Antinuclear

Australian news, and some related international items

Other investors are likely to follow Norwegian fund’s move out of coal-based investments

antnuke-relevantNorway fund could trigger wave of large fossil fuel divestments, say experts, Guardian, , 29 May 15  Other investors are likely to follow Norwegian fund’s move out of coal-based investments, due to its size as the world’s largest sovereign wealth fund Norway’s decision to dump all coal-focused investments from its $900bnsovereign wealth fund could unleash a wave of divestment from other large funds, according to investment experts. The fund, the largest in the world, is one of the top 10 investors in the global coal industry.

The move, agreed late on Wednesday, is one of the most significant victories to date for a fast-growing and UN-backed fossil-fuel divestment campaign. It will affect $9bn-$10bn (£5.8-£6.5bn) of coal-related investments, according to the Norwegian government.

“Investments in coal companies can have both a climate risk and a future financial risk,” said Svein Flaatten of the governing Conservative party, which made a cross-party agreement to implement the selling of coal investments.

A series of analyses have shown that the world’s existing reserves of fossil fuels are several times greater than can be burned while keeping the temperature below the 2C safety limit agreed by the world’s governments. Furthermore, authorities such as the World Bank and Bank of England have warned that fossil fuel reserves will be left worthless if the action needed to cut carbon emissions kicks in…….

Organisations that have cut or curbed coal investments recently include insurance giant Axa, the Church of England and Oxford University. The Guardian, which is running a campaign asking the world’s biggest health charities to divest, is owned by the Guardian Media Group, which announced it would divest its £800m fund from all fossil fuels in April. http://www.theguardian.com/environment/2015/may/28/norway-fund-could-trigger-wave-of-large-fossil-fuel-divestments-say-experts#comment-52997566

May 30, 2015 - Posted by | Uncategorized

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