Norwegian Pension Fund divests from coal

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The Norwegian sovereign wealth fund has been ordered to  divest all coal stocks, in a move that will prompt up to NOK50bn (€6bn) of equity sales.

A vote in the Norwegian parliament yesterday ended with agreement backed by all parties that the NOK6.9trn (€812bn) Government Pension Fund Global (GPFG) should sell off its holdings in companies which have 30% or more of their activities in the coal business.

This decision means the pension fund would now shed investments in companies such Germany’s RWE, China’s Shenhua, Duke Energy in the US, AGL Energy in Australia, Reliance Power in India, Japan’s Electric Power Development Corporation as well as Semirara Mining from the Philippines and Poland’s PGE.

This is a huge achievement for the divestment movement. It shows small NGO’s are able to send lots of money in the right direction.