World’s largest investment fund set to divest from coal

The Finance Committee of the Norwegian Parliament has issued a unanimous recommendation to divest the country’s sovereign wealth fund from the coal industry.

The recommendation adopted by the Finance Committee of the Norwegian Parliament on 27 May asks the government to exclude companies deriving more than 30% of their revenues or their power production from coal. It is expected to be formally adopted by the Parliament on June 5.

NGOs expect that the Pension Fund’s investments in companies like Germany’s RWE, China’s Shenhua, Duke Energy from the Unites States, Australia’s AGL Energy, Reliance Power from India, Japan’s Electric Power Development Corporation, Semirara Mining from the Philippines and Poland’s PGE will all be shed.

EnergyPost

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