Which oil and gas companies are targeted for bond blacklisting by Swiss institutional investors, and what is the total asset value of the participating funds?

The Swiss Association for Responsible Investments (SVVK-ASIR) recommended blacklisting debt issued by Chevron Corp., Exxon Mobil Corp., Marathon Petroleum Corp., PBF Energy Inc., Phillips 66, Valero Energy Corp., and Saudi Arabian Oil Co. (Saudi Aramco). Swiss institutional investors managing more than $270 billion in combined assets plan to stop buying these companies’ bonds once existing holdings mature; this group includes the Swiss Federal Pension Fund (Publica), Aargauische Pensionskasse, ASGA Pensionskasse, Mobiliar, Pensionskasse Post, Pensionskasse SBB, Suva, and BVK — the latter holding 45.8 billion francs and stating it has always followed SVVK-ASIR’s guidelines. The association represents a total of 360 billion francs in member assets.

What was the stated reason for SVVK-ASIR’s recommendation to blacklist these oil companies’ bonds, and does the policy apply to equity investments as well?

SVVK-ASIR issued the recommendation after oil companies failed to make any 'substantial progress' in reducing their carbon footprints, while their willingness to 'engage in dialogue has remained limited'; the association called for an 'outright exclusion policy' on bond purchases following unsuccessful engagement efforts. The recommended ban applies only to debt instruments — it explicitly excludes equity investments, for which members are instructed to continue exercising their voting rights.

Swiss Funds With $270 Billion Plan to Blacklist Big Oil’s Bonds

Jun 3, 2026

Swiss institutional investors managing over $270 billion plan to blacklist bonds from major oil producers like Chevron and Exxon Mobil due to insufficient carbon reduction progress. This decision impacts global energy financing amidst conflicting US policy support for increased fossil fuel output.

bloomberg

2026-06-03

Swiss Funds With $270 Billion Plan to Blacklist Big Oil’s Bonds

Swiss Funds With $270 Billion Plan to Blacklist Big Oil’s Bonds

FAQ