PGGM Investments

Our impact

CO2 footprint

53% less

Exclusions in 2020

98 companies

How we limit our negative impact

The societal and environmental impact of the capital that clients trust PGGM with is substantial. PGGM can encourage a positive contribution to a sustainable world and has the responsibility to minimise negative impact. By negative impact we mean negative effects (damage) for individuals, workers, communities and the environment. PGGM Investments tries to keep the negative impact of investments to a minimum and also sees this as a highly material topic.

OECD screening

In 2020, PGGM developed a method to screen investments for any negative impact on society and/or the environment in accordance with the OECD Guidelines for Multinational Enterprises (OECD Guidelines) and the UN Guiding Principles for Human Rights (UNGPs). This effort was in line with our clients’ policy and their commitment to the Responsible Business Conduct Agreement on responsible investment by Pension Funds. Using data from external suppliers, PGGM prioritises ‘Principal adverse impact’ on the basis of likelihood and seriousness, whereby the latter is defined as the size and reach of the impact and to what extent this can be remedied. 


2021 will be dominated by the implementation of the screening in the listed share portfolio. We will also be developing a method to screen the other investment portfolios (credit and private markets) based on the standards mentioned. 

Halve the CO2 footprint of our investments

PFZW had set us the goal of halving the CO2 emissions caused by the shares in the investment portfolio by 2020. By selling shares of the most pollutant companies in the most pollutant sectors (energy, materials and utility companies), we reduce the CO2 emissions of the investment portfolio. We open conversations with the companies whose shares we are selling and ask them to reduce CO2 emissions.


The carbon footprint of PGGM’s share portfolio was further reduced in 2020. The footprint at 31-12-2020 was an average of 159 CO2 tonnes per million dollars.

Halve the carbon footprint


339 ton CO2

of CO2 per milllion dollars in business turnover


159 ton CO2

of CO2 per milllion dollars in business turnover

What we do not invest in

Legislation prohibits investment in certain businesses, such as businesses involved in cluster munitions. However, there are also certain investments that are simply not appropriate for our clients. So we avoid these investments as well. This is also one of the topics considered highly material by our stakeholders. It is why we exclude any companies that are involved in controversial weapons and tobacco. We also do not invest in government bonds of countries that are subject to sanctions of the UN Security Council and/or the European Union (EU). We can also exclude companies in the event of heightened ESG risks. In such instances, we first attempt to realise improvements by engaging in a dialogue with the company.

Correspondence address


P.O. Box 117
3700 AC Zeist


Visiting address

Noordweg Noord 150
3704 JG Zeist


The original PGGM Investments annual report 2020 and its financial and non-financial statements were drafted in Dutch. This website is an English translation of the original Dutch document. In case of any discrepancies between the English and the Dutch text, the latter will prevail.


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