Norway's sovereign wealth fund, the world's largest, will sell off billions of dollars worth of fossil fuel related stocks following a decision in the Norwegian Parliament today. The move comes as part of a broad shift from fossil-fuels to renewable energy.
Taylor Weidman/Bloomberg
The new guidelines mean Norway's Wealth Fund can no longer invest in companies that mine more than 20 million tonnes of coal annually, or generate more than 10,000 MW of power using coal. In practical terms, this means the fund will almost certainly have to sell its 2.03% holding in Glencore, one of the world's largest producers and exporters of seaborne traded thermal and coking coal. The stake in the British-Swiss multinational is worth more than $1 billion alone.
companies with any coal-related activities from the Fund. Their wish was convincingly defeated as the Centre Party and main opposition Labour Party voted with the government.
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