Norway's finance committee has passed a motion instructing the country's $900 billion Sovereign Wealth Fund to divest of any company with large holdings of coal as their revenues.
A statement by the finance committee resolves that: "Investing in coal companies poses both a climate risk and a future economic risk."
If there's any political leaders out there still clinging to the line that they won't move on climate change until China moves, they need to read this article:
Peabody Energy (NYSE: BTU) is trading today as low as $3.71 per share, after holding just below the $5 mark for the last month.
Peabody's cost per share has dropped from $4.40 to $3.71 in less than 5 days.
In a town like Washington, DC, sometimes it pays to play both sides of the political fence, a strategy clearly not taken by Peabody Energy's (NYSE: BTU) political action committee (PAC).
St. Louis-based coal company Peabody Energy (NYSE: BTU) has seen its stock price plummet since 2011, but that has not stopped the company from spending big dollars on lobbyists to work over politicians and government officials in Washington, DC.
More than 200,000 people have voiced their opposition to a loophole that allows US coal companies to avoid paying millions in royalties every year to federal and state governments.