In the Paris Climate Change Conference starting today, representatives from the business community also have the opportunity to tell about their efforts towards a low-carbon economy. As part of climate change prevention efforts, OP Wealth Management has decided to exclude high-carbon companies from its active investments that cannot present a credible plan to reduce their impacts on climate.
This approach taken by OP Wealth Management involves direct investments in mining companies where a significant part of their business originates from mining of coal used for energy production or the amount of produced coal is large and the company has no plans to change the situation. In addition, OP will stop active investments in electricity or heat producers which are heavy users of coal and which have not reduced their greenhouse gas emissions or presented any plan to reduce emissions.
- Our investments in coal companies have recently been almost nil. Through our action, we want to communicate to energy producers the need to develop their business towards a lower-carbon economy by favouring cleaner energy production. Reducing carbon risk in the investment portfolio is also justifiable in financial terms, says Mika Leskinen, Head of Sustainable Investing, OP Wealth Management.
According to the view prevailing in the international scientific community, capping global warming at two degrees of Celsius that is considered critical is possible only if a significant part of fossil fuel reserves remains unused. Carbon dioxide emissions from coal combustion have a major role in climate change.
OP will announce the company-specific exclusions and their implementation based on its policy during 2016. OP Wealth Management also publishes the carbon footprint of its equity funds on a half-yearly basis.
For more information, please contact:
Mika Leskinen, Head of Sustainable Investing, tel. 050 327 6985 or
OP Communications, tel. 050 523 9904, email@example.com on weekdays 7 am - 7.30 pm)
OP Financial Group is Finland's leading financial services group providing a unique range of banking, wealth management and insurance services. OP Financial Group's mission is to promote the sustainable prosperity, security and wellbeing of its owner-customers, customers and operating regions through its local presence. Its objective is to offer the best and most versatile package of loyal customer benefits on the market. OP Financial Group consists of about 180 member cooperative banks, its central cooperative OP Cooperative, and the latter's subsidiaries and affiliates. The Group has a staff of 12,000 and 4.3 million customers. As laid down in the applicable law, the member credit institutions and OP Cooperative are ultimately jointly and severally liable for each other's debts and commitments. Joint and several liability within OP Financial Group is based on the Laki talletuspankkien yhteenliittymästä Act (Act on the amalgamation of deposit banks). Pohjola Bank plc and OP Mortgage Bank are responsible for OP's funding on money and capital markets.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Pohjola Pankki Oyj via Globenewswire
Source: Thomson Reuters ONE
(November 30, 2015 - 2:00 AM EST)
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