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Norway wealth fund excludes Glencore, Anglo American, RWE, others for coal use and production

Stock MarketsMay 13, 2020 10:00
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OSLO (Reuters) - Norway's $1 trillion sovereign wealth fund said on Wednesday it was excluding Glencore (L:GLEN), Anglo American (L:AAL), RWE (DE:RWEG), Sasol (J:SOLJ) and AGL Energy (AX:AGL) for their use and production of coal under updated ethical guidelines.

Another set of companies - BHP (AX:BHP) (L:BHPB), Uniper (DE:UN01), Enel (MI:ENEI) and Vistra Energy (N:VST) - were put under observation for possible exclusion at a later stage if they do not address their use or production of coal.

Norway's parliament agreed in June 2019 that the world's largest fund would no longer invest in companies that mine more than 20 million tonnes of coal annually or generate more than 10 gigawatts (GW) of power from coal.

The decision tightened already existing rules, also set by parliament, that the fund is not allowed to invest in a company that derived more than 30% of its revenues or activities from coal.

"It is the first time these thresholds in the coal criterion are being applied," the fund said in a statement on Wednesday.

 

Norway wealth fund excludes Glencore, Anglo American, RWE, others for coal use and production
 

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