Allocators

NBIM in third tranche of coal exclusions

Stockholm (NordSIP) – Norges Bank Investment Management, which manages investments of the giant Government Pension Fund Global continues to eliminate has decided to exclude 10 companies from the Government Pension Fund Global based on the product-based coal criterion in the guidelines for observation and exclusion.

The exclusions follow Norges Bank Investment Management’s third round of analysis of companies that may be affected by this criterion. The exclusions comprise all companies’ unlisted subsidiaries that issue bonds. The exception is green bonds, or subsidiaries that are deemed to have significant renewable energy activity.

Companies may be placed under observation where there is doubt as to whether the conditions for exclusion have been met, or as to future developments, or where observation is deemed appropriate for other reasons. Norges Bank has for this reason decided to place an additional two companies under observation.

In total, Norges Bank has so far excluded 69 companies and placed 13 companies under observation based on the product-based coal criterion  upon recommendations from Norges Bank Investment Management.

Recently excluded companies include Eneva SA (Spain), Great River Energy (US), HK Electric Investments & HK Electric Investments (Hong Kong), Huidan Energy Co Ltd (China), Korea Electric Power Corp (South Korea), Malakoff Corp Bhd (Malaysia), Otter Tail Corp (US) and SDIC Power Holdings Co Ltd (China).

Kames Capital
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  1. Pingback: Storebrand Throws Gauntlet to Coal Investors | NordSip

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