Norway's wealth fund blacklists giants over coal

Oslo

NORWAY'S US$1 trillion wealth fund is excluding some of the world's biggest commodities firms from its portfolio, including Glencore and Anglo American, because of their use and production of coal. Underlining the growing role of climate considerations for long-term investors, the fund is also excluding German utility RWE, South African petrochemicals firm Sasol and Dutch company AGL Energy over their use of coal.

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