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Storebrand drops 10 coal companies from pension fund in line with self-imposed climate change guidelines
Author: Reuters, Published on: 16 November 2017
"Storebrand says drops 10 coal firms from pension fund", 16 Nov 2017
Storebrand, Norway’s largest private pension fund,...dropped 10 coal companies including Germany’s RWE AG from its $80 billion portfolio under tighter self-imposed guidelines on climate change.
...[T]he divestments...totaled 145.6 million Norwegian crowns ($17.69 million)...Storebrand...had sold out of Eskom Holdings Ltd, Polska Grupa Energetyczna, Uniper SE, Genting International Plc, Tenaga Nasional Berhad, Kyushu Electric Power, Origin Energy Ltd, EDP Energias do Brasil, RWE AG and Power Assets Holdings Ltd.
The new criteria included restricting investments in companies involved in the construction of new power plants.
The new criteria included restricting investments in companies involved in the construction of new power plants...“We see it as our responsibility to challenge the coal industry even further and pull our money out of ten more companies with sizeable new developments in coal-fired power plants,” Jan Erik Saugestad, CEO of Storebrand Asset Management, wrote of the decision...“The 14,300 MW under construction by these companies exceeds the entire coal power capacity of the United Kingdom and Ireland, or more than the entire coal power capacity of Greece, the Netherlands, and France,” he said.