{"id":23412,"date":"2024-09-18T05:59:00","date_gmt":"2024-09-18T03:59:00","guid":{"rendered":"https:\/\/danwatch.dk\/hidden-co2-emissions-your-pension-money-is-polluting-the-planet-more-than-you-are-told\/"},"modified":"2024-10-07T15:52:02","modified_gmt":"2024-10-07T13:52:02","slug":"hidden-co2-emissions-your-pension-money-is-polluting-the-planet-more-than-you-are-told","status":"publish","type":"post","link":"https:\/\/danwatch.dk\/en\/hidden-co2-emissions-your-pension-money-is-polluting-the-planet-more-than-you-are-told\/","title":{"rendered":"Hidden CO2 emissions: Your pension money is polluting the planet more than you are told"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Billions of Danish kroner from Danes&#8217; pension savings are co-financing hundreds of fossil fuel power plants, without this being reflected in the pension funds&#8217; carbon statements in their climate accounts.<\/p>\n\n<p class=\"wp-block-paragraph\">Danwatch can document Danish pension investments of DKK 4.7 billion in eight private equity funds that own or finance at least 426 active oil, gas and coal power plants.<\/p>\n\n<p class=\"wp-block-paragraph\">The power plants have so far been hidden from Danish pension savers and escape the pension sector&#8217;s CO2 statements. <\/p>\n\n<p class=\"wp-block-paragraph\">The power plants can be traced back to 13 Danish pension funds via their investments in various financial products offered by private equity funds &#8211; shares, bonds, funds and joint venture companies that fully or partially control the power plants. <\/p>\n\n<figure data-gkt-effects=\"{&quot;reveal&quot;:{&quot;x&quot;:0,&quot;y&quot;:50,&quot;opacity&quot;:0,&quot;scale&quot;:1,&quot;transition&quot;:{&quot;type&quot;:&quot;easing&quot;,&quot;duration&quot;:0.9,&quot;delay&quot;:0,&quot;easing&quot;:[0.5,0,0,1]}}}\" class=\"wp-block-image alignwide size-large dw-image ghostkit-effects-reveal\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer1-1024x576.jpg\" alt=\"Explainer1\" class=\"wp-image-21327\" srcset=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer1-1024x576.jpg 1024w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer1-300x169.jpg 300w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer1-768x432.jpg 768w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer1-1536x864.jpg 1536w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer1-627x353.jpg 627w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer1-402x226.jpg 402w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer1-850x478.jpg 850w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer1-536x302.jpg 536w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer1.jpg 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">A total of DKK 4.7 billion of Danes&#8217; pension savings are channelled through 13 pension funds to a total of 426 active oil, gas and coal power plants. <\/figcaption><\/figure>\n<style>.kt-accordion-id21082_cb5552-8c .kt-accordion-inner-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:10px;}.kt-accordion-id21082_cb5552-8c .kt-accordion-panel-inner{border-right:0px solid transparent;border-bottom:0px solid transparent;border-left:0px solid transparent;padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-right:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);padding-left:var(--global-kb-spacing-sm, 1.5rem);}.kt-accordion-id21082_cb5552-8c > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header{background:#ffffff;padding-top:14px;padding-right:16px;padding-bottom:14px;padding-left:16px;}.kt-accordion-id21082_cb5552-8c:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_cb5552-8c:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:before{background:#ffffff;}.kt-accordion-id21082_cb5552-8c > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header:hover, \n\t\t\t\tbody:not(.hide-focus-outline) .kt-accordion-id21082_cb5552-8c .kt-blocks-accordion-header:focus-visible{color:#2b2b29;background:#ffffff;}.kt-accordion-id21082_cb5552-8c:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_cb5552-8c:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:before, body:not(.hide-focus-outline) .kt-accordion-id21082_cb5552-8c:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion--visible .kt-blocks-accordion-icon-trigger:after, body:not(.hide-focus-outline) .kt-accordion-id21082_cb5552-8c:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:before{background:#2b2b29;}.kt-accordion-id21082_cb5552-8c:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger, body:not(.hide-focus-outline) .kt-accordion-id21082_cb5552-8c:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger{background:#2b2b29;}.kt-accordion-id21082_cb5552-8c:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_cb5552-8c:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:before, body:not(.hide-focus-outline) .kt-accordion-id21082_cb5552-8c:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:after, body:not(.hide-focus-outline) .kt-accordion-id21082_cb5552-8c:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:before{background:#ffffff;}.kt-accordion-id21082_cb5552-8c .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible,\n\t\t\t\t.kt-accordion-id21082_cb5552-8c > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active{color:#2b2b29;background:#ffffff;border-top-color:#fb4124;border-top-style:solid;border-right-color:#fb4124;border-right-style:solid;border-bottom-color:#fb4124;border-bottom-style:solid;border-left-color:#fb4124;border-left-style:solid;}.kt-accordion-id21082_cb5552-8c:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_cb5552-8c:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:#2b2b29;}.kt-accordion-id21082_cb5552-8c:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger{background:#2b2b29;}.kt-accordion-id21082_cb5552-8c:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_cb5552-8c:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:#ffffff;}@media all and (max-width: 1024px){.kt-accordion-id21082_cb5552-8c .kt-accordion-panel-inner{border-right:0px solid transparent;border-bottom:0px solid transparent;border-left:0px solid transparent;}}@media all and (max-width: 1024px){.kt-accordion-id21082_cb5552-8c .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible,\n\t\t\t\t.kt-accordion-id21082_cb5552-8c > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active{border-top-color:#fb4124;border-top-style:solid;border-right-color:#fb4124;border-right-style:solid;border-bottom-color:#fb4124;border-bottom-style:solid;border-left-color:#fb4124;border-left-style:solid;}}@media all and (max-width: 767px){.kt-accordion-id21082_cb5552-8c .kt-accordion-inner-wrap{display:block;}.kt-accordion-id21082_cb5552-8c .kt-accordion-inner-wrap .kt-accordion-pane:not(:first-child){margin-top:10px;}.kt-accordion-id21082_cb5552-8c .kt-accordion-panel-inner{border-right:0px solid transparent;border-bottom:0px solid transparent;border-left:0px solid transparent;}.kt-accordion-id21082_cb5552-8c .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible,\n\t\t\t\t.kt-accordion-id21082_cb5552-8c > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active{border-top-color:#fb4124;border-top-style:solid;border-right-color:#fb4124;border-right-style:solid;border-bottom-color:#fb4124;border-bottom-style:solid;border-left-color:#fb4124;border-left-style:solid;}}<\/style>\n<div class=\"wp-block-kadence-accordion alignnone ticss-950d3ebc dw-harmonika\"><div class=\"kt-accordion-wrap kt-accordion-id21082_cb5552-8c kt-accordion-has-4-panes kt-active-pane-0 kt-accordion-block kt-pane-header-alignment-left kt-accodion-icon-style-arrow kt-accodion-icon-side-right\" style=\"max-width:none\"><div class=\"kt-accordion-inner-wrap\" data-allow-multiple-open=\"false\" data-start-open=\"none\">\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-1 kt-pane21082_0cff72-91 ticss-5dcf59ac\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong>See two examples: <\/strong>How CO2 emissions disappear from pension funds&#8217; climate accounts<\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<p class=\"wp-block-paragraph\"><strong>When a private equity fund buys an energy company or power plant, information about CO2 emissions disappears because many private equity funds do not report emissions from investments to shareholders, including Danish pension funds.<\/strong><\/p>\n\n\n<div class=\"wp-block-image dw-image ticss-3cccd016\">\n<figure data-gkt-effects=\"{&quot;reveal&quot;:{&quot;transition&quot;:{&quot;type&quot;:&quot;easing&quot;,&quot;duration&quot;:0.9,&quot;delay&quot;:0,&quot;easing&quot;:[0.5,0,0,1]},&quot;opacity&quot;:0}}\" class=\"aligncenter size-full is-resized ghostkit-effects-reveal\"><img loading=\"lazy\" decoding=\"async\" width=\"250\" height=\"250\" src=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Roeg2.png\" alt=\"Smoke2\" class=\"wp-image-21349\" style=\"width:90px;height:auto\" srcset=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Roeg2.png 250w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Roeg2-150x150.png 150w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Roeg2-60x60.png 60w\" sizes=\"auto, (max-width: 250px) 100vw, 250px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">In 2021, the private equity fund KKR made major share purchases in the oil companies Crescent Energy and Sempra. Through the investments, KKR controls and owns both Crescent Energy and Sempra as the largest shareholder.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The two energy companies emit more than 50 million tonnes of CO2 annually. That&#8217;s more than Denmark&#8217;s total emissions of around 44 million tonnes in 2022. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Emissions from Crescent Energy and Sempra are not included in the private equity funds&#8217; climate accounts, which exempt investments from carbon accounting &#8211; the so-called scope 3 category 15 emissions according to the <a href=\"https:\/\/ghgprotocol.org\/sites\/default\/files\/2022-12\/Chapter15.pdf\">GHG protocol<\/a> standard. <\/p>\n\n\n<div class=\"wp-block-image dw-image ticss-976065dd\">\n<figure data-gkt-effects=\"{&quot;reveal&quot;:{&quot;transition&quot;:{&quot;type&quot;:&quot;easing&quot;,&quot;duration&quot;:0.9,&quot;delay&quot;:0,&quot;easing&quot;:[0.5,0,0,1]},&quot;opacity&quot;:0}}\" class=\"aligncenter size-full is-resized ghostkit-effects-reveal\"><img loading=\"lazy\" decoding=\"async\" width=\"250\" height=\"250\" src=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Roeg1.png\" alt=\"Smoke1\" class=\"wp-image-21347\" style=\"width:90px;height:auto\" srcset=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Roeg1.png 250w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Roeg1-150x150.png 150w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Roeg1-60x60.png 60w\" sizes=\"auto, (max-width: 250px) 100vw, 250px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">Another example is emissions from the coal-fired <a href=\"https:\/\/www.gem.wiki\/Gavin_Power_Plant\">Gavin Power Plant<\/a> in Ohio, USA. In 2016, American Electric Power sold the power plant to the American private equity fund Blackstone, which also does not report emissions from its investments. Thus, the emissions disappear from the reports.   <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gavin Power Plant is also involved in a local environmental dispute with the US Environmental Protection Agency (EPA), which has rejected an application from Gavin Power Plant to continue discharging polluting coal ash into a nearby water reservoir.<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n<p class=\"wp-block-paragraph\">According to Andreas Rasche, Professor at the CBS&#8217; Centre for Sustainability, pension funds should disclose the &#8220;hidden&#8221; emissions from all power plant owners in their climate accounts. This would give a more accurate picture of how many greenhouse gases Danish pension savers are actually helping to emit through their investments. <\/p>\n<style>.kt-blocks-testimonials-wrap21082_92f8c8-69 .kt-svg-testimonial-global-icon{font-size:30px;border-top:0px solid;border-right:0px solid;border-bottom:0px solid;border-left:0px solid;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.kt-blocks-testimonials-wrap21082_92f8c8-69 .kt-testimonial-rating-wrap .kb-svg-icon-wrap{color:#ffd700;font-size:16px;}.kt-blocks-testimonials-wrap21082_92f8c8-69 .kt-testimonial-grid-wrap{gap:30px;}.kt-blocks-testimonials-wrap21082_92f8c8-69 .kt-testimonial-item-wrap{padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.kt-blocks-testimonials-wrap21082_92f8c8-69 .kt-testimonial-content{color:#333333;}.kt-blocks-testimonials-wrap21082_92f8c8-69 .kt-testimonial-name{color:#333333;}.kt-blocks-testimonials-wrap21082_92f8c8-69 .kt-testimonial-occupation{color:#555555;font-size:15px;}.kt-blocks-testimonials-wrap21082_92f8c8-69 .kt-testimonial-item-wrap{max-width:500px;}.kt-blocks-testimonials-wrap21082_92f8c8-69 .kt-testimonial-media-inner-wrap{width:60px;border-top:0px solid #555555;border-right:0px solid #555555;border-bottom:0px solid #555555;border-left:0px solid #555555;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.kt-blocks-testimonials-wrap21082_92f8c8-69 .kt-svg-testimonial-icon{justify-content:center;align-items:center;}.kt-blocks-testimonials-wrap21082_92f8c8-69 .kt-svg-testimonial-global-icon svg{display:inline-block;vertical-align:middle;}@media all and (max-width: 1024px){.kt-blocks-testimonials-wrap21082_92f8c8-69 .kt-svg-testimonial-global-icon{border-top:0px solid;border-right:0px solid;border-bottom:0px solid;border-left:0px solid;}}@media all and (max-width: 1024px){.kt-blocks-testimonials-wrap21082_92f8c8-69 .kt-testimonial-media-inner-wrap{border-top:0px solid #555555;border-right:0px solid #555555;border-bottom:0px solid #555555;border-left:0px solid #555555;}}@media all and (max-width: 767px){.kt-blocks-testimonials-wrap21082_92f8c8-69 .kt-svg-testimonial-global-icon{border-top:0px solid;border-right:0px solid;border-bottom:0px solid;border-left:0px solid;}.kt-blocks-testimonials-wrap21082_92f8c8-69{padding-top:px;padding-bottom:px;margin-top:px;margin-bottom:px;}.kt-blocks-testimonials-wrap21082_92f8c8-69 .kt-testimonial-media-inner-wrap{border-top:0px solid #555555;border-right:0px solid #555555;border-bottom:0px solid #555555;border-left:0px solid #555555;}}<\/style><div class=\"kt-blocks-testimonials-wrap21082_92f8c8-69 kt-testimonial-halign-left kt-testimonial-style-basic kt-testimonials-media-on kt-testimonials-icon-on kt-testimonial-columns-1 kt-t-xxl-col-1 kt-t-xl-col-1 kt-t-lg-col-1 kt-t-md-col-1 kt-t-sm-col-1 kt-t-xs-col-1 alignleft dw-citat-wrapper wp-block-kadence-testimonials\"><ul class=\"kt-blocks-testimonials-inner-wrap kt-testimonial-grid-wrap\">\n<li class=\"kt-testimonial-grid-item\"><div class=\"kt-testimonial-item-wrap kt-testimonial-item-21082_c61fd0-ab wp-block-kadence-testimonial\"><div class=\"kt-testimonial-text-wrap\"><div class=\"kt-svg-testimonial-global-icon-wrap\"><div class='kt-svg-testimonial-global-icon kt-svg-testimonial-global-icon-icon-ic_quoteSerifRight'><svg viewBox=\"0 0 8 8\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 0v3h2c0 1.11-.89 2-2 2v1c1.65 0 3-1.35 3-3v-3h-3zm5 0v3h2c0 1.11-.89 2-2 2v1c1.65 0 3-1.35 3-3v-3h-3z\" transform=\"translate(0 1)\"\/><\/svg><\/div><\/div><div class=\"kt-testimonial-content-wrap\"><blockquote class=\"kt-testimonial-content\">Danish pension funds should at least try to estimate these emissions, even if data is not available.<\/blockquote><\/div><\/div><div class=\"kt-testimonial-meta-wrap\"><div class=\"kt-testimonial-media-wrap\"><div class=\"kt-testimonial-media-inner-wrap\"><div class=\"kadence-testimonial-image-intrisic\"><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/07\/andreas_rasche-150x150.jpg\" class=\"kt-testimonial-image wp-image-16378 size-thumbnail\" alt=\"Andreas Rasche\" srcset=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/07\/andreas_rasche-150x150.jpg 150w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/07\/andreas_rasche-60x60.jpg 60w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/07\/andreas_rasche.jpg 168w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/div><\/div><\/div><div class=\"kt-testimonial-meta-name-wrap\"><div class=\"kt-testimonial-name-wrap\"><div class=\"kt-testimonial-name\">Andreas Rasche<\/div><\/div><div class=\"kt-testimonial-occupation-wrap\"><div class=\"kt-testimonial-occupation\">Professor at CBS<\/div><\/div><\/div><\/div><\/div><\/li>\n<\/ul><\/div>\n<p class=\"wp-block-paragraph\">&#8220;Danish pension funds should at least try to estimate these emissions, even if data is not available. However, when you know the exact assets, it is often possible to estimate emissions. It&#8217;s not perfect, but it&#8217;s better than nothing,&#8221; says Andreas Rasche.<\/p>\n\n<p class=\"wp-block-paragraph\">The power plants are financed through Danish pension funds&#8217; investments in eight of the world&#8217;s largest private equity funds: KKR, Carlyle, Blackstone, BlackRock, Ares Management, Macquarie, Apollo Global and Brookfield.<\/p>\n\n<p class=\"wp-block-paragraph\">Many private equity funds buy shares in fossil fuel power plants that oil and gas companies do not want to continue operating for various reasons. Some are run-down, inefficient or in serious environmental trouble. Others are divested for strategic or financial reasons.   <\/p>\n<style>.kb-row-layout-id21082_0eaaae-ec > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id21082_0eaaae-ec > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id21082_0eaaae-ec > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:25px;padding-right:50px;padding-bottom:25px;padding-left:50px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id21082_0eaaae-ec > .kt-row-layout-overlay{opacity:0.30;}.kb-row-layout-id21082_0eaaae-ec .kt-row-layout-bottom-sep{height:100px;}.kb-row-layout-id21082_0eaaae-ec .kt-row-layout-bottom-sep svg{width:100%;}.kb-row-layout-id21082_0eaaae-ec .kt-row-layout-bottom-sep svg{fill:#ffffff!important;}@media all and (max-width: 1024px){.kb-row-layout-id21082_0eaaae-ec > .kt-row-column-wrap{padding-right:10px;padding-left:10px;grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 1024px){.kb-row-layout-id21082_0eaaae-ec .kt-row-layout-bottom-sep{height:px;}}@media all and (max-width: 1024px){.kb-row-layout-id21082_0eaaae-ec .kt-row-layout-bottom-sep svg{width:%;}}@media all and (max-width: 767px){.kb-row-layout-id21082_0eaaae-ec > .kt-row-column-wrap{padding-right:10px;padding-left:10px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id21082_0eaaae-ec .kt-row-layout-bottom-sep{height:px;}.kb-row-layout-id21082_0eaaae-ec .kt-row-layout-bottom-sep svg{width:%;}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id21082_0eaaae-ec alignwide dw-fakta-stor__wrapper wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column21082_0816f5-c3 > .kt-inside-inner-col,.kadence-column21082_0816f5-c3 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;}.kadence-column21082_0816f5-c3 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column21082_0816f5-c3 > .kt-inside-inner-col{flex-direction:column;}.kadence-column21082_0816f5-c3 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column21082_0816f5-c3 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column21082_0816f5-c3{position:relative;}@media all and (max-width: 1024px){.kadence-column21082_0816f5-c3 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column21082_0816f5-c3 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column21082_0816f5-c3 kb-section-dir-vertical inner-column-1 dw-fakta dw-fakta-stor\"><div class=\"kt-inside-inner-col\">\n<p class=\"trumpet wp-block-paragraph\">FACTS<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"de-undslipper-pensionskassernes-klimaregnskaber\"><strong>They escape pension funds&#8217; climate accounts<\/strong><\/h2>\n\n\n\n<p class=\"dw-text-fakta__broed wp-block-paragraph\">Here are <strong>four examples <\/strong>of fossil fuel power plants that Danish pension funds, through investments in private equity funds, are connected to but <strong>do not include in their climate accounts<\/strong>.<\/p>\n\n\n<style>.kb-row-layout-id21082_48d6a1-ff > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id21082_48d6a1-ff > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id21082_48d6a1-ff > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id21082_48d6a1-ff > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id21082_48d6a1-ff > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id21082_48d6a1-ff > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id21082_48d6a1-ff alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column21082_2c92b5-e2 > .kt-inside-inner-col,.kadence-column21082_2c92b5-e2 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column21082_2c92b5-e2 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column21082_2c92b5-e2 > .kt-inside-inner-col{flex-direction:column;}.kadence-column21082_2c92b5-e2 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column21082_2c92b5-e2 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column21082_2c92b5-e2{position:relative;}@media all and (max-width: 1024px){.kadence-column21082_2c92b5-e2 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column21082_2c92b5-e2 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column21082_2c92b5-e2 inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedgallery.kb-gallery-wrap-id-21082_2d12f0-14{overflow:hidden;}.kb-gallery-id-21082_2d12f0-14 .kadence-blocks-gallery-item .kb-gal-image-radius, .kb-gallery-id-21082_2d12f0-14 .kb-slide-item .kb-gal-image-radius img{border-radius:0px 0px 0px 0px;;}.kb-gallery-id-21082_2d12f0-14 .kadence-blocks-gallery-item .kadence-blocks-gallery-item-inner .kadence-blocks-gallery-item__caption{color:#929292;}.kb-gallery-caption-style-cover-hover.kb-gallery-id-21082_2d12f0-14 .kadence-blocks-gallery-item .kadence-blocks-gallery-item-inner .kadence-blocks-gallery-item__caption, .kb-gallery-caption-style-below.kb-gallery-id-21082_2d12f0-14 .kadence-blocks-gallery-item .kadence-blocks-gallery-item-inner .kadence-blocks-gallery-item__caption{background:#ffffff;}.kb-gallery-wrap-id-21082_2d12f0-14.wp-block-kadence-advancedgallery{overflow:visible;}.kb-gallery-wrap-id-21082_2d12f0-14.wp-block-kadence-advancedgallery .kt-blocks-carousel{overflow:visible;}<\/style><div class=\"kb-gallery-wrap-id-21082_2d12f0-14 alignnone dw-block-gallery ticss-6d2d12f0 wp-block-kadence-advancedgallery\"><div class=\"kb-gallery-ul kb-gallery-non-static kb-gallery-type-carousel kb-gallery-id-21082_2d12f0-14 kb-gallery-caption-style-below kb-gallery-filter-grayscale kb-gallery-magnific-init\" data-image-filter=\"grayscale\" data-lightbox-caption=\"true\"><div class=\"kt-blocks-carousel splide kt-carousel-container-dotstyle-none kt-carousel-arrowstyle-whiteondark kt-carousel-dotstyle-none kb-slider-group-arrow kb-slider-arrow-position-center\" data-columns-xxl=\"2\" data-columns-xl=\"2\" data-columns-md=\"2\" data-columns-sm=\"2\" data-columns-xs=\"1\" data-columns-ss=\"1\" data-slider-anim-speed=\"400\" data-slider-scroll=\"1\" data-slider-arrows=\"true\" data-slider-dots=\"false\" data-slider-hover-pause=\"false\" data-slider-auto=\"\" data-slider-speed=\"7000\" data-slider-gap=\"10px\" data-slider-gap-tablet=\"10px\" data-slider-gap-mobile=\"10px\" data-show-pause-button=\"false\" data-slider-label=\"Photo Gallery Carousel\"><div class=\"splide__track\"><ul class=\"kt-blocks-carousel-init kb-gallery-carousel splide__list\"><li class=\"kb-slide-item kb-gallery-carousel-item splide__slide\"><div class=\"kadence-blocks-gallery-item\"><div class=\"kadence-blocks-gallery-item-inner\"><figure class=\"kb-gallery-figure kb-gallery-item-has-link kadence-blocks-gallery-item-has-caption\"><a href=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Central_Termica_de_Los_Barrios_foto_wikipedia.jpg\" data-description=\"Macquarie has invested in Viesgo Infraestructuras Energeticas SL, which operates the 589 MW Los Barrios coal-fired power plant in Andalusia, Spain. Photo: Wikimedia.org \" data-alt=\"Central Te\u0301rmica De Los Barrios Foto Wikipedia\" class=\"kb-gallery-item-link\"   role=\"button\" aria-haspopup=\"dialog\"><div class=\"kb-gal-image-radius\"><div class=\"kb-gallery-image-contain kadence-blocks-gallery-intrinsic kb-gallery-image-ratio-land32 kb-has-image-ratio-land32\" ><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Central_Termica_de_Los_Barrios_foto_wikipedia.jpg\" width=\"1024\" height=\"768\" alt=\"Central Te\u0301rmica De Los Barrios Foto Wikipedia\" data-full-image=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Central_Termica_de_Los_Barrios_foto_wikipedia.jpg\" data-light-image=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Central_Termica_de_Los_Barrios_foto_wikipedia.jpg\" data-id=\"21355\" class=\"wp-image-21355 skip-lazy\" srcset=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Central_Termica_de_Los_Barrios_foto_wikipedia.jpg 1024w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Central_Termica_de_Los_Barrios_foto_wikipedia-300x225.jpg 300w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Central_Termica_de_Los_Barrios_foto_wikipedia-768x576.jpg 768w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Central_Termica_de_Los_Barrios_foto_wikipedia-536x402.jpg 536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/div><\/div><div class=\"kadence-blocks-gallery-item__caption\">Macquarie has invested in Viesgo Infraestructuras Energeticas SL, which operates the 589 MW Los Barrios coal-fired power plant in Andalusia, Spain. Photo: Wikimedia.org <\/div><\/a><\/figure><\/div><\/div><\/li><li class=\"kb-slide-item kb-gallery-carousel-item splide__slide\"><div class=\"kadence-blocks-gallery-item\"><div class=\"kadence-blocks-gallery-item-inner\"><figure class=\"kb-gallery-figure kb-gallery-item-has-link kadence-blocks-gallery-item-has-caption\"><a href=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/newark_energy_foto_skanska.png\" data-description=\"Ares Management owns 100 percent of the Energy Investors Fund, which in turn owns the Newark Energy Center CCST, a 735 megawatt (MW) gas-fired power plant in Newark, New Jersey, USA. Photo: Skanska \" data-alt=\"Newark Energy Foto Skanska\" class=\"kb-gallery-item-link\"   role=\"button\" aria-haspopup=\"dialog\"><div class=\"kb-gal-image-radius\"><div class=\"kb-gallery-image-contain kadence-blocks-gallery-intrinsic kb-gallery-image-ratio-land32 kb-has-image-ratio-land32\" ><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/newark_energy_foto_skanska.png\" width=\"932\" height=\"524\" alt=\"Newark Energy Foto Skanska\" data-full-image=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/newark_energy_foto_skanska.png\" data-light-image=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/newark_energy_foto_skanska.png\" data-id=\"21353\" class=\"wp-image-21353 skip-lazy\" srcset=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/newark_energy_foto_skanska.png 932w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/newark_energy_foto_skanska-300x169.png 300w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/newark_energy_foto_skanska-768x432.png 768w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/newark_energy_foto_skanska-627x353.png 627w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/newark_energy_foto_skanska-402x226.png 402w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/newark_energy_foto_skanska-850x478.png 850w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/newark_energy_foto_skanska-536x301.png 536w\" sizes=\"auto, (max-width: 932px) 100vw, 932px\" \/><\/div><\/div><div class=\"kadence-blocks-gallery-item__caption\">Ares Management owns 100 percent of the Energy Investors Fund, which in turn owns the Newark Energy Center CCST, a 735 megawatt (MW) gas-fired power plant in Newark, New Jersey, USA. Photo: Skanska <\/div><\/a><\/figure><\/div><\/div><\/li><li class=\"kb-slide-item kb-gallery-carousel-item splide__slide\"><div class=\"kadence-blocks-gallery-item\"><div class=\"kadence-blocks-gallery-item-inner\"><figure class=\"kb-gallery-figure kb-gallery-item-has-link kadence-blocks-gallery-item-has-caption\"><a href=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Arrubal-Plant-1_foto_contourglobal.com_.jpg\" data-description=\"KKR fully owns ContourGlobal PLC, which owns Arrubal Power Plant, an 800 MW gas turbine plant in Spain&#039;s La Rioja region. Photo: Contourglobal.com \" data-alt=\"Arrubal Plant 1 Foto Contourglobal.com\" class=\"kb-gallery-item-link\"   role=\"button\" aria-haspopup=\"dialog\"><div class=\"kb-gal-image-radius\"><div class=\"kb-gallery-image-contain kadence-blocks-gallery-intrinsic kb-gallery-image-ratio-land32 kb-has-image-ratio-land32\" ><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Arrubal-Plant-1_foto_contourglobal.com_.jpg\" width=\"960\" height=\"540\" alt=\"Arrubal Plant 1 Foto Contourglobal.com\" data-full-image=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Arrubal-Plant-1_foto_contourglobal.com_.jpg\" data-light-image=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Arrubal-Plant-1_foto_contourglobal.com_.jpg\" data-id=\"21351\" class=\"wp-image-21351 skip-lazy\" srcset=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Arrubal-Plant-1_foto_contourglobal.com_.jpg 960w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Arrubal-Plant-1_foto_contourglobal.com_-300x169.jpg 300w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Arrubal-Plant-1_foto_contourglobal.com_-768x432.jpg 768w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Arrubal-Plant-1_foto_contourglobal.com_-627x353.jpg 627w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Arrubal-Plant-1_foto_contourglobal.com_-402x226.jpg 402w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Arrubal-Plant-1_foto_contourglobal.com_-850x478.jpg 850w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Arrubal-Plant-1_foto_contourglobal.com_-536x302.jpg 536w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/div><\/div><div class=\"kadence-blocks-gallery-item__caption\">KKR fully owns ContourGlobal PLC, which owns Arrubal Power Plant, an 800 MW gas turbine plant in Spain&#8217;s La Rioja region. Photo: Contourglobal.com <\/div><\/a><\/figure><\/div><\/div><\/li><li class=\"kb-slide-item kb-gallery-carousel-item splide__slide\"><div class=\"kadence-blocks-gallery-item\"><div class=\"kadence-blocks-gallery-item-inner\"><figure class=\"kb-gallery-figure kb-gallery-item-has-link kadence-blocks-gallery-item-has-caption\"><a href=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2025\/09\/000_9QX8L2-1920x1277web.jpg\" data-description=\"The private equity fund KKR controls power plants at Bulgaria&#039;s largest coal mine, Maritsa Iztok, through financial ties. KKR does not disclose the CO2 emissions from the investments to Danish pension funds that invest in KKR. Photo: Nikolay Doychinov\/AFP\/Ritzau Scanpix  \" data-alt=\"Bulgaria Mining Coal Environment Climate Energy Pollution\" class=\"kb-gallery-item-link\"   role=\"button\" aria-haspopup=\"dialog\"><div class=\"kb-gal-image-radius\"><div class=\"kb-gallery-image-contain kadence-blocks-gallery-intrinsic kb-gallery-image-ratio-land32 kb-has-image-ratio-land32\" ><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2025\/09\/000_9QX8L2-1920x1277web-1536x1022.jpg\" width=\"1536\" height=\"1022\" alt=\"Bulgaria Mining Coal Environment Climate Energy Pollution\" data-full-image=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2025\/09\/000_9QX8L2-1920x1277web.jpg\" data-light-image=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2025\/09\/000_9QX8L2-1920x1277web.jpg\" data-id=\"21110\" class=\"wp-image-21110 skip-lazy\" srcset=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2025\/09\/000_9QX8L2-1920x1277web-1536x1022.jpg 1536w, https:\/\/danwatch.dk\/wp-content\/uploads\/2025\/09\/000_9QX8L2-1920x1277web-300x200.jpg 300w, https:\/\/danwatch.dk\/wp-content\/uploads\/2025\/09\/000_9QX8L2-1920x1277web-1024x682.jpg 1024w, https:\/\/danwatch.dk\/wp-content\/uploads\/2025\/09\/000_9QX8L2-1920x1277web-768x511.jpg 768w, https:\/\/danwatch.dk\/wp-content\/uploads\/2025\/09\/000_9QX8L2-1920x1277web-536x357.jpg 536w, https:\/\/danwatch.dk\/wp-content\/uploads\/2025\/09\/000_9QX8L2-1920x1277web.jpg 1920w\" sizes=\"auto, (max-width: 1536px) 100vw, 1536px\" \/><\/div><\/div><div class=\"kadence-blocks-gallery-item__caption\">The private equity fund KKR controls power plants at Bulgaria&#8217;s largest coal mine, Maritsa Iztok, through financial ties. KKR does not disclose the CO2 emissions from the investments to Danish pension funds that invest in KKR. Photo: Nikolay Doychinov\/AFP\/Ritzau Scanpix  <\/div><\/a><\/figure><\/div><\/div><\/li><\/ul><\/div><\/div><\/div><\/div><\/div><\/div>\n\n<\/div><\/div>\n\n\n<h5 class=\"wp-block-heading\"><\/h5>\n<\/div><\/div>\n\n<\/div><\/div>\n<p class=\"wp-block-paragraph\">Private equity funds control the power plants for a number of years with the aim of making a profit on a later resale. It is the core business of a private equity fund to do just that.  <\/p>\n\n<p class=\"wp-block-paragraph\">But the private equity funds are running from the climate bill by failing to inform their shareholders and partners &#8211; including Danish pension funds &#8211; about the gigantic emissions from the power plants. <\/p>\n\n<p class=\"wp-block-paragraph\">Danwatch has also presented the mapping of the hidden CO2 emissions to Thomas Meinert Larsen, campaign coordinator for responsible investments at The Danish Climate Movement.<\/p>\n\n<p class=\"wp-block-paragraph\">&#8220;Danwatch&#8217;s mapping of private equity funds&#8217; ownership of fossil fuel power plants reveals an extent that should give food for thought for all pension funds that work with private equity funds and want to be serious about climate solutions,&#8221; he says. <\/p>\n\n<p class=\"wp-block-paragraph\">Several pension funds state that they try to estimate emissions via external data providers. Danwatch is familiar with this data.  <\/p>\n\n<h2 class=\"wp-block-heading\" id=\"pensionskasser-erkender-problem\"><strong>Pension funds recognise the problem<\/strong><\/h2>\n\n<p class=\"wp-block-paragraph\">The survey shows very precisely that Danish pension funds have equity and bond investments of at least DKK 4.7 billion in eight large American private equity funds that control the power plants through various financial structures.<\/p>\n\n<p class=\"wp-block-paragraph\">Industriens Pension, which is jointly owned by the Confederation of Danish Industry and the country&#8217;s largest trade union 3F, recognises that information on emissions from the pension fund&#8217;s investments is inadequate.<\/p>\n\n<p class=\"wp-block-paragraph\">&#8220;Data is still under development and we therefore have a strong focus in our active ownership on companies&#8217; reporting of emissions,&#8221; says Ann-Louise Winther, Head of Responsible Investment at Industriens Pension, after Danwatch presented her with the hidden emissions from the industry portfolio.<\/p>\n\n<p class=\"wp-block-paragraph\">Industriens Pension&#8217;s 440,000 members own shareholdings worth almost DKK 500 million in private equity funds KKR, Blackstone, Brookfield, BlackRock, Macquarie Group, Apollo Group and Ares Management. <\/p>\n<style>.kt-accordion-id21082_d6a762-0d .kt-accordion-inner-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:10px;}.kt-accordion-id21082_d6a762-0d .kt-accordion-panel-inner{border-right:0px solid transparent;border-bottom:0px solid transparent;border-left:0px solid transparent;padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-right:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);padding-left:var(--global-kb-spacing-sm, 1.5rem);}.kt-accordion-id21082_d6a762-0d > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header{background:#ffffff;padding-top:14px;padding-right:16px;padding-bottom:14px;padding-left:16px;}.kt-accordion-id21082_d6a762-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_d6a762-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:before{background:#ffffff;}.kt-accordion-id21082_d6a762-0d > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header:hover, \n\t\t\t\tbody:not(.hide-focus-outline) .kt-accordion-id21082_d6a762-0d .kt-blocks-accordion-header:focus-visible{color:#2b2b29;background:#ffffff;}.kt-accordion-id21082_d6a762-0d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_d6a762-0d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:before, body:not(.hide-focus-outline) .kt-accordion-id21082_d6a762-0d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion--visible .kt-blocks-accordion-icon-trigger:after, body:not(.hide-focus-outline) .kt-accordion-id21082_d6a762-0d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:before{background:#2b2b29;}.kt-accordion-id21082_d6a762-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger, body:not(.hide-focus-outline) .kt-accordion-id21082_d6a762-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger{background:#2b2b29;}.kt-accordion-id21082_d6a762-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_d6a762-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:before, body:not(.hide-focus-outline) .kt-accordion-id21082_d6a762-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:after, body:not(.hide-focus-outline) .kt-accordion-id21082_d6a762-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:before{background:#ffffff;}.kt-accordion-id21082_d6a762-0d .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible,\n\t\t\t\t.kt-accordion-id21082_d6a762-0d > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active{color:#2b2b29;background:#ffffff;border-top-color:#fb4124;border-top-style:solid;border-right-color:#fb4124;border-right-style:solid;border-bottom-color:#fb4124;border-bottom-style:solid;border-left-color:#fb4124;border-left-style:solid;}.kt-accordion-id21082_d6a762-0d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_d6a762-0d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:#2b2b29;}.kt-accordion-id21082_d6a762-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger{background:#2b2b29;}.kt-accordion-id21082_d6a762-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_d6a762-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:#ffffff;}@media all and (max-width: 1024px){.kt-accordion-id21082_d6a762-0d .kt-accordion-panel-inner{border-right:0px solid transparent;border-bottom:0px solid transparent;border-left:0px solid transparent;}}@media all and (max-width: 1024px){.kt-accordion-id21082_d6a762-0d .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible,\n\t\t\t\t.kt-accordion-id21082_d6a762-0d > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active{border-top-color:#fb4124;border-top-style:solid;border-right-color:#fb4124;border-right-style:solid;border-bottom-color:#fb4124;border-bottom-style:solid;border-left-color:#fb4124;border-left-style:solid;}}@media all and (max-width: 767px){.kt-accordion-id21082_d6a762-0d .kt-accordion-inner-wrap{display:block;}.kt-accordion-id21082_d6a762-0d .kt-accordion-inner-wrap .kt-accordion-pane:not(:first-child){margin-top:10px;}.kt-accordion-id21082_d6a762-0d .kt-accordion-panel-inner{border-right:0px solid transparent;border-bottom:0px solid transparent;border-left:0px solid transparent;}.kt-accordion-id21082_d6a762-0d .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible,\n\t\t\t\t.kt-accordion-id21082_d6a762-0d > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active{border-top-color:#fb4124;border-top-style:solid;border-right-color:#fb4124;border-right-style:solid;border-bottom-color:#fb4124;border-bottom-style:solid;border-left-color:#fb4124;border-left-style:solid;}}<\/style>\n<div class=\"wp-block-kadence-accordion alignnone alignleft ticss-950d3ebc dw-harmonika\"><div class=\"kt-accordion-wrap kt-accordion-id21082_d6a762-0d kt-accordion-has-4-panes kt-active-pane-0 kt-accordion-block kt-pane-header-alignment-left kt-accodion-icon-style-arrow kt-accodion-icon-side-right\" style=\"max-width:none\"><div class=\"kt-accordion-inner-wrap\" data-allow-multiple-open=\"false\" data-start-open=\"none\">\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-1 kt-pane21082_401aac-86 ticss-5dcf59ac\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\">What is a <strong>Private Equity Fund<\/strong>?<\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<ul class=\"wp-block-list\">\n<li>A private equity fund is a large pool of money that invests in companies. When many people or investors put their money together in this box, it becomes an equity fund. This money is then used to buy parts of or whole companies that they believe will grow and become more valuable.  <\/li>\n\n\n\n<li>The vast majority of private equity funds do not disclose CO2 emissions from their financial holdings. Therefore, Danish pension funds that invest in private equity funds do not recognise emissions from private equity-owned fossil fuel companies, power plants and projects. <\/li>\n<\/ul>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n<p class=\"wp-block-paragraph\">In addition, there may be investments in the private equity funds&#8217; unlisted funds and other management mandates. <\/p>\n\n<p class=\"wp-block-paragraph\">The Pension Fund Architects  Designers (PAD) is surprised by the many hidden emissions and will now take up the matter with Sampension, which manages PAD&#8217;s pension money.<\/p>\n\n<p class=\"wp-block-paragraph\">&#8220;PAD has outsourced its investments to Sampension, and we are strongly committed to avoiding greenwashing of the portfolio&#8217;s carbon footprint. Therefore, I will of course address the issue of uncertainty in the data basis with Sampension A\/S&#8217; Board of Directors,&#8221; says Mads Gudmand-H\u00f8yer.<\/p>\n\n<p class=\"wp-block-paragraph\">Sampension states that they regularly request climate data from private equity funds in which they are involved. <\/p>\n\n<p class=\"wp-block-paragraph\">&#8220;You can discuss whether managers should include emissions in their scope 3 statement, not because they finance or own the emissions, but because the statement may have informative value in relation to the overall assessment of the manager&#8217;s climate profile,&#8221; says Jacob Ehlerth J\u00f8rgensen, Head of ESG at Sampension. <\/p>\n\n<p class=\"wp-block-paragraph\">In addition to equity investments in several private equity funds, Sampension has invested DKK 9 billion in private equity funds managed by KKR, Blackstone, Blackrock, Carlyle Group, Ares Management, Macquarie, Apollo Management and Brookfield. <\/p>\n\n<h2 class=\"wp-block-heading\" id=\"pensiondanmark-afviser-kritik\">PensionDanmark rejects criticism<\/h2>\n\n<p class=\"wp-block-paragraph\">Unlike PAD, Sampension and Industriens Pension, PensionDanmark denies that their climate accounts are misleading. <\/p>\n\n<p class=\"wp-block-paragraph\">&#8220;We have reviewed the enquiry from Danwatch and we see nothing to suggest that &#8220;fossil assets systematically go under the radar&#8221;, says Jan K\u00e6raa Rasmussen, Head of ESG and Sustainability at PensionDanmark. <\/p>\n\n<p class=\"wp-block-paragraph\">Andreas Rasche encourages all Danish pension funds to demand more information from the private equity funds they invest in or work with. <\/p>\n\n<p class=\"wp-block-paragraph\">&#8220;The inclusion of funded emissions (emissions related to investments and financial services, ed.) is crucial to get a complete picture of a company&#8217;s carbon footprint. Therefore, Danish pension funds should push the private equity funds they invest in to report more comprehensively,&#8221; says Andreas Rasche.<\/p>\n<style>.kt-accordion-id21082_a6bbfe-20 .kt-accordion-inner-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:10px;}.kt-accordion-id21082_a6bbfe-20 .kt-accordion-panel-inner{border-right:0px solid transparent;border-bottom:0px solid transparent;border-left:0px solid transparent;padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-right:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);padding-left:var(--global-kb-spacing-sm, 1.5rem);}.kt-accordion-id21082_a6bbfe-20 > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header{background:#ffffff;padding-top:14px;padding-right:16px;padding-bottom:14px;padding-left:16px;}.kt-accordion-id21082_a6bbfe-20:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_a6bbfe-20:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:before{background:#ffffff;}.kt-accordion-id21082_a6bbfe-20 > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header:hover, \n\t\t\t\tbody:not(.hide-focus-outline) .kt-accordion-id21082_a6bbfe-20 .kt-blocks-accordion-header:focus-visible{color:#2b2b29;background:#ffffff;}.kt-accordion-id21082_a6bbfe-20:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_a6bbfe-20:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:before, body:not(.hide-focus-outline) .kt-accordion-id21082_a6bbfe-20:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion--visible .kt-blocks-accordion-icon-trigger:after, body:not(.hide-focus-outline) .kt-accordion-id21082_a6bbfe-20:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:before{background:#2b2b29;}.kt-accordion-id21082_a6bbfe-20:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger, body:not(.hide-focus-outline) .kt-accordion-id21082_a6bbfe-20:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger{background:#2b2b29;}.kt-accordion-id21082_a6bbfe-20:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_a6bbfe-20:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:before, body:not(.hide-focus-outline) .kt-accordion-id21082_a6bbfe-20:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:after, body:not(.hide-focus-outline) .kt-accordion-id21082_a6bbfe-20:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:before{background:#ffffff;}.kt-accordion-id21082_a6bbfe-20 .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible,\n\t\t\t\t.kt-accordion-id21082_a6bbfe-20 > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active{color:#2b2b29;background:#ffffff;border-top-color:#fb4124;border-top-style:solid;border-right-color:#fb4124;border-right-style:solid;border-bottom-color:#fb4124;border-bottom-style:solid;border-left-color:#fb4124;border-left-style:solid;}.kt-accordion-id21082_a6bbfe-20:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_a6bbfe-20:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:#2b2b29;}.kt-accordion-id21082_a6bbfe-20:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger{background:#2b2b29;}.kt-accordion-id21082_a6bbfe-20:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_a6bbfe-20:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:#ffffff;}@media all and (max-width: 1024px){.kt-accordion-id21082_a6bbfe-20 .kt-accordion-panel-inner{border-right:0px solid transparent;border-bottom:0px solid transparent;border-left:0px solid transparent;}}@media all and (max-width: 1024px){.kt-accordion-id21082_a6bbfe-20 .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible,\n\t\t\t\t.kt-accordion-id21082_a6bbfe-20 > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active{border-top-color:#fb4124;border-top-style:solid;border-right-color:#fb4124;border-right-style:solid;border-bottom-color:#fb4124;border-bottom-style:solid;border-left-color:#fb4124;border-left-style:solid;}}@media all and (max-width: 767px){.kt-accordion-id21082_a6bbfe-20 .kt-accordion-inner-wrap{display:block;}.kt-accordion-id21082_a6bbfe-20 .kt-accordion-inner-wrap .kt-accordion-pane:not(:first-child){margin-top:10px;}.kt-accordion-id21082_a6bbfe-20 .kt-accordion-panel-inner{border-right:0px solid transparent;border-bottom:0px solid transparent;border-left:0px solid transparent;}.kt-accordion-id21082_a6bbfe-20 .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible,\n\t\t\t\t.kt-accordion-id21082_a6bbfe-20 > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active{border-top-color:#fb4124;border-top-style:solid;border-right-color:#fb4124;border-right-style:solid;border-bottom-color:#fb4124;border-bottom-style:solid;border-left-color:#fb4124;border-left-style:solid;}}<\/style>\n<div class=\"wp-block-kadence-accordion alignnone alignleft ticss-950d3ebc dw-harmonika\"><div class=\"kt-accordion-wrap kt-accordion-id21082_a6bbfe-20 kt-accordion-has-4-panes kt-active-pane-0 kt-accordion-block kt-pane-header-alignment-left kt-accodion-icon-style-arrow kt-accodion-icon-side-right\" style=\"max-width:none\"><div class=\"kt-accordion-inner-wrap\" data-allow-multiple-open=\"false\" data-start-open=\"none\">\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-1 kt-pane21082_a9e91d-17 ticss-5dcf59ac\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\">What are <strong>funded emissions<\/strong>?<\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<ul class=\"wp-block-list\">\n<li>Funded emissions is a category used for the carbon footprint of investments by financial institutions.<\/li>\n\n\n\n<li>It refers to the total greenhouse gas emissions associated with the companies that a pension fund, bank or other financial institution invests in or lends money to. <\/li>\n<\/ul>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n<p class=\"wp-block-paragraph\">According to Danwatch&#8217;s own calculations, the many fossil fuel power plants owned by private equity funds emit many millions of tonnes of greenhouse gases annually, equivalent to more than 100 times Denmark&#8217;s annual CO2 emissions. <\/p>\n\n<p class=\"wp-block-paragraph\">According to calculations from Global Energy Monitor, the private equity fund KKR, for example, emits 6,500 times more climate-damaging greenhouse gas emissions from its 188 fossil-fuelled power plants than the private equity fund itself discloses to Danish pension funds. The number of power plants is verified by KKR.  <\/p>\n\n<p class=\"wp-block-paragraph\">Yet the CO2 emissions from these power plants are not included in the pension funds&#8217; statements on their climate footprint. This is evident from KKR&#8217;s own climate reports.  <\/p>\n\n<figure data-gkt-effects=\"{&quot;reveal&quot;:{&quot;x&quot;:0,&quot;y&quot;:50,&quot;opacity&quot;:0,&quot;scale&quot;:1,&quot;transition&quot;:{&quot;type&quot;:&quot;easing&quot;,&quot;duration&quot;:0.9,&quot;delay&quot;:0,&quot;easing&quot;:[0.5,0,0,1]}}}\" class=\"wp-block-image alignwide size-full dw-image ghostkit-effects-reveal\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer2.jpg\" alt=\"Explainer2\" class=\"wp-image-21329\" srcset=\"https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer2.jpg 1600w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer2-300x169.jpg 300w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer2-1024x576.jpg 1024w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer2-768x432.jpg 768w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer2-1536x864.jpg 1536w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer2-627x353.jpg 627w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer2-402x226.jpg 402w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer2-850x478.jpg 850w, https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/Explainer2-536x302.jpg 536w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><figcaption class=\"wp-element-caption\">The private equity funds may have knowledge of the emissions from the power plants, but this knowledge is not reported back to the Danish pension funds. And is therefore not included in the reports to which pension savers have access. <\/figcaption><\/figure>\n\n<p class=\"wp-block-paragraph\">According to Jan K\u00e6raa Rasmussen, PensionDanmark receives completely different emission figures directly from KKR. However, PensionDanmark does not want to disclose the specific figures they receive directly from KKR. <\/p>\n\n<p class=\"wp-block-paragraph\">&#8220;As an investor, we receive emissions data from KKR that, for our very limited ownership share alone, exceeds the figure that the report (Danwatch&#8217;s information on KKR&#8217;s emissions, ed.) states as the total emissions reported for KKR,&#8221; says Jan K\u00e6raa Rasmussen.<\/p>\n\n<p class=\"wp-block-paragraph\">Danwatch has been in contact with all 13 pension funds included in this article. PensionDanmark is the only one to receive unique emissions data directly from foreign private equity funds for use in the pension fund&#8217;s CO2 statement.  <\/p>\n\n<p class=\"wp-block-paragraph\">In an email to Danwatch, PensionDanmark states that they consider Global Energy Monitor&#8217;s emission data for KKR to be &#8220;deeply misleading&#8221; and &#8220;opaque in relation to the method used&#8221;. PensionDanmark has not wished to elaborate on the criticism or share emission data.  <\/p>\n\n<p class=\"wp-block-paragraph\">Global Energy Monitor data is used by major global banks such as UBS, World Bank and HSBC, the International Energy Agency (IEA) and a number of universities, including Standford. Major media outlets such as The Washington Post and Financial Times, as well as consulting firms Deloitte, Boston Consulting Group and EY are also on the user list. <\/p>\n\n<p class=\"wp-block-paragraph\">Until 2023, the private equity fund Carlyle Group has also failed to inform Danish pension funds about 277 million tonnes of CO2 emissions over a period of 10 years from 155 fossil fuel power plants.<\/p>\n\n<p class=\"wp-block-paragraph\">These emissions are also not reported to Danish pension funds that invest or collaborate with Carlyle Group.<\/p>\n\n<p class=\"wp-block-paragraph\">Similar observations are found for several of the other private equity funds, says project manager Alex Hurley from Global Energy Monitor, with whom Danwatch and \u00d8konomisk Ugebrev have collaborated on the mapping of power plant owners.<\/p>\n<style>.kb-row-layout-id21082_16e403-85 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id21082_16e403-85 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id21082_16e403-85 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:25px;padding-right:50px;padding-bottom:25px;padding-left:50px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id21082_16e403-85 > .kt-row-layout-overlay{opacity:0.30;}.kb-row-layout-id21082_16e403-85 .kt-row-layout-bottom-sep{height:100px;}.kb-row-layout-id21082_16e403-85 .kt-row-layout-bottom-sep svg{width:100%;}.kb-row-layout-id21082_16e403-85 .kt-row-layout-bottom-sep svg{fill:#ffffff!important;}@media all and (max-width: 1024px){.kb-row-layout-id21082_16e403-85 > .kt-row-column-wrap{padding-right:10px;padding-left:10px;grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 1024px){.kb-row-layout-id21082_16e403-85 .kt-row-layout-bottom-sep{height:px;}}@media all and (max-width: 1024px){.kb-row-layout-id21082_16e403-85 .kt-row-layout-bottom-sep svg{width:%;}}@media all and (max-width: 767px){.kb-row-layout-id21082_16e403-85 > .kt-row-column-wrap{padding-right:10px;padding-left:10px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id21082_16e403-85 .kt-row-layout-bottom-sep{height:px;}.kb-row-layout-id21082_16e403-85 .kt-row-layout-bottom-sep svg{width:%;}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id21082_16e403-85 alignwide dw-fakta-stor__wrapper wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column21082_967f6b-0c > .kt-inside-inner-col,.kadence-column21082_967f6b-0c > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;}.kadence-column21082_967f6b-0c > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column21082_967f6b-0c > .kt-inside-inner-col{flex-direction:column;}.kadence-column21082_967f6b-0c > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column21082_967f6b-0c > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column21082_967f6b-0c{position:relative;}@media all and (max-width: 1024px){.kadence-column21082_967f6b-0c > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column21082_967f6b-0c > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column21082_967f6b-0c kb-section-dir-vertical inner-column-1 dw-fakta dw-fakta-stor\"><div class=\"kt-inside-inner-col\">\n<p class=\"trumpet wp-block-paragraph\">FACTS<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"investeringerne-i-kapitalfonde-der-finansierer-fossile-kraftvaerker\">Investments in private equity funds that finance fossil fuel power plants<\/h2>\n\n\n<style>.kb-row-layout-id21082_fd9dea-b3 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id21082_fd9dea-b3 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id21082_fd9dea-b3 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id21082_fd9dea-b3 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id21082_fd9dea-b3 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id21082_fd9dea-b3 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id21082_fd9dea-b3 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column21082_865c42-bc > .kt-inside-inner-col,.kadence-column21082_865c42-bc > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column21082_865c42-bc > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column21082_865c42-bc > .kt-inside-inner-col{flex-direction:column;}.kadence-column21082_865c42-bc > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column21082_865c42-bc > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column21082_865c42-bc{position:relative;}@media all and (max-width: 1024px){.kadence-column21082_865c42-bc > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column21082_865c42-bc > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column21082_865c42-bc inner-column-1 ticss-37558c52\"><div class=\"kt-inside-inner-col\">\n<iframe title=\"Investments in private equity funds that finance fossil fuel power plants\" aria-label=\"Split Bars\" id=\"datawrapper-chart-COHqc\" src=\"https:\/\/datawrapper.dwcdn.net\/COHqc\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"320\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}>)}(); <\/script>\n<\/div><\/div>\n\n<\/div><\/div>\n\n\n<h5 class=\"wp-block-heading\" id=\"noterede-aktier-og-olbigationer-enheder-udgor-kraftvaerksblokke-fra-mindst-426-aktive-olie-gas-og-kulkraftvaerker\">*listed shares and bonds <br\/>** Units represent power plant units from at least 426 active oil, gas and coal-fired power plants.<br\/><\/h5>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"kilder-pensionsmaskinen-dk-cbond-global-energy-monitor\">Sources: <a href=\"https:\/\/pensionsmaskinen.dk\/\">Pensionsmaskinen.dk <\/a>+ CBOND + Global Energy Monitor<\/h5>\n<\/div><\/div>\n\n<\/div><\/div><style>.kt-accordion-id21082_7d5f34-0d .kt-accordion-inner-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:10px;}.kt-accordion-id21082_7d5f34-0d .kt-accordion-panel-inner{border-right:0px solid transparent;border-bottom:0px solid transparent;border-left:0px solid transparent;padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-right:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);padding-left:var(--global-kb-spacing-sm, 1.5rem);}.kt-accordion-id21082_7d5f34-0d > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header{background:#ffffff;padding-top:14px;padding-right:16px;padding-bottom:14px;padding-left:16px;}.kt-accordion-id21082_7d5f34-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_7d5f34-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:before{background:#ffffff;}.kt-accordion-id21082_7d5f34-0d > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header:hover, \n\t\t\t\tbody:not(.hide-focus-outline) .kt-accordion-id21082_7d5f34-0d .kt-blocks-accordion-header:focus-visible{color:#2b2b29;background:#ffffff;}.kt-accordion-id21082_7d5f34-0d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_7d5f34-0d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:before, body:not(.hide-focus-outline) .kt-accordion-id21082_7d5f34-0d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion--visible .kt-blocks-accordion-icon-trigger:after, body:not(.hide-focus-outline) .kt-accordion-id21082_7d5f34-0d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:before{background:#2b2b29;}.kt-accordion-id21082_7d5f34-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger, body:not(.hide-focus-outline) .kt-accordion-id21082_7d5f34-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger{background:#2b2b29;}.kt-accordion-id21082_7d5f34-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_7d5f34-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:before, body:not(.hide-focus-outline) .kt-accordion-id21082_7d5f34-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:after, body:not(.hide-focus-outline) .kt-accordion-id21082_7d5f34-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:before{background:#ffffff;}.kt-accordion-id21082_7d5f34-0d .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible,\n\t\t\t\t.kt-accordion-id21082_7d5f34-0d > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active{color:#2b2b29;background:#ffffff;border-top-color:#fb4124;border-top-style:solid;border-right-color:#fb4124;border-right-style:solid;border-bottom-color:#fb4124;border-bottom-style:solid;border-left-color:#fb4124;border-left-style:solid;}.kt-accordion-id21082_7d5f34-0d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_7d5f34-0d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:#2b2b29;}.kt-accordion-id21082_7d5f34-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger{background:#2b2b29;}.kt-accordion-id21082_7d5f34-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id21082_7d5f34-0d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:#ffffff;}@media all and (max-width: 1024px){.kt-accordion-id21082_7d5f34-0d .kt-accordion-panel-inner{border-right:0px solid transparent;border-bottom:0px solid transparent;border-left:0px solid transparent;}}@media all and (max-width: 1024px){.kt-accordion-id21082_7d5f34-0d .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible,\n\t\t\t\t.kt-accordion-id21082_7d5f34-0d > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active{border-top-color:#fb4124;border-top-style:solid;border-right-color:#fb4124;border-right-style:solid;border-bottom-color:#fb4124;border-bottom-style:solid;border-left-color:#fb4124;border-left-style:solid;}}@media all and (max-width: 767px){.kt-accordion-id21082_7d5f34-0d .kt-accordion-inner-wrap{display:block;}.kt-accordion-id21082_7d5f34-0d .kt-accordion-inner-wrap .kt-accordion-pane:not(:first-child){margin-top:10px;}.kt-accordion-id21082_7d5f34-0d .kt-accordion-panel-inner{border-right:0px solid transparent;border-bottom:0px solid transparent;border-left:0px solid transparent;}.kt-accordion-id21082_7d5f34-0d .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible,\n\t\t\t\t.kt-accordion-id21082_7d5f34-0d > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active{border-top-color:#fb4124;border-top-style:solid;border-right-color:#fb4124;border-right-style:solid;border-bottom-color:#fb4124;border-bottom-style:solid;border-left-color:#fb4124;border-left-style:solid;}}<\/style>\n<div class=\"wp-block-kadence-accordion alignnone ticss-950d3ebc dw-harmonika\"><div class=\"kt-accordion-wrap kt-accordion-id21082_7d5f34-0d kt-accordion-has-4-panes kt-active-pane-0 kt-accordion-block kt-pane-header-alignment-left kt-accodion-icon-style-arrow kt-accodion-icon-side-right\" style=\"max-width:none\"><div class=\"kt-accordion-inner-wrap\" data-allow-multiple-open=\"false\" data-start-open=\"none\">\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-1 kt-pane21082_6bfcbd-e1 ticss-5dcf59ac\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\">S\u00e5dan har vi gjort&nbsp;<\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<ul class=\"wp-block-list\">\n<li>In collaboration with the NGO Global Energy Monitor, Danwatch has mapped financial ownership structures of oil and gas and coal-fired power plants.<\/li>\n\n\n\n<li>The mapping is based on eight large American private equity funds as well as oil and gas and chemical companies in which Danish pension funds invest.<\/li>\n\n\n\n<li>The investments were identified via Danwatch&#8217;s Pensionsmaskine and compared with stock and bond information from CBOND, a global provider of financial data.<\/li>\n<\/ul>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Forget everything you&#8217;ve read in your pension fund&#8217;s climate accounts. The actual CO2 emissions from their investments are far higher than what they claim. Experts criticise pension funds.  <\/p>\n","protected":false},"author":154,"featured_media":21462,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_gspb_post_css":"","_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","ghostkit_customizer_options":"","ghostkit_custom_css":"","ghostkit_custom_js_head":"","ghostkit_custom_js_foot":"","ghostkit_typography":"","slim_seo":{"title":"Hidden CO2 emissions: Your pension money is polluting the planet more than you are told","description":"Forget everything you've read in your pension fund's climate accounts. The actual CO2 emissions from their investments are far higher than what they claim. Expe"},"iawp_total_views":265,"_slim_seo_primary_term_category":0,"_slim_seo_primary_term_post_tag":0,"_slim_seo_primary_term_branche":0,"_slim_seo_primary_term_del-af-undersogelse":0,"_slim_seo_primary_term_genre":0,"_slim_seo_primary_term_land":0,"_slim_seo_primary_term_serie-fokus":0,"_slim_seo_primary_term_tema":0,"_slim_seo_primary_term_virksomhed":0,"footnotes":"","_ppma_block_editor_authors":""},"categories":[2],"tags":[2338,2336,680,2337],"branche":[2319,2327],"del-af-undersogelse":[],"genre":[66],"land":[153,157],"serie-fokus":[2315],"sorteres-som":[32],"styling-design":[],"tema":[556],"virksomhed":[2341,2339,2340,2321,2334],"ppma_author":[2449],"class_list":["post-23412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-co2-en","tag-investments","tag-klima-2","tag-pension-funds","branche-investment","branche-pension-en","genre-investigation","land-danmark-2","land-usa-2","serie-fokus-climate-finance","tema-climate-environment","virksomhed-blackstone-en","virksomhed-industriens-pension-en","virksomhed-kkr-en","virksomhed-pensiondanmark-en","virksomhed-sampension-en"],"acf":[],"taxonomy_info":{"category":[{"value":2,"label":"Uncategorized"}],"post_tag":[{"value":2338,"label":"CO2"},{"value":2336,"label":"Investments"},{"value":680,"label":"Klima"},{"value":2337,"label":"pension funds"}],"branche":[{"value":2319,"label":"Investment"},{"value":2327,"label":"Pension"}],"genre":[{"value":66,"label":"Investigation"}],"land":[{"value":153,"label":"Danmark"},{"value":157,"label":"USA"}],"serie-fokus":[{"value":2315,"label":"Climate &amp; Finance"}],"tema":[{"value":556,"label":"Climate &amp; Environment"}],"virksomhed":[{"value":2341,"label":"Blackstone"},{"value":2339,"label":"Industriens Pension"},{"value":2340,"label":"KKR"},{"value":2321,"label":"PensionDanmark"},{"value":2334,"label":"Sampension"}]},"featured_image_src_large":["https:\/\/danwatch.dk\/wp-content\/uploads\/2024\/09\/BB-3-1024x532.jpg",1024,532,true],"author_info":{"display_name":"Joachim Kattrup","author_link":"https:\/\/danwatch.dk\/en\/author\/jkdanwatch-dk\/"},"comment_info":0,"category_info":[{"term_id":2,"name":"Uncategorized","slug":"uncategorized","term_group":0,"term_taxonomy_id":2,"taxonomy":"category","description":"","parent":0,"count":201,"filter":"raw","cat_ID":2,"category_count":201,"category_description":"","cat_name":"Uncategorized","category_nicename":"uncategorized","category_parent":0}],"tag_info":[{"term_id":2338,"name":"CO2","slug":"co2-en","term_group":0,"term_taxonomy_id":2338,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"},{"term_id":2336,"name":"Investments","slug":"investments","term_group":0,"term_taxonomy_id":2336,"taxonomy":"post_tag","description":"","parent":0,"count":2,"filter":"raw"},{"term_id":680,"name":"Klima","slug":"klima-2","term_group":0,"term_taxonomy_id":680,"taxonomy":"post_tag","description":"","parent":0,"count":8,"filter":"raw"},{"term_id":2337,"name":"pension funds","slug":"pension-funds","term_group":0,"term_taxonomy_id":2337,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"}],"authors":[{"term_id":98,"user_id":154,"is_guest":0,"slug":"jkdanwatch-dk","display_name":"Joachim Kattrup","avatar_url":{"url":"https:\/\/danwatch.dk\/wp-content\/uploads\/2026\/02\/Joachim.jpg","url2x":"https:\/\/danwatch.dk\/wp-content\/uploads\/2026\/02\/Joachim.jpg"},"author_category":"1","first_name":"Joachim","last_name":"Kattrup","user_url":"","job_title":"Unders\u00f8gende journalist","krypteret-kommunikation":"https:\/\/signal.me\/#p\/+4560216085","description":"I am a senior journalist with a background in finance and a focus for environmental, social, and governance (ESG) issues. Currently, I work on climate and finance related stories and investigations."}],"_links":{"self":[{"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/posts\/23412","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/users\/154"}],"replies":[{"embeddable":true,"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/comments?post=23412"}],"version-history":[{"count":6,"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/posts\/23412\/revisions"}],"predecessor-version":[{"id":28987,"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/posts\/23412\/revisions\/28987"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/media\/21462"}],"wp:attachment":[{"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/media?parent=23412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/categories?post=23412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/tags?post=23412"},{"taxonomy":"branche","embeddable":true,"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/branche?post=23412"},{"taxonomy":"del-af-undersogelse","embeddable":true,"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/del-af-undersogelse?post=23412"},{"taxonomy":"genre","embeddable":true,"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/genre?post=23412"},{"taxonomy":"land","embeddable":true,"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/land?post=23412"},{"taxonomy":"serie-fokus","embeddable":true,"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/serie-fokus?post=23412"},{"taxonomy":"sorteres-som","embeddable":true,"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/sorteres-som?post=23412"},{"taxonomy":"styling-design","embeddable":true,"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/styling-design?post=23412"},{"taxonomy":"tema","embeddable":true,"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/tema?post=23412"},{"taxonomy":"virksomhed","embeddable":true,"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/virksomhed?post=23412"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/danwatch.dk\/en\/wp-json\/wp\/v2\/ppma_author?post=23412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}