Divesting Coal

Norway Goes Green

DISTORTED mining brown coal mine NRW Source imago Westend6145275044
For Norway's oil fund, coal is dirty.
  • Why it matters

    Why it matters

    A decision by Norway’s financial committee could lead to a global sell-off of utilities and mining firms which make more than a third of sales from coal.

  • Facts

    Facts

    • The committee’s decision likely means Norway’s pension fund will sell off its €300 million investment in Essen-based utility RWE.
    • As a huge player in investment markets, any actions taken by the sovereign wealth fund reverberate far beyond the borders of Norway.
    • The Norwegian fund is funded by the country’s oil sales and manages about €835 billion in assets.
  • Audio

    Audio

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Ordinarily, a decision made in the Norwegian parliament’s financial committee is not noticed much beyond the country’s borders, but the unanimous vote last week in Oslo is likely to attract international attention.

Members of the parliamentary committee passed a resolution that Norway’s Government Pension Fund – the world’s largest sovereign wealth fund – will no longer invest in coal.

An approval by a majority of Norway’s parliament later this week is considered so likely that energy giants such as Essen-based RWE must start looking for alternatives.

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