Det svenske pensions- og forsikringsselskab Länsförsäkringar har frasolgt alle sine aktiver tobaksproducenter med henvisning til negative sundhedsmæssige, sociale og miljømæssige konsekvenser.
The company said that tobacco firms had become an increasingly poor investment choice over recent years, but also often disregarded workers’ rights and impacted the environment negatively.
Christina Kusoffsky, head of sustainability at Länsförsäkringar, said: “Many may think more about the health problems, but tobacco producers also threaten the environment and biodiversity.
“Two thirds of the world’s tobacco is grown in emerging markets. An estimated 200,000 hectares of forest, primarily rainforest, are harvested every year for the benefit of tobacco cultivation and for drying the leaves.”
The tobacco cull applies to Länsförsäkringar’s direct investments and its own funds, and includes companies such as Imperial Tobacco Group, Swedish Match and Philip Morris International.
The company has also excluded mining company Vale from its investment universe, in the wake of a fatal Brazilian dam collapse in January.
Länsförsäkringar said Vale was considered to be among the top 100 greenhouse gas emitters in the world, and also claimed that it had violated human rights conventions.
In addition, questions about the condition of other dams controlled by Vale remained unanswered by the company, the Swedish group said.