The parliament has additionally agreed to strengthen the Norwegian Oil Fund’s current coal exclusion criteria to include absolute thresholds on both coal mining and coal power capacity, and divest from upstream oil and gas companies, which account for about 20% of the whole oil and gas sector.
Martin Norman, Sustainable Finance Campaigner at Greenpeace in Norway, said: “This is by far the single largest divestment from fossil fuels that has ever taken place. The current decision doesn’t fully take on the risks Norway faces regarding overexposure to the oil and gas sector, or properly address the huge financial risk related to the climate crisis we are facing. What this does do is give a very clear signal to both governments and companies that the time for financing fossil fuels is coming to an end, for the benefit of both people and planet.”
The decision means approximately US$5.8bn is moved away from coal, US$8bn from the oil and gas sector, and almost US$14bn towards unlisted renewable energy. Companies investing in new coal projects are not yet excluded from the fund, and unlike investors such as Storebrand, KLP, Allianz and Credit Agricole, the Norwegian Oil Fund does not yet have an end date for all coal investments.
Runa Roed, Communications officer, Greenpeace Norway, [email protected], phone: +47 472 86 663
Greenpeace International Press Desk, [email protected], phone: +31 (0) 20 718 2470 (available 24 hours)
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