Green investments

Green investments

PFA invests in 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 have chosen a systematic approach to calculating investments that support the green transition, where we take our starting point in recognised external methods such as the EU taxonomy.

 

 DKK 102 billion invested in 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 green investments by asset class

Below you can read more about how investments that support the green transition have been calculated within the different asset classes. It is important to emphasise that this work involves a certain degree of uncertainty and that the calculation of the investments is based on the data available at the time of calculation. 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 corporate properties classified as environmentally sustainable investments in accordance with EU’s taxonomy.

Infrastructure and Private Equity

Investments in projects and funds where the main purpose is to produce renewable energy (e.g. wind and solar), as well as the development of facilities, technologies and solutions in the energy chain that make it possible to transport, store and use renewable energy.

Forest

Investments in forests that comply with 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 that is 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 environmentally friendly properties.