Norway’s SWF to divest from coal

Norway’s $800bn Sovereign Wealth Fund (NBIM) is likely to divest from coal assets as the Labour Party now signals that the Pension Fund should withdraw from coal.

7 kommentarer

The Labour Party is now in opposition after their election defeat earlier this autumn, but can contribute to forming a majority in this issue as a handful smaller parties already support such a step.

The Labour Party spokesman, Jonas Gahr Støre, says in a statement (Norwegian) that the time has come to decide that the Pension Fund shall avoid investments in coal companies. Mr. Støre served seven years as Minister of Foreign Affairs during Jens Stoltenberg’s Government.

Støre says that the Norwegian Pension Fund’s behaviour has a great signal effect, and that the Fund earlier has withdrawn from tobacco and palm oil-companies. He adds that this move is a natural follow-up of the agreement between the Nordic countries and the US made when president Obama visited Stockholm this summer. The Nordic countries and the US then said that they should avoid using government funds for coal investments abroad.

About Energi og Klima
Your first visit to this magazine? Read more about us here. And see more articles in English.

The Labour Party now asks the Government to assess how divestment from coal can take place. The new right wing Government with Erna Solberg as Prime Minister will present their first white paper about NBIM for the Parliament next spring.

Many difficult questions have to be tackled when NBIM shall divest from coal assets, and the Labour Party wants the Government to explore a range of issues before a final desicion is made.

Should only the coal mining sector be included? Should NBIM also divest from utilities operating coal fired power plants?

NBIM is a large shareholder both in companies like BHP Billiton, Xstrata Glencore and in coal-dependent power utilities like E.On and RWE. You can download the full list of NBIM’s assets as of 31.12.12 in Excel spreadsheet format. Or alternatively download as pdf or search from the NBIM website.

The Labour Party has earlier declined to change NBIM’s investment profile in the energy sector, but Støre now says that increased investment in renewable energy also should be considered as a part of the discussion on NBIM’s strategy.

7 Kommentarer

  1. The Slow Death of King Coal - Oil Change International

    […] $800 billion Sovereign Wealth Fund (NBIM) is now “likely” to divest from coal assets as the country’s Labour Party is signally […]

  2. “Norway’s sovereign wealth fund to divest from coal”, consider more renewables. : Jeremy Leggett's Triple Crunch Log

    […] Energi og Clima: “Norway’s $800bn Sovereign Wealth Fund (NBIM) is likely to divest from coal assets as the Labour Party now signals that the Pension Fund should withdraw from coal. The Labour Party is now in opposition after their election defeat earlier this autumn, but can contribute to forming a majority in this issue as a handful smaller parties already support such a step.”“The Labour Party spokesman, Jonas Gahr Støre, says in a statement (Norwegian) that the time has come to decide that the Pension Fund shall avoid investments in coal companies. Mr. Støre served seven years as Minister of Foreign Affairs during Jens Stoltenberg’s Government. Støre says that the Norwegian Pension Fund’s behaviour has a great signal effect, and that the Fund earlier has withdrawn from tobacco and palm oil-companies. He adds that this move is a natural follow-up of the agreement between the Nordic countries and the US made when president Obama visited Stockholm this summer. The Nordic countries and the US then said that they should avoid using government funds for coal investments abroad.The Labour Party now asks the Government to assess how divestment from coal can take place. The new right wing Government with Erna Solberg as Prime Minister will present their first white paper about NBIM for the Parliament next spring. Many difficult questions have to be tackled when NBIM shall divest from coal assets, and the Labour Party wants the Government to explore a range of issues before a final desicion is made. Should only the coal mining sector be included? Should NBIM also divest from utilities operating coal fired power plants? NBIM is a large shareholder both in companies like BHP Billiton, Xstrata Glencore and in coal-dependent power utilities like E.On and RWE. You can download the full list of NBIM’s assets as of 31.12.12 in Excel spreadsheet format. Or alternatively download as pdf or search from the NBIM website . The Labour Party has earlier declined to change NBIM’s investment profile in the energy sector, but Støre now says that increased investment in renewable energy also should be considered as a part of the discussion on NBIM’s strategy.” […]

  3. Latest News On Campaign To Divest From Fossil Fuels | PopularResistance.Org

    […] Norway’s $800bn Sovereign Wealth Fund (NBIM) is likely to divest from coal assets, with support from the Labor party. The questions now appear to be if the fund will also divest from coal mining and from utilities that use coal generated power. More information is here. […]

  4. Sparen voor je pensioen? | geef je geld meer waarde

    […] maken. Een beweging die onder meer door de organisatie 350.org vormgegeven wordt. Zo besloot het Noors pensioenfonds SWF om volledig uit fossiele brandstoffen te stappen. 800 miljard moet op die manier een nieuwe bestemming […]

  5. From coal divestment to a climate investment ethic | Energy & Climate News from Norway

    […] as an attempt to preserve Norwegian gas interests, as described by Anders Bjartnes in a recent post from the ‘Energi og Klima’ […]

  6. Thanks, Norway! | Oakey Coal Action Alliance

    […] One of the world’s largest sovereign wealth funds, the Norwegian Pension Fund, is likely to completely divest from coal. It’s not uncommon to find Norges in the list of top ten investors in many of the companies groups like ours are campaigning against. http://energiogklima.no/nyhetsblogg/bjartnes/norways-swf-to-divest-from-coal/ […]

Kommentarene er stengt.