Luxembourg, 3 December 2020 – Today’s parliamentary debate on the investment strategy of sovereign funds has clearly shown that, save a few exceptions, MPs agreed that there is a need for action with regards to the sustainable investment strategies of the sovereign funds. This applies in particular to the pension fund FDC, which invests massively in fossil fuels and which is not aligned with the objectives of the Paris Agreement.
Greenpeace welcomes the resolution adopted today by a majority of MPs on the investment strategy of the sovereign funds, i.e. the pension fund Fonds de Compensation FDC and the Fonds souverain intergénérationel FSIL.
“Parliament today sent a strong signal to the government: the environmental performance of the FDC must be assessed and means developed to integrate sustainability coherently into the investment strategy of the fund,” explains Martina Holbach, climate and finance campaigner at Greenpeace Luxembourg. “The majority of the Parliament has recognised that there is no reason to continue to invest public money in companies that destroy the environment and disregard human rights. Investing in companies that damage the climate is not only harmful to people and the environment, but also poses a financial risk.”
In their speeches, several MPs pointed out that there is no contradiction between the profitability of investments and sustainable investment.
“After years of pressure from civil society, the government has finally been given a clear mandate today,” says Myrna Koster, Climate Justice Campaigner of Greenpeace Luxembourg. “We call on the government to make the Parliament’s mandate a priority, so that a truly sustainable investment strategy is launched for the sovereign funds, especially for the pension fund FDC. The Fonds de Compensation must align itself with the objectives of the Paris Agreement and end its climate-damaging investments in coal, oil and gas.”
Media: All the pictures of the protest are available here, including HD version for media use