Investments we avoid
We exclude or exit from investments that we do not consider to be sustainable.
There are some industries that we do not invest in at all. These include, but are not limited to, manufacturers of tobacco products and controversial weapons (nuclear arms, etc.) and companies that rely on coal or lignite in their operations. Besides coal producers, oil exploration and electricity producers with coal-based operations are also excluded.
We will exit from all thermal coal investments by 2025 and from oil exploration by 2030. Since 2015, we have already excluded from our direct investments companies with coal- or lignite-based operations accounting for more than 30% of their net sales, production capacity or production.