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Clean Money Forum’s Ranking of Institutional Investors in Israel

We are not investment advisers - this should not be seen as investment advice

​This report investigates the exposure of institutional investors in Israel to the local and global fossil free industry.

Although the raw data is publicly available, this is the first time it is used to analyze fossil exposure and compare the different providers by their exposure to the fossil industry.

In addition to holdings analysis, investment policies are also taken into consideration, since this information will be used by the public for long term investment decisions, e.g. whom they should entrust with their pension funds.


Q3 2023 results

  • Total fossil exposure: 60.4 billion ILS

  • Lowest fossil exposure: 9.01%, Altsuler Shaham

  • Highest fossil exposure: 16.06%, More

מדרג באנגלית q32023


  1. Each quarter, the institutional investors’ tradable shares and bonds are classified as fossil / not fossil.

  2. The classification of securities traded in TASE is based on the Israeli fossil list, maintained by the Clean Money Forum, which is also used to define the TA-125 Fossil Free Index.
    Securities traded in other stock exchanges are classified using a worldwide list maintained by As You Sow, which is based on data from Morningstar.

  3. The data is aggregated to calculate institutional investor level numbers, e.g. fossil exposure % (:= sum of fossil holdings as % of total analyzed holdings)

  4. Fossil exposure % is normalized by the following formula:
    Normalized fossil exposure score = 80 - (5 * fossil exposure %)

    • No fossil holdings → 80 points

    • 16% fossil exposure or higher → 0 points

    • every additional 1% of fossil exposure = -5 points

  5. Investment policy scoring
    Institutions that pledged to divest their current fossil holdings and/or to refrain from any future fossil investments get extra 0-20 points, according to the following criteria:

    • No financing of new fossil projects:
      +10 points: +5 points for no fossil energy projects, +5 points for no other fossil infrastructure.

    • Full divestment within a well defined timeframe:
      +5 points for full divestment by 2025, -1 for every 2 years later than that.

    • Clearly defined milestones, e.g. 50% by year x, or n% a year: +2 points.

    • Fossil free policy for the entire institution: +3 points.

  6. The final score for each institution is calculated as the sum of its holdings score and its policy score.


Why do we need this ranking?

The CMF (Clean Money Forum) ranking has 2 main goals:

  1. Transparency

  2. Making our pension and insurance funds money 100% fossil free, as soon as possible


How does the ranking help accomplish these goals?

  • Any Israeli can finally find out how deep is his money in fossil fuels, and see which alternative options are available. The public now knows who’s who, when it comes to fossil investments.

  • Institutional investors care a lot about their public image. We are trying to expedite the transition to a fossil free pension market by creating a transparent and healthy competition. Low ranked institutions will act to quickly change their position, pushing the whole bunch closer to zero fossil exposure.

  • Our fossil classification makes it crystal clear for everyone, citizens and institutions alike, what we mean when we say “fossil holdings” or “fossil exposure”. Each institution receives its own fossil exposure report, including specific holdings.

  • An updated ranking is published every quarter, exposing trends and enabling ongoing monitoring of pledges and their timely fulfillment.

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