Aegon sharpens responsible investment policy

Written by Adam Cadle

21/01/2022

Aegon will cease investing in companies that derive 5% or more of their total oil equivalent production from oil sands, down from a previous threshold of 30%, it has announced in its updated Responsible Investment Policy.

The insurer said it will also stop investing in companies that derive 5% or more of their revenue from oil and gas exploration and production in the Arctic.

Furthermore, Aegon will exclude companies that derive more than 25% of their revenues from the exploration, mining, and refining of thermal coal. The lowering of the previous threshold of 30% is in line with Aegon’s commitment to lower the revenue threshold in steps to 5% or below in 2029.

Aegon already excludes companies that own more than 10 gigawatts of coal-fired electricity generation capacity and have plans to extend their capacity. The insurer continues not to invest in companies that produce more than 20 million metric tons of thermal coal annually and are expanding their coal-related operations. This is regardless of the company's total revenues.

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