26 Nov '17, 5pm

Norway Announces Major Divestments From Coal and Oil #care2

Norway Announces Major Divestments From Coal and Oil #care2

Norway has announced plans to sell nearly $900 billion in capital from its sovereign wealth fund in order to reduce national coal investments, while the country is also considering divestment from oil and gas . On May 27, Norway’s parliament greeted this decision when a cross-party agreement was secured. And they officially backed the move on Friday, November 17 in a majority vote. The Guardian reports on the implications of this ruling: It is the largest fossil fuel divestment yet, affecting 122 companies across the world, and marking a new success for the fast-growing and UN-backed climate change campaign. A new analysis said the fund would sell off over $8bn (£5bn) of coal-related investments as a result. Essentially, this decision means that Norway’s biggest wealth fund, which ensures the country’s prosperity through global investments, aims to eliminate coal from its ...

Full article: http://www.care2.com/causes/norway-announces-major-divest...

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