The Norwegian pension fund made public in December 2015, that they will divest from companies which generate more than 30% of their profits from coal deals. 12 energy companies were excluded from the KLP portfolio, including: Adani Power, Duke Energy and Korea Electric Power1.
Likewise Glencore, active in commodity trade, will not be financed by KLP any longer. The reason cited for the exclusion is the offshore oil explorations in Western Sahara.The controversially discussed North African region has been claimed as national territory since 1975 by Morocco, while part of the population is fighting for an independent state. The status under international law is still not settled.The oil explorations by Glencore and other companies are massively criticized by NGO´s 3. In 2013 the KLP divested from the French company Total SA due to similar circumstances 2.
Glencore did not comment on the decision by the Norwegian pension fund. According to Bloomberg, the KLP hold 3,8 million shares of the Swiss corporation as ofSeptember, 30th 2015 worth $4,5 million 3.
- ipe.com: KLP tweaks coal divestment criteria as it offloads dozen holdings, http://www.ipe.com/news/esg/klp-tweaks-coal-divestment-criteria-as-it-offloads-dozen-holdings/10011145.fullarticle, 10.12.2015, aufgerufen am 16.12.2015 []
- ipe.com: KLP tweaks coal divestment cnriteria as it offloads dozen holdings, http://www.ipe.com/news/esg/klp-tweaks-coal-divestment-criteria-as-it-offloads-dozen-holdings/10011145.fullarticle, 10.12.2015, aufgerufen am 16.12.2015 [] []
- swissinfo.ch: Norways´s KLP Pension Fund Drops Glencore Over Western Sahara Oil, http://www.swissinfo.ch/eng/norway-s-klp-pension-fund-drops-glencore-over-western-sahara-oil/41826502, 8.12.2015, aufgerufen am 16.12.2015 [] []