Aegon has put in place a new Responsible Investment Policy to ensure that all new investments contribute to the acceleration of the transition towards a low-carbon economy. The new policy is effective from January 1, 2020.
"As a major investor, we take our responsibility towards society, and we deliver on our promise of a secure and healthy financial future while caring about the environment", said Aegon CEO Alex Wynaendts.
Following the implementation of its new Responsible Investment Policy, Aegon will cease investing in companies who own more than 10 gigawatts of coal-fired electricity generation capacity and have plans to extend their capacity.
Furthermore, companies that produce more than 20 million tonnes of thermal coal annually, and are expanding their coal-related operations, will also no longer be invested in. This is regardless of the company's total revenues.
Aegon already excludes companies that derive more than 30% of their revenues from the exploration, mining, and refining of thermal coal. As of 2020, a declining revenue threshold has been introduced, which will be lowered in steps to 5% or below in 2029.
Since February 2019, Aegon has been committed to no longer investing in companies which derive more than 30% of their total oil production from oil sands, as well as companies building or operating pipelines involved in the transportation of oil from oil sands.