Norway’s Government Pension Fund Global will sell at least $10bn of fossil fuel-related stocks, including a 2.03% share in Glencore and 2.16% stake in Anglo American. Under revised guidelines, the fund will no longer invest in firms which either mine more than 20 million mt of coal annually or generate around two-thirds GW of power from coal. The $1tn fund will retain shares in petroleum companies with renewable energy operations. It can now also invest in unlisted renewable energy schemes, with a proposed cap of 2% of the fund. Campaigners have said the fund should completely divest from coal.
Norway’s Government Pension Fund Global will sell at least $10bn of fossil fuel-related stocks, including a 2.03% share in Glencore and 2.16% stake in Anglo American. Under revised guidelines, the fund will no longer invest in firms which either mine more than 20 million mt of coal annually or generate over 10 GW of power from coal. The $1tn fund will retain shares in petroleum companies with renewable energy operations. It can now also invest in unlisted renewable energy schemes, with a proposed cap of 2% of the fund. Campaigners have said the fund should completely divest from coal.