ATP cuts back on green investments after setbacks

Danish pension giant ATP will scale back on future green investments after encountering issues with Northvolt and Green Hydrogen Systems. ATP’s CEO, Martin Præstegaard, stated in an interview with Finans that experiences with these companies have led to a more cautious approach. ATP invested 2.3 billion Danish kroner in Northvolt, which recently paid a tax bill of 188 million kroner to avoid bankruptcy. Northvolt is also discussing a capital injection of around 1.5 billion kroner with investors and lenders, according to Reuters. Green Hydrogen Systems, another green tech firm backed by ATP, is downsizing to reduce costs after its market value dropped by about 60 percent since the start of the year. Præstegaard commented that many green investments are not considered due to unattractive returns and those that are considered undergo rigorous risk assessments.