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Danish pensions to put $50 billion into green investments

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By Reuters
Danish pensions to put $50 billion into green investments
FILE PHOTO: Denmark's Prime Minister Mette Frederiksen speaks during a news conference in the Prime Minister's Office in Copenhagen, Denmark, September 6, 2019. Ritzau Scanpix/Niels Christian Vilmann/via REUTERS   -   Copyright  RITZAU SCANPIX(Reuters)

COPENHAGEN (Reuters) – Danish pension funds plan to invest more than $50 billion in green assets to fight climate change, they said in a statement on Monday ahead of a United Nations climate summit in New York.

The investment was first announced on Sunday by Denmark’s prime minister Mette Frederiksen at a news conference in New York before the summit.

The funds will invest a total of 350 billion Danish crowns (41.41 billion pounds) in energy infrastructure, green stocks and bonds and energy efficient construction up to 2030, Danish pensions industry association Insurance and Pension Denmark said in a statement.

“According to our experience, investments in sustainable energy infrastructure, e.g. in windmill farms, both help find a solution to the climate challenge but also give good returns on investments,” Torben Pedersen, vice chairman at Insurance and Pension Denmark, said.

Environmental groups say the New York climate summit is coming at a crucial time, as extreme weather events and spiking temperatures affect more people in more parts of the globe.

(Reporting by Nikolaj Skydsgaard. Editing by Jane Merriman)