ABP, Europe’s biggest pension fund, will phase out investments in coal miners and companies that extract oil from tar sands as part of a plan to make its €466bn investment portfolio “climate neutral” by 2050.

Launching a new sustainability policy on 3 February, the pension fund said that, over the next five years, it plans to slash the CO2 emissions from its €150bn equity portfolio by 40%, compared with 2015 levels, and put €15bn into “sustainable and affordable” energy investments, “for example through green bonds”.