Storebrand, a major Norwegian pension fund and life insurance firm, has announced it has divested from 19 fossil fuel companies.
Announcing the move, the group’s head of sustainable investment, Christine Tørklep Meisingset, said it had gone down the divestment route to “reduce fossil fuel and CO2 [carbon dioxide] exposure and ensure long-term stable returns” for its members—as these stocks, it says, will be “worthless financially” in the future.
"[As] the stated climate goals become reality, these resources are worthless financially, but it is also true that they do not contribute to sustainable development in the extent and the pace we want. Exposure to fossil fuels is one of the industry’s main challenges, and for us it is essential to work purposefully to take our share of responsibility."
Its decision to divest comes after the publication of Carbon Tracker’s latest Unburnable Carbon report, which said some 60-80 percent of fossil fuel reserves need to be left in the ground if the worst effects of climate change are to be avoided.
The divestment and clean investment movement appears to be gaining momentum.
In both cases, it claimed the financial and environmental risks were too great for it to lend money.
While in the U.S., where the movement has been strongest, the United Church of Christ is the latest notable organization to follow the trend and approve a fossil fuel divestment strategy, becoming the first national and religious body in the U.S. to do so.
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DO YOU THINK IT IS TIME TO COMPLETELY DIVEST FROM FOSSIL FUELS?
By Tyler Whidden
[Editor's note: Once again, EcoWatch is thrilled to be a media sponsor of the world-renowned Cleveland International Film Festival (CIFF). As always, we are promoting the films in CIFF's It's Easy Being Green sidebar sponsored by Great Lakes Brewing Company. We will showcase all 10 eco-films this week and continue to promote them during the festival, April 3 - 14. Each film does an incredible job illustrating our most daunting environmental issues and providing solutions to ensure the well-being of future generations. I encourage you to see these films at CIFF, or at your local film festival or theatre. Documentaries are a great way to educate and motivate people to action.]
Beginning with a lonely woman who has given birth to a dozen children and is working in one of the largest open-pit mines in Brazil, CANNED DREAMS takes an eight-country journey across 30,000 km dissecting the processes of ingredients needed for a can of ravioli that ultimately ends up on the shelf of a Finnish grocery store. The real story isn’t how the pork or beef or tomatoes make it into the tin can being mined by a Brazilian mother, but of the people involved with the production and how, while separated by national borders, they all seem connected in their lives. The Danish pig farmer loves his charges but longs for a wife and children; the Portuguese tomato picker works only to provide a future for her daughter; the Polish beef farmer rues his ex-wife, but adores his kids. This could be a story of how any supermarket-packaged meal is made, but instead it’s a study—not just of how certain items are produced, but also of the very humanity that sacrifices to provide.
This film is showing at the CIFF at Tower City Cinemas, 230 W Huron Rd., Cleveland, Ohio 44113 on:
Friday, April 5 at 9:50 p.m.
Monday, April 8 at 2:15 p.m.
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