Norway has divested its sovereign wealth fund — the largest in the world and worth roughly $850 billion — from coal companies, marking the first time a nation has divested for reasons related to climate change. Over the past three years, the country has dropped investments in more than 100 companies involved in coal mining, tar sands development, cement production, and mountaintop removal coal mining, officials announced. In a report released last week, the fund’s directors said that risks associated with carbon emissions, deforestation, and poor water management outweigh the benefits of continuing to invest in these companies. Critics point out that the fund, which has been built with earnings from Norway’s profitable oil industry, still holds roughly $40 billion in fossil fuel investments. The country says it will decide on a case- by-case basis whether to divest from those holdings.
Norway Divests National Fund From Coal Companies Over Climate Concerns
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