Danish pension fund AkademikerPension announced plans to get rid of bonds of oil and gas companies from its portfolio for more than $300 million by the end of 2022, Bloomberg writes. The fund said that the issuers whose securities will be sold include U.S. oil company Occidental Petroleum, Russia’s Gazprom, Mexican state oil and gas company Petroleos Mexicanos and others.

Pension fund AkademikerPension manages assets worth $23 billion. The sale of bonds will contribute to a significant reduction in the “carbon footprint” in the portfolio, the fund said. According to Reuters, AkademikerPension’s largest investments include $76 million in Petroleos Mexicanos bonds and $28 million in debt securities of Ecopetrol, one of Colombia’s largest oil companies.

In 2018, the Danish pension fund decided to change the structure of its investment portfolio and limit investments in companies producing oil, coal and gas. In 2019, AkademikerPension sold about $130 million worth of oil and gas shares from its portfolio, including stakes in LUKOIL, Rosneft, ExxonMobil, BP and others.