The carbon divestment campaign - known also as the "Fossil Free" or "Keep it in the ground" movement - scored a victory this week. Norway's sovereign wealth fund is going to sell off holdings in companies that get at least 30 percent of their revenue from coal. The fund had previously divested from pure coal companies.
From The Guardian
Norway’s $900bn sovereign wealth fund, the world’s largest, should cut its exposure to the global coal industry and sell stakes in firms that focus on the sector, a key parliamentary committee said on Wednesday.According to the Pittsburgh Post-Gazette the motivation for this move is both ethical and financial:
Svein Flaatten of the governing Conservative party said “investments in coal companies can have both a climate risk and a future financial risk.”The "governing Conservative party"? Maybe something got lost in translation there. :-)
This is a positive development, but it raises some head-scratching questions. Please follow me below the fold for a bit of further discussion and a poll.