Case
Green financing
Wind energy
PensionDanmark is a Danish non-profit labour market pension fund. The fund manages pensions under collective and corporate agreements and health care products on behalf of 823,000 members employed in 23,200 private and public companies. PensionDanmark is one of the 50 largest pension funds in Europe and currently has EUR 44 billion under management.
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Headquartered in Florida, NextEra is USA’s largest utility company. PensionDanmark is a shareholder and for years has been part of an investor coalition urging the company to accelerate decarbonisation to align with a low-emission economy. That has included
engaging in multiple dialogues about setting climate targets and prioritising investment in renewable energy. PensionDanmark has also supported the board of directors in assessing their progress and has used its vote to highlight where this has been lagging.
Between 2005 and 2021, solar and wind energy has risen from 17.5 percent to 39.4 percent of NextEra’s total capacity. Coal-based energy production has been phased out so that it now represents less than 2 percent of the company’s overall energy production.
NextEra has decided to sell its remaining natural gas pipelines and will exclusively invest in renewable energy. This has resulted in a CO2 emissions rate that is 51 percent better than the industry average.
PensionDanmark is continuing the dialogue with NextEra and has encouraged the company to publicly disclose more details about its 1.5°C-aligned scenario analysis and how its capital allocation supports it.
This is a part of the white paper “Financing the Green Transition”. Discover Denmark’s plans to mobilise investments to accelerate the transition to a carbon-neutral and climate-resilient economy.
Contributors:
PKA, PFA, A.P. Møller Holding, PensionDenmark, Lægernes Pension, and Lærernes Pension
