Norway’s sovereign wealth fund ditches investments in firms producing more than 20m tons of coal per year
Norway’s sovereign wealth fund has taken a further step to ditch its investments in fossil fuels
The world’s largest sovereign wealth fund has taken a further step to ditch its investments in fossil fuels.
Norway’s parliament voted yesterday to stop the country’s giant fund investing in companies which produce more than 20 million tons of coal per year, or generate more than 10,000 megawatts of electricity from coal.
This could mean pulling an estimated £10 billion-plus from oil, gas and coal extracting companies, including London-listed giants such as Anglo-American and Glencore.
The Government Pension Fund Global manages $1trillion (£788 billion) of Norwegian oil money. Norway’s parliament has also voted for it to invest up to £16 billion in renewable energy companies.