• Toyota continues lobbying against climate-related regulations and policies in all major markets.
• Storebrand will consider reinvesting if the automaker fulfils certain prerequisites.
• The decision follows over four years of engagement with Toyota to reform its policies, where no meaningful agreement could be achieved.

The leading asset manager in the Nordic region, Storebrand Asset Management, has divested from Toyota Motor Corporation, citing the latter’s continuous lobbying against climate-related policies.

In a decisive move and much to the chagrin of the global automaker, Storebrand sold all of its Toyota shares, which were valued at NOK 850 million as of May 31, 2025. The decision comes on the heels of over four years of engagement with Toyota to reform its climate lobbying practices, all of which, disappointingly, was in vain.

Kamil Zabielski, Head of Sustainable Investment, Storebrand Asset Management, said: "This case illustrates the scale of the challenge in climate lobbying. It is a problem that is often underestimated by investors. How will governments and investors achieve the climate commitments that we have made, when companies are undermining this direction behind closed doors?”

At Storebrand, there is a strong commitment to achieving climate goals, and investments are directed towards reaching net-zero greenhouse gas emissions by 2050. To fulfil these goals, the company expects businesses it invests in to support climate-related regulations, including reducing emissions from petrol and diesel vehicles and promoting the adoption of electric vehicles (EVs).

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However, tellingly, the world's largest automaker is opposing such regulations globally, particularly those concerning the phase-out of internal combustion engine vehicles and the promotion of EV adoption.

Storebrand believes there should be cohesion among organisations, investors, and governments to meet climate goals such as those in the Paris Agreement. When businesses like Toyota lobby against climate policies, they put investors at greater risk, as well as delaying progress towards desired goals.

According to the asset manager, Toyota used third-party clout to block or delay climate rules and make the transition to a low-carbon economy much harder to achieve. Although the automaker provided some transparency improvements, it continues to be involved in activities opposing climate policies in markets such as the US, Europe, and Australia.

“Transparency on lobbying by companies and by the third-party associations funded by companies, is therefore important information for investors such as us. Climate lobbying disclosures indicate whether the company’s business plans and commitments are in fact in line with its stated transition plan, and can expose potential reputational and legal risks," noted Zabielski.

In the hope of seeing a change, Storebrand even filed a climate-related shareholder resolution at Toyota’s 2023 Annual General Meeting (AGM). This was the first such resolution in Toyota's history, but unfortunately, the resolution was unsuccessful because of Toyota's voting structure and company procedures.

Following this incident, as well as witnessing a continuous resistance with no meaningful progress, Storebrand eventually decided to exclude Toyota from its investments in Q2 2025 as a final recourse.

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Storebrand has officially communicated its final decision to Toyota, outlining what Toyota needs to do if it wants Storebrand to consider investing again. Among the requirements Toyota should meet are publishing an independent report on its lobbying for the Paris Agreement goals, communicating its activities in all major markets, and ensuring its climate engagement is pursuant to science-based policies.

Until these expectations are met, Toyota will be excluded from Storebrand's investment portfolio.

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Source: Storebrand