Repsol Dumped by $19 Billion Danish Fund as ESG Goal Not Met (2)

A Danish pension fund with $19 billion of client assets has exited Repsol SA after deciding the Spanish energy company wasn’t moving fast enough to cut its greenhouse-gas emissions.

“Repsol’s continued expansion of oil and gas production is entirely incompatible with the safeguarding of global climate goals,” Jens Munch Holst, the chief executive of AkademikerPension, said in an emailed comment. The fund held a $3.5 million stake at the end of 2022. Repsol’s market value was about $20 billion on Monday.

AkademikerPension, which is based north of Copenhagen, unloaded most of its fossil-fuel stocks in 2019 and 2020, ...