Asset manager APG, the Netherlands biggest pension fund manager, will not invest in wind farms, the Volkskrant says on Friday.
APG, which runs the giant ABP civil service pension fund and the construction sector fund bfpBouw, says wind turbine technology is too new and government subsidies too uncertain to achieve the necessary return on any investment, the Volkskrant says.
The decision is a blow to the government’s energy agreement, which depends on the willingness of companies, banks and pension funds to invest in sustainable energy.
In order to fulfill international climate agreements, the government needs investment of €11bn in 1,000 offshore wind turbines.
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