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Norway: Govt. pension fund drops 10 firms due to links to coal

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20 March 2017

Norway’s Wealth Fund Blacklists Vedanta, Other Indian Firms Over Rights Violations, Climate Impact

Author: Aruna Chandrasekhar, Wire

Norway’s Government Pension Fund Global (GPFG) – the world’s largest sovereign wealth or state-owned investment fund – continued to put a series of companies with Indian operations on its exclusion lists, citing human rights, environmental and climate change impacts. These include companies with substantial investments in metals, coal and thermal power. Following the Norwegian parliament’s call for a withdrawal of the GPFG’s investment in coal stocks and bonds in 2015, the Norges Bank adopted a coal criterion in February 2016, excluding companies who earned 30% of their revenue or had 30% of their activities dependent on thermal coal. In April 2016, it divested from 13 Indian coal companies, including Coal India Ltd., NTPC, Reliance Power, Reliance Infrastructure Ltd., Tata Power, Gujarat Mineral Development Corporation and CESC, besides others. So far, 69 companies have been put on the exclusion list, and two on observation...In the first ever public-ranking of human rights performance Corporate Human Rights Benchmark, Coal India ranked at the bottom of the pool of 98 publicly-traded companies evaluated for performance, human rights due diligence, remedy and responding to serious allegations.


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10 March 2017

Norway: Govt. pension fund drops 10 firms due to links to coal, engages with textile sector on protection of refugee workers in Turkey

Author: Gwladys Fouche, Reuters

"Norway's $900 billion fund drops 10 more firms with links to coal", 7 Mar 2017

Norway's central bank, which manages the country's $900 billion wealth fund, has excluded another 10 companies from its investment portfolio because they use or produce coal, it said on Tuesday, and another 26 are "at risk" of being dropped...The ten companies excluded on Tuesday were: CEZ, Eneva, Great River Energy [GREGY.UL], HK Electric Investments, Huidan Energy, Korea Electric Corp, Malakoff Corp, Otter Tail Corp , PGE and SDIC Power Holdings...The central bank also said it had put two companies under observation for potential exclusion in the future. These are NorthWestern Corp and Portland General Electric...But three environmental groups said the move did not go far enough, saying that the fund still had 26 billion crowns ($3.07 billion) in 32 companies that own coal mines or coal-fired power plants and 2 billion crowns in 15 companies that transport coal or build coal power stations, according to their own analysis...The CEO said that in 2016 the fund began a dialogue with 22 companies in which it owns shares that use Turkish textile firms in their supply chains.Slyngstad said this was because of concerns about the use of child labor and other human rights abuses following the influx of Syrian refugees in the country...

See full 2016 Responsible Investment report here

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