Stockholm (NordSIP) – Yesterday, November 16, Storebrand announced ten new exclusions from its $80 bilion assets under management. The largest private pension provider in Norway announces improved coal divestment criteria in order to accelerate the move away from climate-damaging businesses. Among the companies excluded are the giant energy companies RWE and E.ON’s UNIPER.
“Coal is incompatible with climate targets announced at UN climate talks in Paris. Two years on, we at Storebrand, the largest private pension in Norway, see it as our duty to end our investments in ten more coal-related companies given how coal plants are the largest single source of carbon dioxide emissions,” Storebrand announces in a press release.
“Today we are throwing down the gauntlet to the financial sector, including the one trillion dollar Oil Fund, to screen out more coal companies, including giant power companies operating in Germany,” say Jan Erik Saugestad, CEO Storebrand Asset Management. “This is also a warning to all coal plant developers, if you put steel in the ground, we’re out. To the power producers, clean up your energy sources or lose customers and investors. Since 2010, the capital leaving coal-fired power plants is equivalent to US$432 billion and this investor exodus trend is set to deepen as the industry faces structural decline.”
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