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The Pensions Industry Announces a Record DKK 50 billion Figure for Green Investments

3. Nov. 2020
In just one year, the Danish pensions industry has invested DKK 50 billion in the green transition. This is an impressive figure, especially considering the economically unstable backdrop of 2020, says the Minister of Climate, Energy and Utilities, Dan Jørgensen, and the trade association Insurance & Pension Denmark.

The Danish pensions industry’s commitment to invest an additional DKK 350 billion in the green transition by 2030 was announced by Prime Minister Mette Frederiksen in New York, ahead of the UN climate summit in September 2019. Insurance & Pension Denmark and the members involved have recently put together the first report on the commitment. The figure will be announced by Insurance & Pension Denmark today at the Climate Investment Summit which will be opened by the Minister of Climate, Energy and Utilities, Dan Jørgensen. The summit focuses on how to channel more investments towards green investments.

 

“I am really happy to see how the Danish pensions industry delivers on green ambitions – even at a time when the corona pandemic is creating uncertainty. With its billion-dollar investments, the pensions industry plays a crucial role in the efforts for the climate, and that is why it is really positive that so many investments have already been sent in a green direction. This shows that the green transition is good business, and that there is real action behind the words of the Danish pension companies,” says the Minister of Climate, Energy and Utilities, Dan Jørgensen,

 

In the first year alone, the industry has already invested DKK 50 billion, far exceeding expectations. And, if the current level is maintained, the target of DKK 350 billion could be reached three years earlier than expected.

 

- We can be very proud that the Danish pension companies have already managed to invest far beyond their preliminary goals. And this in a year marked by the worst global health crisis in 100 years and with plenty of turmoil on the financial markets. The task is to contribute to the green transition, while at the same time ensuring that citizens get a good and stable return on their pension savings, says Kent Damsgaard, CEO for Insurance & Pension Denmark.

 

But even though this is a great result, Insurance & Pension Denmark is well aware that the global work on a green transition has only just begun.

 

- We support the Paris Agreement on limiting global warming to below 2.0, and preferably 1.5, degrees Celsius, and this requires massive investments. We are off to a great start with DKK 50 billion in green investments, but we must not rest on our laurels. Only through continued close public-private collaboration on solutions and financing in Denmark can we inspire the rest of the world and mobilise the necessary green investments, says Kent Damsgaard.

 

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Kent Damsgaard

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