Norway's sovereign wealth fund, the world's largest, will sell off billions of dollars worth of fossil fuel related stocks following a decision in the Norwegian Parliament today. The move comes as part of a broad shift from fossil-fuels to renewable energy.
Taylor Weidman/Bloomberg
The new guidelines mean Norway's Wealth Fund can no longer invest in companies that mine more than 20 million tonnes of coal annually, or generate more than 10,000 MW of power using coal. In practical terms, this means the fund will almost certainly have to sell its 2.03% holding in Glencore, one of the world's largest producers and exporters of seaborne traded thermal and coking coal. The stake in the British-Swiss multinational is worth more than $1 billion alone.
companies with any coal-related activities from the Fund. Their wish was convincingly defeated as the Centre Party and main opposition Labour Party voted with the government.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Norway wealth fund cannot hold ConocoPhillips after added to excluded listNorway's wealth fund will no longer be able to invest in ConocoPhillips and...
Baca lebih lajut »
Elizabeth Warren’s New Plan to Close the Racial Wealth GapThe surging Democrat is proposing a Small Business Equity Fund to help entrepreneurs of color
Baca lebih lajut »
Most millionaires support a tax on wealth above $50 million, CNBC survey saysA majority of millionaires support Sen. Elizabeth Warren's proposed tax on large wealth, according to the CNBC Millionaire survey.
Baca lebih lajut »
Exclusive: Hong Kong tycoons start moving assets offshore as fears rise over new extradition lawSome Hong Kong tycoons have started moving personal wealth offshore as concern d...
Baca lebih lajut »
The 'single most important decision' to make when starting your first job, according to a wealth managerThe 'single most important decision' to make when starting your first job is putting money in a retirement account, according to AuthorDavidBach. investinyou (In partnership with acorns.)
Baca lebih lajut »
Sydney McLaughlin Wins in Her Diamond League 400-Meter Hurdles DebutWatch how the 19-year-old kicks into high gear on the homestretch at the meet in Oslo, Norway.
Baca lebih lajut »