The Norwegian Sovereign Wealth Fund has sold $3 billion worth of energy stocks and other companies it finds are seriously harming the environment. Most of the stocks it sold in the energy sector are for Canadian companies involved in producing and distributing oil derived from the Alberta tar sands.
Norges Bank Investment Management, which manages Norway’s sovereign wealth fund, has made a powerful stance in favor of climate action.
Norges Bank, in administering Norway’s $900 billion Government Pension Fund, has decided to exclude Duke Energy and its subsidiaries based on the risk of severe environmental damage. Earlier this year, Norges Bank announced that it would be excluding 52 companies from Norway’s sovereign wealth fund, the Government Pension Fund Global … [continued]
Norway’s sovereign wealth fund, the world’s largest, has announced it is excluding 52 companies based on its new product-based coal criterion guidelines. Early in 2015, Norway’s sovereign wealth fund, the Government Pension Fund Global (GPFG), managed by Norges Bank, announced that it had divested from 51 coal companies in 2014. … [continued]
Norway’s Government Pension Fund Global revealed those companies it divested from in 2014, judging “there to be high levels of uncertainty about the sustainability” of these companies’ business models. Yngve Slyngstad, CEO of Norges Bank Investment Management, the Norwegian bank which manages the country’s Government Pension Fund Global, commented on … [continued]
