The AP7 blacklist is revised twice a year, in June and in December. As of 8 December 2021, seven new companies have been blacklisted. A total of 93 companies are blacklisted and excluded from the fund’s investment universe. The aim of the blacklisting is to exert pressure on companies that violate international norms to change their conduct. Blacklisting is thereby an engagement tool, alongside other tools such as company dialogues and voting at general meetings.
AP7 invests in companies that in an acceptable way adhere to the international norms and conventions signed by Sweden. These are expressed in the UN Global Compact’s ten principles on human rights, labor, the environment and anti-corruption. AP7 does not invest in companies involved in the development or production of nuclear weapons. Since 2016 the Paris Agreement to the UN Climate convention (UNFCCC) is included in our norms-based screening.
The blacklisting methods was broadened during 2020 to exert influence on companies that continue to expand their fossil-fuel activities in coal production and coal power, thereby counteracting the goals in the Paris Agreement. The focus is on coal companies as research has shown that decommissioning coal as an energy source is the single most important measure to curb climate change.
As of 8 December, a total of 93 companies are blacklisted. Of the seven new blacklisted companies, five of these are blacklisted due to the Paris Agreement; China Power International Development Ltd, China Shenhua Energy Company Ltd, Huadian Power International Corp Ltd, Shanxi Lu’An Environmental Energy Development Co Ltd, TBEA Co Ltd. The other two new companies that are also blacklisted are Wärtsilä Oyj Abp for involvement in the production of components for nuclear weapons and Ratch Group Public Co. Ltd. based on inadequate human rights management and compensation in connection with a collapsed hydropower plant in Laos.
Read the complete blacklist: AP7 blacklist as of 8 December 2021