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Storebrand divests from another 10 coal companies

written by Sara Giordano

Norway’s biggest private pension fund announced the divestment from 10 coal companies (Reuters, NYT, Fox News, IPE, 16 Nov): the pension fund decided to remove 10 coal companies, including Germany’s RWE AG from its $80 billion portfolio, due to tighter criteria on climate change and coal divestment. The divestments amounted to $17.69 million and involved 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.

“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”, said Jan Erik Saugestad, CEO of Storebrand Asset Management. “The coal industry simply has to go if we are to meet climate targets. There is no such thing as clean coal but there are clean and profitable alternatives like solar and wind. Since April 2016, our main fossil free fund has delivered returns of 32 per cent and we invest in solar and wind from Germany and Hong Kong to the US and Australia” he added. Storebrand started phasing out investments in coal in 2013 by excluding companies that derived at least 30% of their revenues from coal.

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