Some Nordea Asset Management funds are cooling on fizzy drinks makers like Coca-Cola and Pepsico because of concerns about their plastics and water use, NAM's head of responsible investments said.
Norway's largest pension fund KLP said it has not cut its stake in fizzy drinks makers over concerns about ESG issues but that "plastic consumption is a big issue, as are waste and the circular economy when it comes to their business".bottles and sells Coca-Cola products in Western Europe, Australia, Indonesia and New Zealand. It has had "very open discussions with Nordic investors in particular" on various issues, finance chief Nik Jhangiani said in an interview.
Nordic financial groups have been at the forefront of ESG-investing and past actions, like pulling out of some tobacco, coal and oil companies, have been followed by some other funds.worth about 40 million euros from all its funds, based on the company's environmental record and response to the COVID-19 pandemic.
But Pedersen said Nordea will continue to invest in those that make the best efforts to improve their ESG credentials.
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