Norway’s $860 Billion Fund Drops 52 Companies Linked to Coal
April 17th, 2016Via: Bloomberg:
Norway’s $860 billion sovereign wealth fund unveiled the first list of miners and power producers to be excluded from its portfolio following a ban on coal investments.
The 52 companies being barred include American Electric Power Co. Inc., China Shenhua Energy Co. Ltd., Whitehaven Coal Ltd., Tata Power Co. and Peabody Energy Corp., according to a statement from Norges Bank Investment Management, the unit of Norway’s central bank that manages the world’s biggest wealth fund. The exclusions are based on new criteria introduced by the government in February impacting companies that base at least 30 percent of their activities or revenues on coal.
“We’re reviewing all relevant companies by the end of 2016, and there will be further exclusions,” NBIM spokeswoman Marthe Skaar said by phone.
