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18 Mar 2015

Damian Carrington, Guardian Sustainable Business (UK)

Norway: Govt. pension funds divests from 53 fossil fuel firms; climate justice advocates call for further divestment

"Norway's sovereign wealth fund drops over 50 coal companies", 16 Mar 2015

Norway’s Government Pension Fund Global (GPFG), founded on the nation’s oil and gas resources and worth now £580bn in total, is being targeted by fossil fuel divestment campaigners...But only three Chinese coal companies were removed from the fund’s portfolio and the total value of its coal holdings fell by only 5% to £6.5bn. On Friday, it was revealed that the fund’s stake in major oil and gas companies rose to £20bn in 2014...Truls Gulowsen of Greenpeace Norway said: “We are happy to see that the GPFG divested £60m by dropping 13 Indian coal companies, but at the same time, it has increased its investments in the Chinese coal sector by £61m.”...Norway’s largest private pension fund KLP divested from coal in 2014...