Norwegian Oil Fund, Supposed Global Climate Leader, Exposed as Europe's Top Investor in Coal
Written
26.04.2023
Author
Oil Change International
Source
Oil Change International
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A recent report has revealed that the Norwegian Oil Fund, despite claiming to be a global climate leader and committing to exit coal, is actually Europe's largest institutional investor in the coal industry. The fund has billions of US dollars invested in coal, contradicting its stated goals and tarnishing its reputation as an environmentally responsible investor.
The Norwegian Oil Fund, which has been positioning itself as a leader in responsible investment and climate risk management, has been exposed for its significant investments in the coal industry. A new report by various organizations has disclosed that the fund holds over $9.1 billion invested in 71 coal-related companies, with 46% of these investments supporting companies planning to expand their coal operations. These expansion plans could lead to an annual emission of 127 million tons of CO2, surpassing Norway's domestic emissions. The report has called on the Norwegian parliament to compel the Oil Fund to divest from the coal industry. Environmental activists and experts have criticized the fund for lagging behind other financial institutions that have committed to divest from coal. They urge the fund to phase out its coal exposure and implement stricter thresholds for investments in coal-related activities.
The Norwegian Oil Fund, which has been positioning itself as a leader in responsible investment and climate risk management, has been exposed for its significant investments in the coal industry. A new report by various organizations has disclosed that the fund holds over $9.1 billion invested in 71 coal-related companies, with 46% of these investments supporting companies planning to expand their coal operations. These expansion plans could lead to an annual emission of 127 million tons of CO2, surpassing Norway's domestic emissions. The report has called on the Norwegian parliament to compel the Oil Fund to divest from the coal industry. Environmental activists and experts have criticized the fund for lagging behind other financial institutions that have committed to divest from coal. They urge the fund to phase out its coal exposure and implement stricter thresholds for investments in coal-related activities.