As of November 26th, 2024, two new companies will be added to AP7’s blacklist. The companies are blacklisted because they do not act in line with the Paris Agreement due to large-scale oil operations without transition plans. A total of 110 companies are blacklisted and excluded from the fund’s investment universe.
AP7 invests in the companies that in an acceptable way act according to the requirements of the international conventions that Sweden has signed, and which are expressed in the UN Global Compact’s ten principles, which describe companies’ responsibility for human rights, working conditions, the environment and anti-corruption. If the companies violate these conventions, they are blacklisted and excluded. AP7 also blacklists companies that participate in the development and production of nuclear weapons. The blacklisting is an engagement tool in collaboration with other engagement tools such as company dialogues and voting at general meetings.
In December 2016 the Paris Agreement to the UN Climate Convention was included as one of the standards on which the blacklisting analysis is based, and since then the analysis has been continuously developed. Phase-out of coal as an energy source is the single most important measure to curb climate change and has therefore been in focus. In 2020, the Paris Agreement review was expanded and coal companies with a large climate impact and expansion plans began to be blacklisted. In 2022, the requirements were tightened with the blacklisting of companies without transition plans with large-scale coal operations or oil sands extraction. During 2024, AP7 has continued to evolve the criterion to include the largest oil companies without transition plans, which are thus deemed to act in violation of the Paris Agreement. In 2025, the review will be extended to cover more oil companies.
Altogether, 53 fossil fuel companies are blacklisted based on the Paris Agreement, another ten oil and coal companies are excluded on other criteria.
Two new companies have been blacklisted
The following companies have been added to the blacklist and are excluded. Both due to large-scale operations in oil extraction without climate transition plans and are therefore excluded for acting in violation of the Paris Agreement.
- EOG Resources, Inc. (US)
Acting against the targets of the Paris agreement through large scale oil operations without transition plans. - MEG Energy Corp. (Canada)
Acting against the targets of the Paris agreement through oilsand operations without transition plans.
Two companies have been removed from the list
Hitachi Zosen Corp. och SGL Carbon SE are no longer blacklisted based on the lack of verified information about ongoing violations by the companies.
Read the full blacklist: AP7 Blacklist November 2024