Robeco is removing from its mutual funds companies that derive revenue from thermal coal, oil sands and Arctic drilling, a spokeswoman said.
Companies that derive 25% or more of their revenue from thermal coal or oil sands or 10% or more from Arctic drilling, will be barred from the firm's mutual funds by the end of the year. The divestment amounts to €87 million ($104 million) in equities and €17 million in fixed-income exposures.
"Our move to exclude investments in fossil fuels from our funds is a further step in our efforts to lower the carbon footprint of our investments, transitioning to a lower carbon economy. As global leaders in sustainable investing we are committed to the Paris Agreement, which aims to limit the rise in global temperatures to well below 2 degrees Celsius. This will require substantial reductions in global greenhouse gas emissions over the next few decades," Victor Verberk, CIO of fixed income and sustainability, said in a news release.
Robeco had €155 billion ($174 billion) in assets under management as of June 30.
Details on Robeco's previous divestment strategy for mutual funds were not immediately available.
