After a 2023 review that singled out companies for their poor animal husbandry, Nordea, Swedbank, Handelsbanken and Länsförsäkringar reduced their investments by an average of 89 percent.
"We see that the banks listen when customers complain. They are consumer companies, after all," says Jakob König of Fair Finance Guide, which produced the report together with World Animal Protection Sweden.
Countries with weak animal protection
No Swedish banks or funds are investing in JBS, a Brazilian meat company linked to cruel animal husbandry and rainforest destruction, anymore. Several have also improved their animal welfare policies.
But both banks and AP funds are still investing close to a billion in the three largest companies in pig and chicken production. The companies are located in countries where animal welfare is weak and have repeatedly been criticized for painful treatment such as tail docking without anesthesia.
Promises of extra sustainability
The AP funds have increased their investments, as have SEB and Danske Bank. More than 70 percent of the investments are in funds that promise extra sustainability, which is quite common, according to Jakob König.
This is largely due to the weak regulatory framework. There are no clear rules and there is no control from the authorities.
It's all too easy to market a product as green without it actually being so. It makes people think they've got a green solution when they haven't, and then they don't ask for something greener.
