By Yann Louvel, Climate and energy campaign coordinator, BankTrack, 19 March 2015
News this week that the Norwegian Global Pension Fund (GPF), the world’s largest sovereign wealth fund and one of the largest investors in the coal industry, divested from over 50 coal companies in 2014 has come with some unfortunate caveats attached.
While GPF’s ditching of a number of major companies involved in devastating mining practices – in particular the mountain-top removal exponents Arch Coal and Alpha Natural Resources – and notorious giants such as Coal India are very welcome and timely steps, these coal divestment advances were immediately compromised by the fund revealing the state of play with its other fossil fuel interests: in 2014 it increased its stake in major oil and gas companies to £20 billion. Continue reading »