Norway SWF cuts off 4 palm oil-linked firms

Oslo

NORWAY'S sovereign wealth fund announced on Monday it was divesting from four large Asian companies over the environmental damage their palm oil activities have on tropical forests.

The world's largest public investment fund, managing 7.15 trillion kroner (S$1.2 trillion), said its decision to exclude four groups - including South Korean group Daewoo International - from its portfolio was based on "an assessment of the risk of severe environmental damage" from their conversion of tropical forests to cultivate palm oil.