Norway’s Government Pension Fund Divests!
It’s the biggest divestment in coal history! The Norwegian Parliament unanimously voted in June to remove coal from the country’s $890 billion government pension fund. Considered the largest sovereign wealth fund in the world, the decision means that power and mining companies whose activities or revenue is at least 30% coal related will be removed from the portfolio.
“Norway’s decision to take a stand against coal is an example for other governments – and for investors – about shifting from polluting energy sources towards clean, renewable power,” said Greenpeace International Executive Director Kumi Naidoo.
(photo courtesy of gofossilfree.org)
According to calculations made by Urgewald, Greenpeace and Future in Our Hands, the new criteria will most likely force the fund to divest from 122 companies totalling USD $8.7 billion. The divestment is set to occur in January 2016.
For more information about the decision check out the reports, briefing papers and news articles below.
Reports and Briefing papers
The Case for Divesting the Norwegian Government Pension Fund Global, Tom Sanzillo, IEEFA,
Norway Divests (briefing paper) Heffa Schucking, Urgewald,
Dirty and Dangerous: The Norwegian Government Pension Fund’s investments in coal. Urgewald, Greenpeace and Framtiden,
Norway’s “No to Coal” Marks Major Victory for Climate Movement, Divests from Major US Utilities, Greenpeace Media Release
Norway’s pension fund to divest 8 billion from coal a new analysis shows , Damian Carrington, The Guardian
Norway oil fund plans to withdraw from coal burning utilities David Crouch, Pilita Clark, Financial Times
Norway will divest from coal in push against climate change John Schwatz, New York Times