As of June 13th, 2025, five new companies will be added to AP7’s blacklist. Tesla is blacklisted due to involvement in the violation of labor rights in the USA. Four companies are blacklisted because they do not act in line with the Paris Agreement due to large-scale fossil fuel operations without transition plans. AP7 has also initiated a review of the process for climate-related blacklisting, with the aim of improving AP7’s ability to achieve real world impact.
Five new companies have been blacklisted – one company has been removed
A total of 114 companies are blacklisted and excluded from the fund’s investment universe. The following five companies have been added to the blacklist and are excluded:
- Chord Energy Corporation (USA)
Acting against the targets of the Paris agreement through large-scale oil operations without transition plans. - Coterra Energy Inc (USA)
Acting against the targets of the Paris agreement through large-scale oil operations without transition plans. - JSW Energy Limited (Indien)
Acting against the targets of the Paris agreement through large-scale coal operations without transition plans. - PRIO SA (Brasilien)
Acting against the targets of the Paris agreement through large-scale oil operations without transition plans. - Tesla Inc (USA)
Involvement in the violation of labor rights in the USA.
One company has been removed from the list:
- Evergy, Inc. has been re-evaluated after taking sufficient transition measures and therefore no longer meets the criteria for blacklisting.
Tesla Inc is blacklisted
AP7 has decided to blacklist Tesla due to verified violations of labor rights in the United States. Despite several years of dialogue with Tesla, including shareholder proposals in collaboration with other investors, the company has not taken sufficient measures to address the issues.
Increased ambition in climate-related exclusions
Over the past year, AP7 has strengthened its capacity to support the climate transition within its portfolio holdings by adding new resources and integrating the active ownership more closely into the portfolio management. One example is AP7’s Transition Portfolio, where the fund combines active ownership with active management in companies with a significant climate impact and a substantial need for transition — as well as in companies that contribute solutions to the climate transition.
During the autumn, AP7 will further develop its climate exclusion process to better align it with the work carried out in the Transition Portfolio. Climate exclusions based on the Paris Agreement will thus be separated from other exclusions and blacklisting, which primarily rely on reported incidents. Companies that are currently excluded and blacklisted based on the Paris Agreement will remain excluded following the changes. In addition, AP7 will exclude companies where the potential to influence and drive climate transition is deemed to be exhausted or too limited.
The changes are expected to result in more focused portfolio management and active ownership, with a clear objective of promoting sustainable development without compromising returns for savers.
More information about the climate exclusion process will be provided in connection with the annual update of AP7’s Climate Action Plan this autumn. The changes are expected to be implemented ahead of the next blacklisting update in December.
Read the full blacklist: Black list June 2025