NN Group adopts comprehensive oil and gas policy for own investments
NN Group (NN) has made its stance on proprietary investments in the oil and gas sector stricter, to now also include conventional oil and gas activities. Previously, investment restrictions were focused on unconventional oil and gas, such as oil sands, Arctic oil and gas, and shale oil and gas. The combination of the unconventional and conventional oil and gas policies, results in this comprehensive oil and gas policy for proprietary assets.
The policy applies strict criteria aligned with NN’s existing Paris alignment strategy. All new investments in the oil and gas supply chain will be directed to best-in-class companies committed and willing to lower their emissions to net-zero by 2050, aligned with the Paris Agreement 1.5°C pathway. For existing holdings, NN focuses on engaging with investee companies. Engagement offers an opportunity to use NN’s influence as an investor to encourage companies to improve their ESG practices, thereby ensuring sustainable long-term value that also benefits society as whole.
Jelle van der Giessen, CIO of NN Group: ‘We are committed to advocate and work towards transitioning our investment portfolio to net-zero GHG emissions by 2050, by decarbonising the portfolio and by investing in climate solutions. There must be an urgent and reasonable transition away from fossil fuels to low carbon business activities. We believe that companies active in the sector should take more action to diversify and develop decarbonisation and business strategies. The development of our comprehensive oil and gas policy is an important step, and it stimulates investee companies to transition to a low carbon economy.’
NN’s oil and gas policy makes a distinction between corporate and infrastructure investments, this includes companies and projects in the entire oil and gas supply chain. The total size of NN’s oil and gas related investments is less than 2% of its proprietary assets.
For further detail, please refer to the Oil and Gas policy for Proprietary Assets on our website.