Norway’s biggest pension fund manager, KLP, is dropping its coal investments and diverting NOK 500 million (500 million kroner, about US$84 billion, or €67 billion) to renewable energy projects.
“We are divesting our interests in coal companies in order to highlight the necessity of switching from fossil fuel to renewable energy,” said KLP CEO Sverre Thornes.
“We’re quite convinced that we will manage to deliver the same returns in the future without those from coal companies,” he said. “We want our owners and customers to feel secure about that.”
“KLP’s decision to drop coal investments will mean that around 20 to 30 companies will be dropped from its portfolio,” Hazan writes. Thornes said the company would redirect the funds to “emerging economies where the need is great and the alternative is often coal.” (h/t to Doug Morrow for pointing us to this story)