- Norway’s $900B sovereign wealth fund - the world’s biggest - will drop its holdings in companies and utilities that have heavy exposure to coal, according to a deal reached in the parliament that calls for the fund to exit companies with more than 30% of their revenue from coal.
- By excluding coal companies, the fund joins a growing divestment movement targeting fossil fuels.
- The fund previously exited companies that produce tobacco, nuclear weapons, cluster bombs and land mines. The Norwegian fund has stakes in a number of major utilities, including Duke Energy (NYSE:DUK), Dominion Resources (NYSE:D), the U.K.'s SSE (OTCPK:SSEZF), Italy's Enel (OTCPK:ENLAY) and Germany’s RWE (OTCPK:RWEOY) and E.ON (OTCPK:EONGY).