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Sovereign Wealth Funds Briefing - Categorized | Ethical/Green Investments

Norway fund drops 4 Asian firms

Posted on 19 August 2015

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


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