52 Coal Companies Among Norway Divestiture Sales

first_img52 Coal Companies Among Norway Divestiture Sales FacebookTwitterLinkedInEmailPrint分享Stine Jacobsen for Reuters:Norway’s $863 billion (£610.3 billion) sovereign wealth fund, the world’s biggest, said on Thursday it had sold shares in 52 coal-dependent companies from its portfolio as part of a policy to fight climate change.A Reuters calculation showed the stakes sold were worth at least $1 billion at the end of 2014, before the fund started big divestments from coal. The biggest holdings included a $188 million stake in CLP Holdings (0002.HK).Norway’s parliament agreed last year to make the fund, built on revenues from the country’s vast offshore industry, sell out of companies that derive more than 30 percent of their turnover or activity from coal.The fund listed U.S. firms American Electric Power Co Inc (AEP.N), AES Corp (AES.N) and Allete Inc (ALE.N) among the firms, along with China Coal Energy Co Ltd (601898.SS) and Coal India (COAL.NS), the world’s biggest coal miner by output.Global coal producer Peabody Energy Corp (BTU.N), which filed for bankruptcy on Wednesday, was also on the list. The fund expects to exclude more firms from its investment universe amid the new rule.Full article: Norway’s $863 billion wealth fund bans 52 coal-linked firmslast_img

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