| 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
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