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Norway fund may have to offload $1 billion stake in Glencore in shift away from coal


Added 06-12-19 04:04:02am EST - “Norway's $1 trillion sovereign wealth fund may have to sell its $1 billion stake in commodities giant Glencore, among other companies that derive more than 30 percent of their revenue from coal, to meet proposed tighter ethical investing…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Norway fund may have to offload $1 billion stake in Glencore in shift away from coal”. Below is an excerpt from the article.

OSLO (Reuters) - Norway's $1 trillion sovereign wealth fund may have to sell its $1 billion stake in commodities giant Glencore, among other companies that derive more than 30 percent of their revenue from coal, to meet proposed tighter ethical investing rules.

Under the center-right government's plan, expected to be adopted by Norway's parliament on Wednesday, 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 with coal.

Environmental campaigners Greenpeace and Urgenwald said the new guidelines mean the fund would have to divest its stakes in Glencore, in which the fund has a stake of 2.03%, worth $1 billion at the end of 2018, according to fund data.

The fund would also have to sell its 2.16% holding in miner Anglo American, worth $620 million, they added, citing their own analysis.

"What this does do ... is give a very clear signal to both governments and companies that the time for financing fossil fuels is coming to an end, for the benefit of both people and planet," said Martin Norman, Sustainable Finance Campaigner at Greenpeace in Norway.

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