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Norway’s SWF drops 12 fossil fuels firms

NorwayNorway’s sovereign wealth fund has sold its shares in Glencore, Anglo American and RWE and nine other commodities and utilities firms because they broke fund guidelines on coal use.

In total seven oil companies were excluded for producing unacceptable levels of emissions, five coal companies were excluded for surpassing coal production thresholds and four companies were placed on an observation list for potential future exclusion.

Among the companies excluded from the Norwegian oil fund are the German utility giant and Europe’s largest CO2 emitter RWE, the British mining company Glencore and the Brazilian mining company Vale.

According to a statement released by Norges Bank, RWE and Glencore were dropped for surpassing the fund’s coal revenue and production thresholds.

The Brazilian mining company Vale was excluded for contributing to “severe environmental damage” as a result of repeated dam breaches.