PFA Climate Plus

Your pension is your most important climate investment

With PFA Climate Plus, you can place part of or all your pension savings in investments that help promote the green transition through a focus on a low carbon footprint, investment in assets that support the green transition and active ownership.

In PFA Climate Plus, we have increased our focus on climate to promote the green transition

In the PFA Climate Plus product, we first and foremost work to ensure a good return, but at the same time we also work to promote the green transition. We do so by focusing on a low carbon footprint, investing in assets with attractive risk-adjusted returns that support green transition as well as active ownership. 

With PFA Climate Plus, your pension savings are based on three climate ambitions:

 
Increased focus on CO2

The PFA Climate Plus equity portfolio must emit 60 % less CO2 than the world equity index measured across the full value chain1.

Exclusion of the fossil sector

Oil, coal and gas companies and companies with strong links to the fossil sector are excluded2.

Carbon-neutrality in 2025

The ambition is to be carbon neutral by the end of 2025 and carbon negative by the end of 2030 measured by scopes 1 and 23.

 
PFA Climate Plus also excludes weapons measured according to MSCI’s Global Industry Classification Standard (GICS), sub-industry Aerospace & Defence. The investments are made on the basis of PFA’s Policy for Responsible Investments and Active Ownership, which is to ensure that PFA promotes compliance with international standards for, among other things, human rights, labour rights, the environment and anti-corruption.

Please note that investments that support a low carbon footprint are not necessarily sustainable in themselves.

  
1MSCI All Countries World Index, CO2 is measured using scopes 1, 2 and 3.
2For listed shares, this is done by applying the exclusion criteria of the EU Paris-Aligned Benchmark (PAB), as well as criteria specified in GICS Energy Sector. Defined by Article 12 ‘Exclusions for EU Paris-Aligned Benchmarks’, COMMISSION DELEGATED REGULATION (EU) 2020/1818 of 17 July 2020
3The ambition is to be achieved by investing in forestry and technology that capture CO2 from the atmosphere. Carbon negative means that the underlying investments remove more CO2 from the atmosphere than they emit.

How we contribution to the green transition

In order to ensure that we promote the green transition while working for the best possible return for our customers, we have increased our climate requirements and exclusion criteria in PFA Climate Plus compared to PFA Plus.

 

Strict climate criteria

In PFA Climate Plus, we apply strict selection criteria and objective external requirements when choosing which assets PFA Climate Plus can invest in. These requirements are closely linked to the green transition of society. 

A company in the equity portfolio can be included in PFA Climate Plus if either: 
1) The company’s percentage compliance with the EU classification system (Taxonomy) based on revenue is equal to or greater than 15 %.
2) The company is either committed to the Science-based Targets initiative (SBTi) or has SBTi-approved climate targets. 
3) The company has an implied temperature rise (ITR) of less than 2°C.

For listed government and corporate bonds, investments are generally made in green bonds the issuance of which is based on The International Capital Market Group (ICMA) principles for green bonds. PFA will also invest in ordinary government and mortgage credit bonds.
In relation to property investments, the majority of the properties in the product are either energy efficient (Energy Label A), in accordance with the EU classification system (Taxonomy) or have DGNB Platinum or Gold certification (or equivalent). 

The product’s alternative investments in private equity, infrastructure and unlisted credit are made with the intention to contribute to green transition (where possible in line with requirements for similar listed assets). In addition, there is a focus on investments in natural resources with CO2-absorbing properties that are to contribute to realising the ambition of making all investments in PFA Climate Plus carbon neutral by 2025 and carbon negative by 2030. 

Like PFA’s other investments, the investments in PFA Climate Plus are assessed on the basis of the requirements we have set out in our Policy for Responsible Investments and Active Ownership.

You can read more about PFA Climate Plus’ approach here: Sustainability-related disclosure

Exclusion of the fossil sector

In PFA Climate Plus, oil, coal and gas producers as well as companies with high exposure to the fossil sector, are excluded from the equity portfolio. 

For listed equities, this is done by applying the exclusion criteria of the EU Paris-Aligned Benchmark (PAB)* and excluding oil, gas and coal producers measured by MSCI’s Global Industry Classification Standard (GICS) – Energy sector – which means:
- No oil, coal and gas companies
- No companies deriving 1 % or more revenue from exploration for, mining, extraction, distribution or refining of steam coal and lignite
- No companies deriving 10 % or more revenue from the exploration for, extraction, distribution or refining of petroleum fuels
- No companies deriving 50 % or more revenue from the exploration for, extraction, production or distribution of gas
- No companies deriving 50 % or more revenue from the production of electricity with a greenhouse gas intensity of more than 100 g CO2e/kWh.

For corporate bonds, companies that are oil, gas and coal producers as measured by Bloomberg Fixed Income Classification System (BCLASS) – Energy sector – are excluded.

Alternative investments do not invest in assets that extract oil, coal or gas.  
*Defined by Article 12 “Exclusions for EU Paris-aligned Benchmarks”, COMMISSION DELEGATED REGULATION (EU) 2020/1818 of 17 July 2020

Exclusion of weapons

PFA Climate Plus excludes the arms sector measured according to MSCI’s Global Industry Classification Standard (GICS), sub-industry Aerospace & Defence.

CO2 focus across the value chain in PFA Climate Plus

The equity portfolio in PFA Climate Plus must emit at least 60 per cent less CO2 than the world equity index, MSCI ACWI. This is measured by scopes 1, 2 and 3.

Scope 1 measures the direct CO2 emissions from the company itself, whereas scope 2 measures the CO2 emissions that the company is indirectly responsible for, for example CO2 emissions from energy produced for the company. Scope 3 measures the CO2 emitted by the company’s other indirect upstream and downstream activities, i.e. activities not owned, controlled or managed by the company. For example, the use of the company’s products and the purchase of materials for the production of the company’s products. 

We continuously measure the CO2 emissions of our portfolios
and compare them to the world index

As the model shows, the equities in PFA Climate Plus emit 66 % less CO2 than the world equity index,
while investments in PFA Plus at the time of measurement emitted 24 % less CO2.

Source: The MSCI All Country World Equity Index measures CO2 by Scope 1,2 and 3 as at 31.03.2025
Updated: 31.03.2025

  

See the full list of stocks contained in the PFA Climate Plus equity portfolio here

3I Group Plc
Abb Ltd-Reg
Accenture Plc-Cl A
Adobe Inc
Advanced Micro Devices
Advantech Co Ltd
Aecom
Agnico Eagle Mines Ltd
Air Liquide Sa
Allstate Corp
Alphabet Inc-Cl A
Amadeus It Group Sa
American Financial Group Inc
American Water Works Co Inc
Anheuser-Busch Inbev Sa/Nv
Ansys Inc
Apollo Global Management Inc
Apple Inc
Arca Continental Sab De Cv
Arthur J Gallagher & Co
Ase Technology Holding Co Lt
Asml Holding Nv
Asr Nederland Nv
Astrazeneca Plc
Atlas Copco Ab-B Shs
Avalonbay Communities Inc
Avery Dennison Corp
Block Inc
Booking Holdings Inc
Brown & Brown Inc
Brown-Forman Corp-Class B
Byd Co Ltd-H
Canon Inc
Carrier Global Corp
Catcher Technology Co Ltd
Cboe Global Markets Inc
China Taiping Insurance Hold
Chipotle Mexican Grill Inc
Chubb Ltd
Church & Dwight Co Inc
Cie Financiere Richemo-A Reg
Cincinnati Financial Corp
Cisco Systems Inc
Comcast Corp-Class A
Conagra Brands Inc
Constellation Software Inc
Corpay Inc
Crown Castle Inc
Csl Ltd
Daiichi Sankyo Co Ltd
Deere & Co
Dell Technologies -C
Delta Electronics Inc
Deutsche Boerse Ag
Dhl Group
Discover Financial Services
Dr Ing Hc F Porsche Ag
East Japan Railway Co
Ecolab Inc
Edwards Lifesciences Corp
Element Fleet Management Cor
Elevance Health Inc
Eli Lilly & Co
Emcor Group Inc
Empire Co Ltd 'A'
Enel Spa

Equinix Inc
Euronext Nv
Everest Group Ltd
Exor Nv
Fair Isaac Corp
Fairfax Financial Hldgs Ltd
Fanuc Corp
Fast Retailing Co Ltd
Fedex Corp
Ferrari Nv
Ferrovial Se
Fidelity National Financial
Fiserv Inc
Gartner Inc
Ge Healthcare Technology
Gen Digital Inc
Gilead Sciences Inc
Givaudan-Reg
Great-West Lifeco Inc
Grupo Mexico Sab De Cv-Ser B
Gsk Plc
Hcl Technologies Ltd
Hermes International
Hilton Worldwide Holdings In
Home Depot Inc
Hon Hai Precision Industry
Hong Kong Exchanges & Clear
Host Hotels & Resorts Inc
Hyatt Hotels Corp - Cl A
Hydro One Ltd
Hyundai Engineering & Const
Ingersoll-Rand Inc
Intel Corp
Intercontinental Exchange In
Intl Business Machines Corp
Intl Flavors & Fragrances
Intuit Inc
Iron Mountain Inc
Jio Financial Services Ltd
Johnson Controls Internation
Julius Baer Group Ltd
Kajima Corp
Kddi Corp
Kellanova
Kenvue Inc
Kimco Realty Corp
Kone Oyj-B
Kuehne + Nagel Intl Ag-Reg
Labcorp Holdings Inc
Lam Research Corp
Liberty Media Corp-Formula-C
Lundin Mining Corp
Lupin Ltd
Manhattan Associates Inc
Martin Marietta Materials
Maruti Suzuki India Ltd
Mastercard Inc - A
Mcdonald'S Corp
Merck & Co. Inc.
Meta Platforms Inc-Class A
Metlife Inc
Microsoft Corp
Molson Coors Beverage Co - B
Moody'S Corp
Ms&Ad Insurance Group Holdin
Murata Manufacturing Co Ltd

Netflix Inc
Newmont Corp
News Corp - Class A
Nordson Corp
Novo Nordisk A/S-B
Novonesis (Novozymes) B
Nvidia Corp
Omnicom Group
Orange
Otis Worldwide Corp
Otsuka Holdings Co Ltd
Pan American Silver Corp
Paypal Holdings Inc
Ping An Insurance Group Co-H
Ptc Inc
Pure Storage Inc - Class A
Qualcomm Inc
Regency Centers Corp
Regeneron Pharmaceuticals
Relx Plc
Resmed Inc
Royalty Pharma Plc- Cl A
S&P Global Inc
Salesforce Inc
Samsung Life Insurance Co Lt
Sanofi
Schneider Electric Se
Schwab (Charles) Corp
Screen Holdings Co Ltd
Servicenow Inc
Shionogi & Co Ltd
Shopify Inc - Class A
Sika Ag-Reg
Simon Property Group Inc
Singapore Exchange Ltd
Smc Corp
Softbank Corp
Sompo Holdings Inc
Stantec Inc
Starbucks Corp
Stockland
Symrise Ag
Synchrony Financial
Target Corp
Teleflex Inc
Tencent Holdings Ltd
Tesla Inc
T-Mobile Us Inc
Tmx Group Ltd
Tokio Marine Holdings Inc
Tokyu Corp
Tradeweb Markets Inc-Class A
United Parcel Service-Cl B
Visa Inc-Class A Shares
Vulcan Materials Co
Walmart Inc
Walt Disney Co/The
Waste Management Inc
Welltower Inc
Western Digital Corp
Weston (George) Ltd
Whitbread Plc
Willis Towers Watson Plc
Wsp Global Inc
Yum! Brands Inc
Zebra Technologies Corp-Cl A
Zurich Insurance Group Ag

The stock list was updated on 31 March 2025

PFA Plus vs. PFA Climate Plus


Compared to PFA Plus, PFA Climate Plus to a greater extent promotes the green transition by focusing on a low carbon footprint. This is done via exclusion of the fossil sector and other climate requirements for the equity portfolio’s carbon footprint as well as the product’s ambition for CO2 neutrality and negativity. 

With the same investment risk, you should expect a slightly lower return in the long term and greater fluctuations in PFA Climate Plus in the short term than in PFA Plus. In practice, however, the return can be higher, the same or lower.

Listen to investment specialist, Carsten Trier, explain more about PFA Climate Plus
Comparison between PFA Plus and PFA Climate Plus
In the table below, you can see a comparison of the two savings choices across a number of key parameters:
Parameters PFA Plus  PFA climate Plus
PFA's obligations and policies    
PFA's policy for responsible investments and active ownership ✔ ✔ 
PFA's Science based Targets Initiative obligation ✔
 ✔ 
PFA's overall ambition for CO2 reduction ✔
 ✔
Exclusions    
Exclusion of tar sands and coal companies* ✔ ✔
Exclusion of oil and gas companies* – ✔
Exclusion of arms manufacturers** – ✔
Exclusion of controversial weapons*** ✔  ✔
CO2 ambitions    
CO2 footprint relative to the world index (Scope 1+2+3)
Lower
 Minimum 60 % lower
Ambition for CO2 neutrality this year (Scope 1+2) 2050 2025
Ambition for CO2 Negativity This Year (Scope 1+2) – 2030
Return expectations    
Expected return in relation to PFA Plus**** –
 Slightly lower long-term expected return

*For listed shares, this is done by applying the exclusion criteria of the EU Paris-Aligned Benchmark (PAB) and excluding oil, gas and coal producers measured by MSCI’s Global Industry Classification Standard (GICS) – Energy sector: For corporate bonds, companies that are oil, gas and coal producers as measured by Bloomberg Fixed Income Classification System (BCLASS) – Energy sector – are excluded. Alternative investments do not invest in assets that extract oil, coal or gas. 
**Measured according to MSCI’s Global Industry Classification Standard (GICS), sub-industry Aerospace & Defence.
***Controversial weapons: Anti-personnel mines, cluster munitions, biological and chemical weapons.
****The stricter entry requirements mean that PFA Climate Plus should expect to operate in a smaller investment universe compared to PFA Plus. This means that with the same investment risk, you should expect a slightly lower return and higher short-term fluctuations than in PFA Plus. In practice, the return can be higher, the same or lower. 

 
Read more about how PFA works with responsible investments

Extra climate-friendly savings solution

Through PFA’s Investment Guide at mitpfa.dk, you can identify your risk appetite and your preference for sustainable investments.
The guide consists of a number of questions and produces a recommendation based on your replies.

Log on to My PFA