Norway's US$860b fund drops 52 companies linked to coal

Oslo

NORWAY'S US$860 billion sovereign wealth fund unveiled the first list of miners and power producers to be excluded from its portfolio following a ban on coal investments.

The 52 companies being barred include American Electric Power Co Inc, China Shenhua Energy Co Ltd, Whitehaven Coal Ltd, Tata Power Co and Peabody Energy Corp, according to a statement from Norges Bank Investment Management (NBIM), the unit of Norway's central bank that manages the world's biggest wealth fund. The exclusions are based on new criteria introduced by the government in February impacting companies that base at least 30 per cent of their activities or revenues on coal.