Thermal coal, tar sands and peat are three of the energy sources with the highest levels of CO₂ emissions. Because of this, we do not invest your pension savings in companies that derive more than 5 percent of their revenue from thermal coal mining, thermal coal energy or a combination of these. Nor do we invest in companies that derive more than 5 percent of their revenue from the extraction of oil from tar sands or peat-fired power generation.

Our ambition is to phasing out investments in companies involved in the three fossil fuel types by 2030 in the EU and OECD and by 2040 in the rest of the world, in line with the requirements of the Paris Agreement. We may exempt companies if they are able to demonstrate a credible plan to phasing out thermal coal, tar sands and peat activities in alignment with the Paris Agreement. We use the Transition Pathway Initiative framework to assess a company’s transition plan. Only companies that are assessed as meeting level 3 criteria of the framework are granted exemptions. Meeting level 3 includes, for example, setting quantitative targets for reducing GHG emissions, disclosing scope 3 GHG emissions and being transparent about lobbying activities related to the climate agenda.

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A range of companies involved in controversial weapons are excluded from investments. Controversial weapons are defined as weapons that are prohibited by international conventions or are considered controversial due to the indiscriminate damage they cause.

Excluded companies include those that produce, supply components for, service or sell the following types of controversial weapons:

Cluster munitions, anti-personnel mines, biological weapons, chemical weapons and nuclear weapons outside the Nuclear Non-Proliferation Treaty. Depleted uranium ammunition and armour as well as white phosphorous munitions are similarly covered.

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We do not invest your pension savings in companies that derive 5 % or more of their revenue from growing, processing or producing tobacco products. This includes products that are wholly or partly based on leaf tobacco as well as so-called next-generation tobacco products such as electronic cigarettes and snus/nicotine pouches.

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We do not invest your pension savings in a wide range of companies that exhibit harmful behaviour or are involved in problematic activities. These companies violate norms and standards such as the principles of the UN Global Compact or do not adhere to human rights or environmental- and climate-related conventions. For example, your pension savings are not invested in companies that contribute to water pollution and climate change, damage biodiversity, violate human rights or are involved in corruption or arms trading.

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When we invest in government bonds, countries use this money to finance infrastructure such as schools, hospitals, energy production or roads. In this way, government bonds act as an important tool that enables countries to invest in societal development and to create better conditions for citizens. However, investing in government bonds from developing countries poses a dilemma because these countries often face challenges related to human rights and other issues.

To ensure that we invest responsibly in government bonds and are helping to support a positive societal development with respect for human rights, we follow the principles of the UN Global Compact, the UN guidelines on human rights and similar frameworks.

We do this by:

• not investing in government bonds from countries on UN, EU, UK, US and Danish sanctions lists
• analysing how countries work with 23 different sustainability aspects, including environmental issues and the green transition, freedom of expression and rights for girls and women, human rights, child labour, slavery, health, rights for minorities, corruption, taxation, and the rule of law
• considering EU, OECD, UN or World Bank recommendations about investing in government bonds from certain countries so that they have the money to develop the country for the benefit of the citizens

On the basis of these aspects, we choose not to invest in government bonds from certain countries that are on our list of investment restrictions.

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