Norway’s $860bn oil fund will no longer put money into 52 companies for being too reliant on coal in one of the biggest ever fossil fuel-related divestment by a single investor.
The world’s biggest sovereign wealth fund is no longer able to invest in a number of companies including Drax in the UK, AES, Dynegy and FirstEnergy in the US, Reliance Power and Tata Power in India, and a string of Chinese groups.
The move comes four months after a landmark global agreement on climate change in Paris and highlights how seriously investors are now taking the debate on fossil fuels and potential stranded assets. The Norwegian fund’s decision is all the more striking because it derives its funding from petroleum revenues.
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