Norway’s $900 billion sovereign wealth fund to divest from coal companies

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After a unanimous vote by its parliament, Norway’s massive $ 900 billion Government Pension Fund (GPFG) is set to divest from companies involved in coal mining and coal-fired power plants. The divestment move would affect companies that derive more than 30% of their revenues from coal-related activities, and one analysis from three international environmental groups found that this would amount to a total of about $ 8.7 billion

The move is the largest divestment from fossil fuels on record, and is being celebrated by environmental groups that have been stepping up a global campaign toward fossil fuel divestment, from college campuses to religious institutions and now investment funds. The divestment would likely affect about 50 companies and subsidiaries based in the United States. Read more…

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