Oslo, Norway, 9 March 2016 – Starting with 27 coal companies Norway’s Oil Fund has now kicked off the effort to divest from coal. Greenpeace welcomes the Norwegian initiative and calls on other big investors to follow their lead.

What we see here is only the beginning of what the planet needs – shifting the money flow away from fossil fuels and towards sustainable and renewable energy.
Riverbend Steam Station © Les Stone / Greenpeace

 The Norwegian Government Pension Fund Global (GPFG), also known as the Norwegian Oil Fund, wednesday published their annual report. A Greenpeace and Urgewald analysis shows that the June 2015 parliamentary decision recommends that at least 122 companies should be divested from the fund. Starting with 27 companies, the GPFG has begun to follow through with their divestment decision. Greenpeace Nordic expects full divestment of all 122 companies and a re-appraisal of the Parliament’s decision by the end of this year.

Greenpeace Nordic Finance Campaign Director Martin Norman, said:

“Following the Paris agreement of December, ‘business as usual’ is no longer a viable option. In the long run fossil fuels have to go, and divesting from coal is a logical first step. What we see here is only the beginning of what the planet needs – shifting the money flow away from fossil fuels and towards sustainable and renewable energy.”

“The GPFG divestment is the biggest divestment from fossil fuels in history so far. And when one of the largest sovereign wealth funds in the world start to divest, others should follow. Big money is now starting to move away from fossil fuels.”

“The Norwegian decision to divest has already catalysed a series of other large fossil fuel divestments. Both Allianz, AXA, KLP and Storebrand have made similar divestment announcements, and we expect more investors to follow their path.”

Media Contacts:

Martin Norman, Finance Campaign Director – Greenpeace Nordic – +47 95804950

Arnstein Vestre, Finance Campaign advisor – +47 48268249