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Sovereign Wealth Funds Briefing - Categorized | Ethical/Green Investments

Norway’s Wealth Fund Excludes Posco, Daewoo International

Posted on 18 August 2015

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


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