Storebrand launches European fossil-free fund

Fossil-free fundNorwegian fund house Storebrand has added a European fund to its “Plus” range of fossil-free funds.

The SPP Europe Plus fund will be added to Storebrand’s existing Emerging Market Plus, Global Plus, and Sweden Plus funds – all of which are index-tracking fossil-free equity portfolios that also integrate sustainability variables.

The funds do not invest in companies that extract or distribute fossil fuels or companies with large fossil reserves and avoid companies with high carbon footprints.

They also invest in renewable energy and companies positioned to benefit from providing sustainable solutions.

"Fossil-free strategies are a powerful tool, helping us shift billions away from investments with a challenging future,” said Jan Erik Saugestad, Storebrand Asset Management’s chief executive.

“The increasing interest in fossil-free funds responds to the growing public concern over climate change, and this is our contribution to the growing global divestment movement."

The total net asset value of Storebrand’s fossil-free funds amounted to €6.1 billion at the end of 2017.

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