Norway ends investment in Coal Companies

Norway’s parliament has voted that the Norwegian Government Pension Funds should sell its shares in the coal industry, in both mining and utility. The world’s largest sovereign wealth fund is one of the top ten investors Coal. By 2016, all companies  which gain more than 30 percent of their income or electricity through coal production will be excluded from the fund((Http://www.ipe.com/news/esg/norways-oil-fund-to-sell-all-remaining-coal-stocks/10008186.fullarticle (called on 28 May 2015))

In 2014, the Fund was criticised because of its extensive financial support of the coal industry.1

Thus, Norway has given a clear signal for the importance of ethical responsibility by investors. It provides a signal to further investors and sponsors to follow suit. Already large banks such as Bank of America2 and Credit Agricole3 have announced restrictions on their coal investments.

On the other hand, German banks are lagging behind, and in this way continue to contribute to the funding of climate change. Recently the Commerzbank confirmed at its General Assembly in late April that they wanted to continue to support companies in the fossil fuel industry.4

Even as a consumer, you can terminate your investment in fossil fuels. For instructions and examples see below:

http://bankwechsel-jetzt.de/

Guardian: Divestment aus fossilen Energieträgern


  1. Https://www.urgewald.org/presse/raus-kohle-nordische-investoren-machen-den (called on 28 May 2015 []
  2. http://www.businessinsider.com/r-bank-of-americas-new-policy-to-limit-credit-exposure-to-coal–2015-5?IR=T (accessed 28 May 2015 []
  3. http://www.reuters.com/article/2015/05/20/credit-agricole-coal-idUSL5N0YB4NO20150520 (called on 28 May 2015 []
  4. Http://www.facing-finance.org/files/2015/05/Antworten-Blessing.pdf (called on May 28, 2015 []