Swiss Funds With $270 Billion Plan to Blacklist Big Oil’s Bonds
(Bloomberg) — Swiss institutional investors managing more than $270 billion in combined assets plan to stop buying debt issued by some of the world’s biggest oil and gas producers.
The decision, shared with Bloomberg by representatives of the investment firms, follows a recommendation from the Swiss Association for Responsible Investments, SVVK-ASIR. The association, which represents pension funds and insurers, has asked members to blacklist debt issued by Chevron Corp., Exxon Mobil Corp., Marathon Petroleum Corp., PBF Energy Inc., Phillips 66, Valero Energy Corp. and Saudi Arabian Oil Co., once existing holdings mature.
The development comes as many of the world’s biggest oil companies maintain or increase production. In the US, the Trump administration is encouraging producers to boost output, while dismissing net zero goals as “woke” and harmful to economic growth. Saudi Aramco, meanwhile, is the world’s largest corporate emitter of carbon dioxide.
Investment firms agreeing to follow the association’s guidance include the Swiss Federal Pension Fund, Publica. A spokesperson for the fund, which manages 44.9 billion Swiss francs ($56.8 billion), said it’s ready to exclude the companies’ debt after efforts to engage failed to “yield the desired results.”
Publica held bonds worth 10 million francs from Exxon Mobil, Valero Energy, Chevron, Marathon Petroleum and Phillips 66 at the end of last year, according to the spokesperson.
Spokespeople for Aargauische Pensionskasse, ASGA Pensionskasse, Mobiliar, Pensionskasse Post, Pensionskasse SBB and Suva told Bloomberg separately that they’re also intending to follow the association’s recommendation.
BVK, Switzerland’s largest pension fund with 45.8 billion francs in assets, said it has always followed the association’s guidelines, while declining to comment on individual companies.
Some members contacted by Bloomberg said they were still weighing the guidance. The investor association represents a total of 360 billion francs in combined member assets.
Last week, the association called for an outright exclusion policy after the oil companies failed to make any “substantial progress” in reducing their carbon footprints, while their willingness to “engage in dialogue has remained limited.”
The recommended ban doesn’t include equity investments, for which SVVK-ASIR said members should continue to exercise their voting rights.
A spokesperson for Phillips 66 declined to comment. Spokespeople for Chevron, Exxon, Marathon, PBF and Valero didn’t immediately respond to a request for comment. A representative for Saudi Aramco said the company was looking into the matter.
While Switzerland isn’t part of the European Union, the decision by its institutional investors to boycott the bonds of oil producers comes as the bloc seeks to build such exclusions into its sustainable-investing rulebook. Members are currently debating how far to take such a ban, with France among countries opposed to an all-out exclusion requirement.
The European Commission has said that funds marketed as supporting the clean-energy transition shouldn’t be allowed to hold fossil-fuel companies that are still expanding their production.
The EU Parliament has yet to vote on the commission’s proposal.
–With assistance from Frances Schwartzkopff, Kevin Crowley, Nathan Risser and Anthony Di Paola.
©2026 Bloomberg L.P.
