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Sovereign Wealth Funds Briefing - Categorized | Ethical/Green Investments

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

Posted on 19 August 2015

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


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