Norway’s Labour Party Wants Wealth Fund Banned from Coal Investing

Reuters reported that Norway’s opposition Labour Party would like to see the country’s $800-billion wealth fund banned from investing in coal producers. A spokesperson said that the party believes “humans are responsible for climate change so we must also see what we can do to reduce emissions.”

As quoted in the market news:

The fund, the world’s largest sovereign wealth fund, is a major shareholder in some of the biggest coal miners on the planet, including global giants BHP Billiton , Vale and Anglo American, as well as China’s top producer, China Shenhua .

The fund, also known as the oil fund, cannot invest in companies that produce nuclear weapons, landmines, cluster bombs, tobacco or firms involved in severe environmental damage, gross corruption, or systematic human rights violation.

The finance ministry on several occasions instructed the fund to divest from specific companies. Among miners, these include Rio Tinto because of alleged environmental damage and Potash Corporation of Saskatchewan for alleged ethical violation.

Click here to read the full Reuters report.