Thu, Sep 3, 2015
A A A
Welcome asarmad
RSS

Sovereign Wealth Funds Briefing - Category | Ethical/Green Investments more

Future Fund: Peter Costello pins hopes on fossil fuels

Posted on 03 September 2015 by VRS  |  Email |Print

The Future Fund has snubbed the environment movement and fossil-fuel divestment activists, vowing it will continue to invest in the non-renewable energy sector and the banks that support it until the federal parliament directs the $117 billion fund to sell out. Announcing a 15.4 per cent ­investment return for 2015, chairman Peter Costello said that as long as a case existed to invest in companies such as BHP Billiton and Rio Tinto, as well as the banks that lend to them, the fund would ­continue to do so.
“If you want to invest in Australian equities, you have to be in the banks and the mining companies because there’s not much left to invest in Australia,” the former federal treasurer and creator of the fund said. “We will not be reducing our holdings in banks because they lend to fossil-fuel companies — as far we are concerned, mining fossil fuels is quite legal in Australia and it generates enormous export income………………………………………..Full Article: Source

Peter Costello says Future Fund won’t join fossil fuel divestment

Posted on 02 September 2015 by VRS  |  Email |Print

Future Fund chairman Peter Costello strongly backed fossil fuel miners and said the $117 billion sovereign wealth fund will not join the global fossil fuel divestment push. Announcing a 15.4 per cent return on the fund’s $100 billion-plus portfolio, Mr Costello said the fund would continue to be a big holder in mining giants BHP Billiton and Rio Tinto and the banks that fund them.
“Unless parliament passes a law so that we are in breach of statute, we’ll continue to invest in companies where there is an investment case, whether they are banks or fossil fuel companies or banks lending to fossil fuel companies,” Mr Costello said………………………………………..Full Article: Source

Nordea Asset Management Hunts Global Sustainability in New Fund

Posted on 28 August 2015 by VRS  |  Email |Print

Nordea Asset Management, which oversees about $320 billion, is creating a new fund to target ethical assets globally as appetite for sustainable investments rises. Nordea Asset Management, one of the biggest investors in the Nordic region, is by no means alone in carving out ethical return goals.
Norway’s $840 billion sovereign wealth fund, the world’s largest, has long shunned firms identified by an ethics council as employing dubious practices. This month, the wealth fund targeted palm oil producers, and excluded Daewoo International Corp. and Posco from its investments………………………………………..Full Article: Source

Where to put money divested from fossil fuels

Posted on 27 August 2015 by VRS  |  Email |Print

Three months ago, the Norwegian government committed to divesting 100 percent of its coal holdings from its sovereign wealth fund — the largest in the world with $900 billion in assets.
In total, hundreds of billions of dollars have been pledged for divestment, including from individuals, universities, sovereign wealth funds, faith-based groups and pension funds — forming an accelerating movement that spans sectors………………………………………..Full Article: Source

Decarbonize Norway’s sovereign wealth fund in this year’s Business for a Better World MBA case competition

Posted on 26 August 2015 by VRS  |  Email |Print

Team registration is now open for the third-annual CK-Schulich Business for a Better World case competition, a partnership between Corporate Knights magazine and York University’s Schulich School of Business. Student teams will be asked this year to decarbonize the holdings of the Norway Government Pension Fund Global, the largest sovereign fund in the world with a value of $940 billion (USD).
Managed by Norges Bank Investment Management, the fund is commonly referred to as The Oil Fund because it has been built from the surpluses of Norway’s petroleum income. Teams will have four key objectives:……………………………………….Full Article: Source

Norwegian Fund Divestment Over Environmental Concerns

Posted on 24 August 2015 by VRS  |  Email |Print

Norway’s sovereign wealth fund is removing four Asian companies from its investment portfolio for ethical reasons. The fund, officially known as the Government Pension Fund, is financed by profits, taxes and fees from Norway’s offshore oil and gas sector.
It said it was divesting from South Korean steelmaker Posco, its subsidiary Daewoo International Corp, and two Malaysian companies, Genting Berhad and IJM Corporation Berhad, citing the damage they are causing by turning rain forests in Indonesia and Malaysia into palm oil plantations………………………………………..Full Article: Source

Asia fails to follow Norge’s ethical investing lead

Posted on 21 August 2015 by VRS  |  Email |Print

A move by the world’s largest institutional investor to exclude four Asian firms from its allocations has highlighted the lack of regional progress in implementing ethical investments. While Europe has taken the lead in rolling out environmental, social and governance (ESG) policies, Asian investors continue to lag behind.
Norges Bank Investment Management, Norway’s sovereign wealth fund, announced on Monday (August 17) that it had removed Malaysia’s IJM Corp and Genting as well as Korea’s Posco and Daewoo International Corp from its investment universe because of their links to the destruction of Indonesian rainforests……………………………………….Full Article: Source

Norwegian fund divestment over environmental concerns

Posted on 21 August 2015 by VRS  |  Email |Print

Norway’s sovereign wealth fund is removing four Asian companies from its investment portfolio for ethical reasons. The fund, officially known as the Government Pension Fund, is financed by profits, taxes and fees from Norway’s offshore oil and gas sector.
It said it was divesting from South Korean steelmaker Posco, its subsidiary Daewoo International Corp, and two Malaysian companies, Genting Berhad and IJM Corporation Berhad, citing the damage they are causing by turning rain forests in Indonesia and Malaysia into palm oil plantations………………………………………..Full Article: Source

Norwegian fund giant puts premium on ethical investing

Posted on 19 August 2015 by VRS  |  Email |Print

Norway’s $1.15 trillion Cdn sovereign-wealth oil fund announced this week that it will sell its stakes in four Asian companies over environmental concerns, underlying yet again how willing it is to take an activist approach to companies that fail to meet its ethical standards.
The mammoth fund, which is financed by profits, taxes and fees from Norway’s offshore oil and gas sector, said it would divest from South Korean steelmaker Posco, its subsidiary Daewoo International Corp., and two Malaysian companies, Genting Berhad and IJM Corporation Berhad………………………………………..Full Article: Source

Norway fund drops 4 Asian firms

Posted on 19 August 2015 by VRS  |  Email |Print

Norway’s gigantic sovereign wealth fund has announced that it is divesting from four large Asian companies over the environmental damage their palm oil activities have on tropical forests. The world’s largest public investment fund, managing 7.15 trillion kroner (S$1.23 trillion), said its decision to exclude four groups - including South Korean group Daewoo International - from its portfolio was based on “an assessment of the risk of severe environmental damage” from their conversion of tropical forests to cultivate palm oil.
Daewoo, South Korean steelmaker Posco and Malaysian groups Genting and IJM were targeted in Monday’s divestment decision by Norway’s central bank, which manages the wealth fund that owns around 1.3 per cent of all stocks on global equity markets, with stakes in about 9,000 companies………………………………………..Full Article: Source

Norway oil fund sells Asian shares for palm oil

Posted on 19 August 2015 by VRS  |  Email |Print

Norway’s gigantic sovereign wealth fund announced on Monday that it was divesting from four large Asian companies over the environmental damage their palm oil activities have on tropical forests.
The world’s largest public investment fund, managing 7.15 trillion kroner (785 billion euros, $872 billion), said its decision to exclude four groups — including South Korean group Daewoo International — from its portfolio was based on “an assessment of the risk of severe environmental damage” from their conversion of tropical forests to cultivate palm oil………………………………………..Full Article: Source

Norway’s wealth fund expels POSCO, Daewoo Int’l over palm oil holdings

Posted on 19 August 2015 by VRS  |  Email |Print

Norway’s central bank is divesting the country’s $870 billion pension fund of its holdings in four Asian multinationals over rainforest destruction for palm oil in Southeast Asia, the bank announced. Two of the companies, steelmaker POSCO and its subsidiary Daewoo International Corp., are headquartered in South Korea. The others, Genting Bhd. and IJM Corp. Bhd., are Malaysian conglomerates.
POSCO and Daewoo International were excluded for the activities of a subsidiary in Merauke, a district of Indonesia’s Papua province, where the central government intends to revive a controversial megaproject, the Merauke Integrated Food and Energy Estate (MIFEE)………………………………………..Full Article: Source

Norway fund axes 4 Korean, Malaysian firms on environmental grounds

Posted on 18 August 2015 by VRS  |  Email |Print

The Norwegian sovereign wealth fund has excluded two South Korean and two Malaysian companies from its investments due to risks of “severe environmental damage”, it said on Monday. Construction firm IJM Corp Bhd and conglomerate Genting Bhd, both of Malaysia, and steelmaker POSCO and conglomerate Daewoo International Corp of South Korea, were removed from the fund.
The world’s top sovereign wealth fund, with assets of $871 billion, has a range of ethics criteria for excluding firms from its portfolio, including environmental factors, nuclear weapons making and labour conditions………………………………………..Full Article: Source

Norway’s Wealth Fund Excludes Posco, Daewoo International

Posted on 18 August 2015 by VRS  |  Email |Print

Norway’s $875 billion sovereign wealth excluded Daewoo International Corp. and Posco from its investments because of their involvement in palm oil production. “There’s an unacceptable risk that Daewoo, and thus also its parent company POSCO, may be responsible for severe environmental damage in connection with the conversion of tropical forest into oil palm plantations in Indonesia,” Norway’s Ethics Council, which advises the investor, said Monday in a report published on its website.
The Oslo-based fund also will not invest in IJM Corp. Bhd and Genting Bhd, due to “risk of severe environmental damage,” it said in a statement. The two Malaysian companies also have palm oil operations………………………………………..Full Article: Source

Norway Oil Fund Excludes Companies on Environment Risks

Posted on 18 August 2015 by VRS  |  Email |Print

Norway’s sovereign-wealth fund, the world’s biggest, said Monday that it would exclude four companies from its investment portfolio on concerns that the companies could create severe environmental damage as they convert tropical forest into palm-oil plantations. The exclusions include South Korea’s Posco and Daewoo International Corp. as well as Malaysia’s IJM Corp. Bhd and Genting Bhd, the fund said.
The Norwegian central bank manages the $880 billion fund on behalf of the government. This is the first time the bank’s executive board has made a decision to exclude companies from investment after it took over responsibility for the fund’s ethically based exclusions on Jan. 1. The decisions were previously made by the country’s Ministry of Finance………………………………………..Full Article: Source

Norway fund excludes four Asian groups over palm oil links

Posted on 18 August 2015 by VRS  |  Email |Print

Norway’s $870bn oil fund excluded four of Asia’s biggest companies because of concerns over severe environmental damage at Indonesian palm oil plantations. In the first use of a new procedure, Norway’s central bank decided the world’s largest sovereign wealth fund should not be able to invest in Daewoo International and Posco of South Korea, and Genting and IJM of Malaysia.
The four Asian companies join more than 50 companies that are excluded by the oil fund, including Boeing, British American Tobacco, Rio Tinto and Walmart. Decisions from the oil fund, which owns on average about 1.3 per cent of every stock in the world, are closely followed by other investors on ethical matters………………………………………..Full Article: Source

Norway’s giant wealth fund decides that palm oil is terrible

Posted on 18 August 2015 by VRS  |  Email |Print

Norway’s $871 billion sovereign wealth fund said it would remove four Asian companies from its investment portfolio, citing the environmental damage they are causing by turning rain forests in Indonesia and Malaysia into palm oil plantations.
Palm oil, a widely-used processed food ingredient, has been widely criticized for harming the environment due to deforestation and the related production of massive quantities of methane, a greenhouse gas that is 34 times more potent than carbon dioxide. Critics also allege multiple labor rights abuses in the industry, including employing child workers………………………………………..Full Article: Source

Fund excludes IJM and Genting from investments

Posted on 18 August 2015 by VRS  |  Email |Print

Norway’s US$871bil sovereign wealth fund Norges Bank has excluded IJM Corp Bhd and Genting Bhd from its investments due to risks of “severe environmental damage”. Two other companies that the fund said it would not invest in are South Korean steelmaker POSCO and Daewoo International Corp, a trading company and listed subsidiary of POSCO.
“Norges Bank has decided to exclude the companies IJM Corp, Genting, POSCO and Daewoo International Corp from the investment universe of the Government Pension Fund Global. “The companies are excluded based on an assessment of the risk of severe environmental damage,” it said in a statement. Both IJM Corp and Genting have interests in palm oil operations………………………………………..Full Article: Source

State’s wealth fund holds EUR70m shares in polluting firms

Posted on 14 August 2015 by VRS  |  Email |Print

The State’s main sovereign wealth fund holds more than €70 million worth of investments in some of the most polluting industries on the planet. An analysis by two leading environmental researchers reveals Ireland’s Strategic Investment Fund (ISIF) maintains a portfolio of shares in oil, coal and fracking companies, the bulk of them in North America.
The most high-profile is TransCanada, the company behind the controversial Keystone XL project, which aims to bring oil extracted from Canada’s vast reserves of tar sands to US refineries on the Gulf coast. US president Barack Obama recently invoked his presidential veto to block the project on environmental grounds but Republicans have vowed to continue campaigning for it………………………………………..Full Article: Source

‘Responsible investing’ benefits from weaker resources market

Posted on 11 August 2015 by VRS  |  Email |Print

In June, Norway’s $US890 billion government pension fund, considered the largest sovereign wealth fund in the world, said it would sell many of its investments related to coal. he decisions by large superannuation and global pension funds to divest and screen companies based on environmental, social and governance (ESG) factors is being driven by the increasing pool of money managed by managers in the core responsible investments category, Mr O’Connor said.
“Super funds are looking down at the asset managers and saying, ‘Why aren’t we doing this’? And then they have been doing it themselves by divesting.” he largest managers of core responsible investing include AMP Capital, Investa Property Group, New Forests, Perpetual Investments and BT Investment Management………………………………………..Full Article: Source

Saudi Arabia Investing Billions into Russia Agriculture

Posted on 22 July 2015 by VRS  |  Email |Print

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, has signed an agreement to invest up to $10 billion in Russia according to the Russian Direct Investment Fund. The majority of the investment will be committed to agricultural projects with the remaining balance spent on medicine, logistics, real estate, and the retail sector, reports Global Ag Investing.
Russia will in turn be investing in Saudi Arabia. “The key investments will take place on Russian territory,” said RDIF chief, Kirill Dmitriev, “but we will also invest in Saudi Arabia, which we consider a very promising market.” The RDIF has signed an additional agreement with a second Saudi Arabian sovereign wealth fund, the Saudi Arabian General Investment Authority, through which both countries will pursue mutual investment opportunities in Saudi Arabia and across other countries in the Middle East………………………………………..Full Article: Source

Call for Norway’s oil fund to pull its weight

Posted on 06 July 2015 by VRS  |  Email |Print

Norway’s oil fund came under attack from several of Sweden’s largest investors over concerns that the world’s biggest sovereign wealth fund is not applying rigorous oversight to the companies it invests in.
The criticism levelled at Norges Bank Investment Management (NBIM), which manages the oil fund’s $912 billion (Dh3.34 trillion) of assets, comes in response to its perceived indifference to one of the biggest financial scandals in Sweden in recent history. The scandal, which has tarnished Sweden’s image as a haven for ethical business practices, revealed corruption around expense claims and the misuse of corporate jets at SCA, the paper company………………………………………..Full Article: Source

How Capitalists Can Do Well While Doing Good

Posted on 26 June 2015 by VRS  |  Email |Print

Sovereign-wealth funds in Norway and New Zealand, as well as pension funds like the California Public Employees’ Retirement System and Denmark’s ATP, integrate ESG into their investment decisions.
But on the whole, marrying financial and ESG measurements is often resisted. Many managers point to their “fiduciary duty”—their obligation to protect their client’s interests. Under existing laws, they say, fiduciary duty is a barrier to using any metric other than financial returns in their investment analysis………………………………………..Full Article: Source

A beginner’s guide to fossil fuel divestment

Posted on 24 June 2015 by VRS  |  Email |Print

A coalition of philanthropic foundations, including the heirs to the Rockefeller oil fortune, started to pull out their investments last year, while cities divesting include San Francisco, Seattle and Oslo. The world’s largest sovereign wealth fund, Norway’s Government Pension Fund Global (GPFG), recently revealed it had dropped 114 companies, including tar sands producers, on climate grounds.
The Church of England has divested from the most heavily polluting fossil fuels, while the World Council of Churches, which represents half a billion Christians worldwide, has ruled out all fossil fuel investments………………………………………..Full Article: Source

Norway’s coal exit creates ripples

Posted on 23 June 2015 by VRS  |  Email |Print

While this decision by the fund could inspire other large investors, the fossil fuel divestment movement has already been building up considerable steam. When the world’s largest sovereign wealth fund decides to exit investments in coal, the ripples of the decision can be felt the world over.
Late last month, Norway’s parliament decided that the $900-billion sovereign wealth fund should exit from utilities and miners that get 30 per cent of their business from coal, a move that could trigger as much as $5 billion of divestments………………………………………..Full Article: Source

Days after approving massive coal divestment, Norway votes to fund mining company

Posted on 19 June 2015 by VRS  |  Email |Print

Members of Norway’s parliament voted unanimously during the first week of June to drop the biggest coal investments from its sovereign wealth fund. A week later, on June 11, the parliament approved a new budget item: 500 million kroner (about $65 million) to subsidize a state-owned coal mining company in Svalbard, Norway’s archipelago territory about 450 miles north of the mainland.
The government will provide Store Norske Spitsbergen Grubekompani (SNSG) with 205 million kroner ($27 million) in loans and 295 million kroner ($38.5 million) to purchase new property. Ninety-six of the parliament’s 169 members voted for the measure, and three voted against it………………………………………..Full Article: Source

The end is in sight for the coal industry

Posted on 15 June 2015 by VRS  |  Email |Print

A move by Norway to rid itself of coal investments in its sovereign wealth fund has big implications. Last week the Norwegian Parliament formally endorsed moves to divest the country’s $900 billion dollar sovereign wealth fund from coal interests. The policy will result in the fund removing $8 billion from the coal industry.
While it didn’t necessarily make huge global headlines, this is potentially one of the biggest climate policy announcements in years. Whilst the $8 billion Norway is divesting may not add up to a huge amount for a massive global industry, it symbolises something very important: the slow death of the coal industry………………………………………..Full Article: Source

Norway’s wealth fund brings climate issues to fore

Posted on 12 June 2015 by VRS  |  Email |Print

Climate change concerns have been brought to the fore with increased funds allocated from Norway’s $900 billion sovereign wealth fund, said Steinar Holden, professor from the department of economics of Oslo University. Norway agreed last Friday to sell stocks in all companies which have more than 30 percent revenues from coal or coal-based power. With this move, Norway plans to avoid environmental damage to the country.
The wealth from Norwegian sovereign wealth fund, which the country has dubbed an ‘oil fund,’ comes from the nation’s oil and gas revenues. The fund is invested in more than 80 countries and in 8,000 different companies in the coal, mining and banking sectors………………………………………..Full Article: Source

Norway’s coal disinvestment is still just a drop in the ocean

Posted on 11 June 2015 by VRS  |  Email |Print

Right on the money. The campaign to persuade big investors to sell off fossil fuel holdings has had its greatest triumph yet. Norway’s sovereign wealth fund must sell off its $5 billion of coal holdings, the country’s parliament voted last week. The fund is the largest stockholder in Europe, worth an astounding $900 billion.
The move won’t put an end to coal-burning for the companies concerned – including Drax, the owner of the UK’s biggest coal-fired power station. But campaigners argue that it sends a powerful message about how pumping ever more carbon dioxide into the atmosphere is ethically unacceptable. It also makes financial sense to disinvest, they say, as the value of fossil fuel companies depends on reserves they may not be allowed to burn in the future………………………………………..Full Article: Source

$10 billion coal dump as world’s biggest sovereign fund turns green

Posted on 09 June 2015 by VRS  |  Email |Print

In the past week environmental-based investing became a lot more mainstream thanks to the world’s largest sovereign wealth fund – Norway’s – deciding to divest itself of stocks whose assets are dominated by coalminers or coal burners.
Sure there is plenty of irony in the fact that the $US900 billion fund, Government Pension Fund Global, was built on the back of Norway’s enormous oil and gas industry but those in this industry are fond, particularly lately, of highlighting their energy is less dirty than coal and (thus) green in a relative sense. There were certainly calls for the fund to divest all fossil fuel investments. Although this wasn’t done, the coal move is a big first step………………………………………..Full Article: Source

Australian Future Fund Invests In Applied Solar

Posted on 09 June 2015 by VRS  |  Email |Print

Applied Solar Technologies, a Delhi based solar power company has raised R256.36 Cr ($40 Mn) in a new round of funding led by Australian government’s sovereign wealth fund Future Fund, alongwith existing investors Bessemer Venture, Capricorn Investment and IFC.
With the closure of fourth funding round, Applied Solar took its overall PE funding to more than $85 Mn. In 2009, Bessemer had invested an undisclosed amount in the company. In 2010, IFC alongwith Bessemer invested $21 Mn in the second round. Again in 2012, Bessemer, IFC and Capricorn invested $24.6 Mn in the company………………………………………..Full Article: Source

Norway’s pension fund to sell coal assets

Posted on 09 June 2015 by VRS  |  Email |Print

Norway’s parliament, the Storting, has voted unanimously to sell off all coal-related assets from the country’s US$880bn pension fund, thought to be the world’s largest sovereign wealth fund. The Government Pension Fund Global (GPFG) owns around 1.3% of all listed companies across the world. It will no longer be allowed to invest in companies which either base more than 30% of their business on coal or derive more than 30% of their revenue from coal. Norges Bank and the country’s Council on Ethics will now be asked to prepare guidance on how to divest currently-held stakes in such companies.
In a joint statement all the parties in the Storting say that the fund has a long-term perspective and that “good long-term returns are dependent on sustainable development in economic, environmental and social terms”. They say there is a financial risk related to climate change and investment in emission-heavy companies………………………………………..Full Article: Source

Norway’s plan to divest massive $900B fund from coal could hit U.S. companies

Posted on 09 June 2015 by VRS  |  Email |Print

Directors of the Norwegian sovereign wealth fund, an investment pool worth more than $900 billion, will sell many of its coal industry holdings, officials said last week. Norway’s Parliament voted Friday to ratify the decision, made a week before by the body’s finance committee. Parliament ordered the fund to sell stakes in mining and power companies that directly, or indirectly, base 30 percent or more of their revenue or their regular activities on coal.
The new screening method will go into effect in 2016. Petter Johnsen, the fund’s chief investment officer, said in May that the new policy would affect between 50 and 75 listed companies………………………………………..Full Article: Source

Coal under siege as researchers release Norwegian fund divestment hit list

Posted on 09 June 2015 by VRS  |  Email |Print

University of Oxford study details the top 40 companies facing divestment from Norwegian pension fund following crucial vote. The bleak outlook for the global coal industry took another turn for the worse over the weekend, as many of the sector’s leading lights were forced to digest the news that the world’s largest sovereign wealth fund wants nothing to do with them.
Confirmation came on Friday in the form of a vote by the Norwegian parliament, rubberstamping proposals to divest the $945bn Government Pension Fund Global from mining companies that derive more than 30 per cent of their revenues from coal and power companies that base more than 30 per cent of their activity on the fuel………………………………………..Full Article: Source

World’s largest sovereign wealth fund pulls out of coal

Posted on 08 June 2015 by VRS  |  Email |Print

Decision by Norwegian fund, worth more than £570bn, expected to affect between 50 and 75 international companies. Norway’s parliament has voted to pull its sovereign wealth fund - the world’s biggest - out of coal, in what is seen as a major victory for environmentalists.
The parliament voted unanimously that the fund - worth almost seven trillion kroner (£577.6bn) - must sell its holdings in mining and power companies that generate more than 30pc of their output or revenue from coal. The decision is expected to affect between 50 and 75 international companies, representing holdings of 35bn to 40bn kroner, according to finance ministry calculations………………………………………..Full Article: Source

Norway sovereign wealth fund to divest billions of dollars of coal holdings

Posted on 08 June 2015 by VRS  |  Email |Print

Norway’s $US890 billion ($1.17 billion) government pension fund, considered the largest sovereign wealth fund in the world, will sell off many of its investments related to coal, making it the biggest institution yet to join a growing international movement to abandon at least some fossil fuel stocks.
Parliament voted Friday to order the fund to shift its holdings out of billions of dollars of stock in companies whose businesses rely at least 30 percent on coal. The decision - which could seem paradoxical, given that Norway is a major producer of oil and gas - is certain to add momentum to a push to divest fossil fuel stocks that emerged three years ago on college campuses………………………………………..Full Article: Source

Norway’s $900 billion sovereign wealth fund to divest from coal companies

Posted on 08 June 2015 by VRS  |  Email |Print

After a unanimous vote by its parliament, Norway’s massive $900 billion Government Pension Fund (GPFG) is set to divest from companies involved in coal mining and coal-fired power plants. The divestment move would affect companies that derive more than 30% of their revenues from coal-related activities, and one analysis from three international environmental groups found that this would amount to a total of about $8.7 billion.
The move is the largest divestment from fossil fuels on record, and is being celebrated by environmental groups that have been stepping up a global campaign toward fossil fuel divestment, from college campuses to religious institutions and now investment funds. The divestment would likely affect about 50 companies and subsidiaries based in the United States………………………………………..Full Article: Source

Norway pulls huge sovereign fund out of coal

Posted on 08 June 2015 by VRS  |  Email |Print

Norway’s parliament voted Friday to pull its sovereign wealth fund – the world’s biggest – out of coal, in what is seen as a major victory for environmentalists. Parliament voted unanimously that the fund – worth almost 7,000 billion kroner ($890 billion) – must sell its holdings in mining and power companies that generate more than 30 percent of their output or revenue from coal.
The decision was expected after the finance committee reached a compromise on the issue on May 27 and it is expected to affect between 50 and 75 international companies, representing holdings of 35 to 40 billion kroner, according to finance ministry calculations………………………………………..Full Article: Source

Wealth Fund Ban Betrays Norway’s Awkward Fossil Fuel Goals

Posted on 02 June 2015 by VRS  |  Email |Print

Western Europe’s biggest oil producer has decided coal is too dirty to invest in. Norway’s $890 billion sovereign wealth fund, built on more than four decades of extracting crude from the North Sea, was ordered by lawmakers on Wednesday to limit holdings of companies that produce or burn coal. That could trigger at least $4.5 billion in divestments of stocks such as RWE AG and Duke Energy Corp.
“There’s this incredible logic that coal is the climate problem, and Norway is helping solve the world climate problem by producing gas that can replace coal in Europe and reduce emissions,” Rasmus Hansson, a lawmaker for the Green Party, said in a phone interview. “That logic has unbelievably been accepted by the Norwegian majority as credible — which it isn’t.”……………………………..Full Article: Source

Washing one’s hands of the stain of coal

Posted on 01 June 2015 by VRS  |  Email |Print

Fossil fuels divestment is an idea whose time has come. But is it a good idea? Last week brought the news that Norway’s sovereign wealth fund, the world’s largest, would be divesting from coal. Meanwhile, big university and religious endowments have divested from fossil fuel companies, after coming under pressure on campus that recalled the South African divestment movement three decades earlier. Stanford is divesting from coal. The Church of England will no longer invest in tar sands.
Chevron fended off a resolution that it pay out a higher dividend, in a move to deny it the cash to continue spending money. Pension fund managers around the world are debating their policy, under pressure from activists, while the City and Wall Street have upped their expenditure on research into low- carbon investments. Global oil companies are taking note………………………………….Full Article: Source

“Pretend Divestment” Versus Real Divestment In Norway’s Sovereign Wealth Fund

Posted on 01 June 2015 by VRS  |  Email |Print

Norway’s sovereign wealth fund announced to the world it had divested from 51 coal companies in 2014 earlier this year, signaling one of the biggest divestment announcements of the current global divestment trend. However, a new report has shown that instead of decreasing their holdings in the coal industry, Norway’s Government Pension Fund has increased by over 3 billion kroner, bringing the funds total coal holdings up to 85.8 billion kroner.
Interestingly, within days of the report’s release, Norway’s parliament has since agreed to sell its shares in companies that generate more than 30% of their income or their electricity from coal………………………………….Full Article: Source

Will divestment from coal make a difference to climate change?

Posted on 01 June 2015 by VRS  |  Email |Print

If Norway was a person, it would be that friend you had in college who was annoyingly brilliant at everything but whom you couldn’t quite bring yourself to dislike. Its levels of economic development, income and gender equality, educational performance, social cohesion and crime are among the very best in the world.
Much of this success has been built on the rather solid foundation of North Sea oil, and yet the country’s stunning fjords aren’t spoiled by slicks or choked by smog. Norway is among the most environmentally conscious nations, you see. Of course it is… That may strike some as hypocritical, given that all that oil will be burned somewhere else, but it seems Norway is now applying its green domestic principles to its international investments. The nation’s vast sovereign wealth fund (a £594bn pension pot filled by decades of oil revenue, worth roughly £117,000 for every single Norwegian and by far the world’s largest) is about to divest from coal………………………………….Full Article: Source

Norwegian pension fund to divest from coal

Posted on 01 June 2015 by VRS  |  Email |Print

The Norwegian parliament has decided to pull out of investments in the coal sector. Environmental campaigners say this will have a major impact, but still seek closure of potential loopholes.
The Norwegian parliament’s finance committee announced on Thursday that it intends to divest the country’s sovereign wealth fund from the coal industry. Environmental groups have welcomed the Norwegian parliament’s decision, saying it shows how lawmakers have responded to public pressure in the global fight against climate change………………………………….Full Article: Source

Norway’s sovereign wealth fund accused of ‘pretend divestment’

Posted on 29 May 2015 by VRS  |  Email |Print

World’s richest sovereign wealth fund increased its investments in coal despite high-profile pledge to dump fossil fuels, financial analysis shows. The world’s richest sovereign wealth fund has sunk more money into coal just three months after a high-profile pledge to dump fossil fuels as part of its commitment to responsible investing, according to financial analysis by three environmental groups.
Instead of reducing its overall exposure to businesses based on coal, the Norwegian Government Pension Fund (GPF) increased its holdings by 3bn Norwegian kroner to NOK 85.8bn ($11bn/£7.3bn) by the end of last year, the report Still Dirty, Still Dangerous said………………………………Full Article: Source

Coal divestment on tap at Norway’s Government Pension Fund Global

Posted on 29 May 2015 by VRS  |  Email |Print

The Government Pension Fund Global, Oslo, could be forced to divest its allocations to certain coal companies, following a unanimous decision by the finance committee of the Storting, the Norwegian parliament.
The divestment would apply to companies that derive 30% or more of their business from coal. The finance committee’s proposition will be voted on in parliament June 5, said a spokeswoman for Norges Bank Investment Management, the investment manager of the 7 trillion Norwegian kroner ($957 billion) sovereign wealth fund………………………………Full Article: Source

Norway’s Giant Oil Fund Will Divest From Coal. Irony Noted.

Posted on 29 May 2015 by VRS  |  Email |Print

Norway’s $900 billion sovereign wealth fund may soon have to drop its investments in the coal industry, thanks to a new set of rules making their way through the country’s parliament. Starting next year, the fund would be forced to pull its money from companies such as mining firms or utilities that make at least 30 percent of their revenue from coal, according to the Associated Press.
The law received bipartisan support in committee and is widely expected to pass during a final vote early next month. This is a notable victory for climate change activists who have been lobbying institutional investors to divest from fossil fuels. A number of university endowments and foundations have already joined the cause, but Norway’s sovereign wealth fund is the globe’s largest, laying claim to roughly 1 percent of all the world’s stocks and bonds. Environmentalists just landed a very, very big ally in their crusade………………………………Full Article: Source

Norway’s $900bn sovereign wealth fund told to reduce coal assets

Posted on 28 May 2015 by VRS  |  Email |Print

Finance committee agrees fund which owns 1.3% of all listed companies globally should sell stakes in firms generating more than a third of income from coal. Norway’s $900bn sovereign wealth fund, the world’s largest, should cut its exposure to the global coal industry and sell stakes in firms that focus on the sector, a key parliamentary committee said on Wednesday.
The finance committee agreed in a bipartisan motion that the fund, which owns about 1.3% of all listed companies globally, should sell stakes in firms that generate more than 30% of their output or revenues from coal-related activities. Already under pressure from Norway’s political establishment, the fund has been selling down its coal portfolio in recent quarters and said its holdings were already small……………………………………Full Article: Source

Norwegian sovereign wealth fund to reduce coal investments

Posted on 28 May 2015 by VRS  |  Email |Print

Norway’s parliament on Wednesday reached an agreement that the country’s sovereign wealth fund should sell shares in all companies in its portfolio which generate more than 30 percent of their revenues from coal. The agreement was accepted by all parties at a meeting of the Norwegian parliament’s finance committee and will be formally adopted by the legislature on June 5, according to English-language digital news publisher The Local.
“This is a great victory for the climate,” said Torstein Svedt Solberg from Norway’s Labor Party, who acted as the rapporteur for the negotiations. “Coal is in class of its own and is the source responsible for the largest emissions of greenhouse gases.”…………………………………..Full Article: Source

Funds feel heat of coal and tar divestment drive

Posted on 25 May 2015 by VRS  |  Email |Print

Norway’s $900 billion sovereign wealth fund and the Church of England are among recent high-profile sellers. But some of the money managers running the more than $27 trillion in assets held globally in mutual funds say divestment as a tool to address climate change is too simplistic in most cases. Most argue it can leave fewer investors at a company who are committed to steering management in the desired direction.
Given that, a mass exodus of long-term investors such as pension funds from holding certain stock and debt assets could end up hurting the chance of positive investor-led change.”Fundamentally, it is a shareholder choice to buy or sell … What this may mean is the transfer away from shareholders who might have a grown-up dialogue with us about the climate change challenge towards people who may be less bothered about that………………………………………..Full Article: Source

SWFs must grasp ’substantial’ greenfield opportunities

Posted on 20 May 2015 by VRS  |  Email |Print

Pension and sovereign wealth funds will in future play a significantly bigger role in building urban spaces in emerging economies, despite the associated regulatory risk, the head of a leading think tank has predicted.
Sony Kapoor, managing director at Re-Define, pointed towards India’s plans to amend construction regulation and allow industrial corridors as offering “very substantial opportunities” for investors willing to work closely with governments in emerging markets. “We are seeing increasing three-way collaborations between experts in greenfield urban developments, governments and large long-term investors,” he said………………………………………..Full Article: Source

banner
September 2015
M T W T F S S
« Aug    
 123456
78910111213
14151617181920
21222324252627
282930