Norway oil fund plans to withdraw from coal-burning utilities

David Crouch, Pilita Clark, Financial Times, 27th May 2015

Norwegian politicians agreed that the fund should withdraw investments from companies whose business relies more than 30% on coal©Bloomberg

Norwegian politicians agreed that the fund should withdraw investments from companies whose business relies more than 30% on coal

Norway’s $916bn oil fund will consider pulling billions of dollars of investments out of coal in a move that threatens European utilities using the fossil fuel to generate power.

Members of the finance committee of Norway’s parliament confirmed on Wednesday night that opposition and governing parties had reached agreement that the fund should withdraw investments from companies whose business relies more than 30 per cent on coal, measured either by revenue from fossil fuel or by the percentage of power they generate from it.