Norway fund pulling out of coal-fired power plants

Singapore

IN a move that would hit Malaysia-listed Genting International and Tenaga Nasional Berhad, the largest Norwegian private pension fund provider Storebrand has announced it will divest from 10 companies developing sizeable new coal-fired power plants.

This follows a more stringent divestment criteria that it has put in place to impose an absolute limit of one gigawatt for new coal-fired plants under construction; it gives notice to companies with plans for building more. The enhanced criteria also includes an additional assessment of companies with high levels of coal in their power generation fuel mix, among others.