendation are the Swiss Federal Pension Fund Publica, as well as several other large pension and insurance funds in the country. Switzerland's largest pension fund, BVK, stated that it traditionally follows the association's recommendations. In total, SVVK-ASIR represents members with combined assets of approximately 360 billion Swiss francs.

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