Norway Will Divest From Coal

Posted by Mike Confino, June 7, 2015

kullbit_640x470-638x468

The Norwegian Parliament voted Friday to remove coal investments from the country’s $890 billion government pension fund, which is considered the largest sovereign wealth fund in the world.

Under the new policy, power and mining companies whose activities or revenue are at least 30 percent coal-related will be removed from the portfolio.

Norges Bank Investment Management, which manages the huge Norwegian fund, said its goal was “safeguarding and building financial wealth for future generations in Norway,” according to the New York Times. The reasons for divesting include “long-established climate-change risk-management expectations,” spokeswoman Marthe Skaar told the paper.

 

Read more: http://thinkprogress.org/climate/2015/06/05/3666697/norway-divests-from-coal/