German manager divests from Exxon over emissions disclosures
Union Investment, one of Germany’s largest asset managers, has sold its holdings in ExxonMobil due to concerns over the firm’s decision not to disclose Scope 3 emissions.
The manager, which oversees approximately €500bn in assets and is owned by a consortium of cooperative banks in Germany, had until recently held a €500m stake in the US oil giant, predominantly through listed equities, a spokesperson for Union confirmed to Net Zero Investor.
In addition to exiting ExxonMobil, Union Investment has also sold its stake in the US oil firm EOG Resources.
Dr Henrik Pontzen, chief sustainability officer at Union, said the decision had been taken following intense negotiations with Exxon’s leadership in a bid to align with Union’s net zero targets for 2050.
A key factor in the decision to divest from Exxon was the firm’s failure to disclose its Scope 3 emissions. “ExxonMobil does not have comprehensive emissions disclosures, as the company excludes the important Scope 3 emissions. However, these account for around 90 percent of the group’s total emissions,” he said.
Union had announced last year that it intended to divest from all oil and gas firms who failed to present credible net zero strategies.
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Union remains invested in Shell and Total, both of which have set emissions reduction targets that include Scope 3 emissions.
Union’s divestment underscores the growing divergence between US and European asset managers. While many US managers are under pressure to scale back support for ESG and climate-related initiatives, some European firms are taking the opposite approach.
In March this year, Sarasin & Partners confirmed that it had sold its stake in Norwegian oil firm Equinor citing concerns over the firm's transition strategy.
