The state health fund in Norway (the richest in the world with US $ 900 billion) withdraw their investments by companies whose revenues come in over 30% of coal mining or coal power production, according the decision of the Finance Committee of the Norwegian Parliament.
The vote in plenary session of parliament, scheduled for June 5, is likely to confirm this decision, which is supported by all political parties in Norway.
Samantha Smith, leader of the Climate and Energy Initiative of WWF said: “This decision on the merits of the world’s largest state health follows a series of announcements of major investors who declare that they will withdraw their investments and reduce their carbon financing same. This includes AXA, Bank of America and Credit Agricole.
“Investors understand, clearly, that coal is a bad investment, plus it is unethical. Some of the reasons for divestment are the role of coal as a dangerous cause of climate change and the structural decline of the coal market. The latter is related to new restrictions on the use of coal, mainly in China. Still, the divestment movement has shown that it can transform the way investors, governments and the public are to fossil fuels.
“This milestone offers Norwegian challenging high-level political meeting in Bonn in June (for the UN climate talks) and in Germany for the G7. They should ensure that their ambition to a new climate agreement, to be signed in December, consistent with the ambitions of the financial sector. We expect these decisions to divest strengthen their determination, “he said.