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Sovereign Wealth Funds Briefing - Categorized | Ethical/Green Investments

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

Posted on 19 June 2015

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


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