The Danish pension fund for academics, MP Pension, has blacklisted 10 of the world’s largest oil firms, a decision that will mean divesting DKK644m (€86m) of stocks.

In addition, the pension fund is considering the impact of divesting from bonds issued by oil firms.

The fund said it wanted to take responsibility for the green transition while securing long-term investment returns...

The 10 companies are ExxonMobil, BP, Chevron, PetroChina, Rosneft, Royal Dutch Shell, Sinopec, Total, Petrobras and Equinor...

MP Pension’s board of directors pledged in 2018 to dump all shares in coal, tar sands and oil activities by the end of 2020, and excluded all coal and tar sands companies from its investments last year.

It then carried out work to assess whether it considered that the largest oil companies had adapted their long-term business models and strategies to the objectives of the Paris Agreement – an exercise that led to yesterday’s divestment announcement.

The fund said it would assess more than 1,000 companies by the end of 2020, but had initially focused on the 10 largest firms...