Norway's Oil Wealth Fund Drops Coal From Investment Portfolio
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."
"The deal calls for the fund to exit companies with more than 30% of their revenues from coal and utilities with a higher share of coal power than 30% by January 1, 2016."
Norway's Sovereign Wealth Fund was created in the 1990 as a pension fund for Norway's royalty revenues from its domestic oil business. It is considered the largest pension fund in the world and currently owns 1.3% of the entire world's equity.
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