Alerts in the last 24 hours

No Personalised Alerts!

To see personalised alerts you need to be logged in.

Log In

Norway fund may have to offload $1 billion stake in Glencore in shift away from coal

OSLO (Reuters) - Norway's $1 trillion sovereign wealth fund may have to sell its $1 billion (£786 million) stake in commodities giant Glencore, among other companies that derive more than 30 percent of their revenue from coal, to meet proposed tighter ethical investing rules. Under the centre-right government's plan, expected to be adopted by Norway's parliament on Wednesday, the world's largest fund would no longer invest in companies that mine more than 20 million tonnes of coal annually or generate more than 10 gigawatts (GW) of power with coal. Other divestments would include the fund's 1.39% stake in Germany's RWE worth $186 million, its 2.22% holding in Australia's South32 worth $266 million) and the 1.03% it owns of Germany's Uniper among others, the green campaigners said. The proposed rules on investing in coal, part of a broader shift to renewable energy, led the fund to sell its stakes in 83 mostly coal-producing companies, such as Peabody Energy and Coal India, as well as power producers ranging from Portland General Electric to Korea Electric Power.

First found on: uk.finance.yahoo.com And then on: 12 other references

12 other references