Norway Goes Big on Fossil Fuel Divestment... Now Who's Next?

[marmar]

Published on
Friday, June 05, 2015
byCommon Dreams

Norway Goes Big on Fossil Fuel Divestment... Now Who's Next?
As world's largest sovereign wealth fund aims to break free of coal, campaigners call it a step in the right direction and a signal to leaders across the globe.

byJon Queally, staff writer


In a move that climate justice campaigners are heralding as a challenge to other powerful decision-makers and investors around the world, the Norwegian parliament on Friday approved a measure calling for the Norwegian Government Pension Fund—the largest sovereign wealth fund in the world with holdings of approximately $890 billion—to begin divesting from companies heavily involved with the mining, transportation, or burning of coal.

With a global fossil fuel divestment campaign just a few years old, the move by parliament will make Norway's financial withdrawal from the industry the single largest of its kind.

The new law will mean the the pension fund will be forbidden from investing in any company that relies on coal for more than 30 percent of its income. As Damian Carrington reports for the Guardian, that is likely to end up "affecting 122 companies across the world" and financial analyses have estimated that it could ultimately affect approximately $8 billion of the fund’s current investments. The process of divesting from the companies who meet the threshold will begin next year, though the applause over the move began immediately.

"With Norway’s decision, coal divestment has gone mainstream highlighting both the moral imperative and financial case for divestment," said Nicolo Wojewoda, head of 350.org’s European team, which led the campaign in Norway. "Other institutions are left with no excuse to not follow suit. Coal is on its last leg; with king coal falling from its throne, we are all more inspired to go after big oil and gas." ...................(more)

The complete piece is at: http://www.commondreams.org/news/2015/06/05/norway-goes-big-fossil-fuel-divestment-now-whos-next

[Major Nikon]

1. Norway is heavily invested in fossil fuel production

They are the 17th largest oil producer and the 117th in population. To put that in perspective, the US produces about 10.5 barrels of oil per person per year compared to 108.5 for Norway. The US produces about 2,100 cubic meters of natural gas per person per year compared to 22,000 for Norway.