Norway's $1 trillion wealth fund is excluding some of the world's biggest commodities firms from its portfolio, including Glencore and Anglo American , because of their use and production of coal.
The fund said in Wednesday’s announcement that it had taken a long time to sell shares of several excluded firms due to the “market situation, including liquidity in individual shares”.Responding to Wednesday’s announcement, Anglo American said: “We are working towards an exit from our remaining thermal coal operations in South Africa, ensuring that we do so responsibly.”
Parliament’s decision last year setting coal output limits and limits on power produced from coal tightened existing rules that said the fund was not allowed to invest in a company that derived more than 30% of its revenues or activities from coal. The Council on Ethics had examined companies in the oil, cement and steel sectors before recommending its first exclusions based on excessive greenhouse gas pollution.
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