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World Largest Wealth Fund Drops 52 Companies Linked to Coal

Energy
World Largest Wealth Fund Drops 52 Companies Linked to Coal

Norway’s sovereign wealth fund sold shares worth $2.3 billion in 52 coal-dependent companies, the country’s central bank announced Thursday.

Greenpeace estimates that this was the single biggest divestment from coal yet and media called the move “a sign of the growing influence investors wield in the fight against climate change.” Photo credit: Overpass Light Brigade

Greenpeace estimates that this was the single biggest divestment from coal yet and media called the move “a sign of the growing influence investors wield in the fight against climate change.”

The fund, worth $836 billion and currently the largest in the world, pledged in June to divest from companies that make 30 percent or more of their revenue from coal. This is the first of multiple divestment actions that the government has planned for this year. 

For a deeper dive: Reuters, Bloomberg, Financial TimesAFP

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