Investments in the green transition

Investments in the green transition

PFA focuses on the green transition across a wide range of different asset classes such as infrastructure, bonds and equities. At the end of 2025, we have invested just over DKK 100 billion in the green transition. We measure investments that support the green transition using recognised external methodologies, such as the EU Taxonomy.

DKK 102 billion in investments that support the green transition
The statement covers environmental and climate-related initiatives through investments in selected properties, infrastructure, equities, bonds and mortgage bonds.  Please note that the calculation was made at the end of 2025.1

1Calculated as at 31.12.2025 

PFA’s investments supporting the green transition by asset class

Below, you can read more about how investments that are assessed, based on various recognised methodologies, including the EU Taxonomy and ICMA’s Green Bond Principles, to support the green transition are calculated across the different asset classes. It is important to emphasise that this work involves a certain degree of uncertainty and that the assessment of the investments is based on the data available at the time of assessment. The calculated amounts do not constitute an accounting measure but a methodological calculation of investments which, in PFA’s assessment, contribute to the green transition.

Properties

Investments in Danish residential and commercial corporate property classified as environmentally sustainable investments in accordance with the EU Taxonomy.

Infrastructure and Private Equity

Investments in projects and funds where the primary economic activity is to produce renewable energy (e.g. wind and solar), as well as in the development of facilities, technologies and solutions across the energy value chain that enable renewable energy to be transported, stored and used.

Forestry

Investments in forests that meet the EU Taxonomy screening criteria for forestry.

 

 

 



 

Equities & corporate bonds

Investments in a wide range of different companies that have economic activities contributing to the green transition. The contribution comes from the share of the companies’ economic activities classified as environmentally sustainable under the EU Taxonomy. This is multiplied by the market value of the investment and added across PFA’s portfolios. The total amount is based on the available taxonomy-related data and includes both reported and estimated data.

     

Green bonds

Investments in bonds that are earmarked for green targets and certified under ICMA’s Green Bond Principles or equivalent frameworks.

Mortgage credit bonds

Investments in mortgage bonds that finance energy-efficient properties (Energy Label A). The share of the bonds that finance energy-efficient properties is multiplied by the market value of each bond and added across PFA’s portfolios. The most recently available data from the mortgage banks is used, and calculation is based on the most granular level to which we have access. Properties for which the energy label is unknown are assumed to have a lower energy label than A and are therefore excluded so as not to overestimate the share of energy-efficient properties.