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Norway wealth fund excludes Glencore, Anglo American, RWE, others for coal use and production

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05/13/2020 | 04:58am EDT

Norway's $1 trillion sovereign wealth fund said on Wednesday it was excluding Glencore, Anglo American, RWE, Sasol and AGL Energy for their use and production of coal under updated ethical guidelines.

Another set of companies - BHP, Uniper, Enel and Vistra Energy - were put under observation for possible exclusion at a later stage if they do not address their use or production of coal.

Norway's parliament agreed in June 2019 that the world's largest fund would no longer invest in companies that mine more than 20 million tonnes of coal annually or generate more than 10 gigawatts (GW) of power from coal.

The decision tightened already existing rules, also set by parliament, that the fund is not allowed to invest in a company that derived more than 30% of its revenues or activities from coal.

"It is the first time these thresholds in the coal criterion are being applied," the fund said in a statement on Wednesday.

(Reporting by Gwladys Fouche, editing by Victoria Klesty)

Stocks mentioned in the article
ChangeLast1st jan.
AGL ENERGY LIMITED -0.67% 13.29 End-of-day quote.-35.27%
ANGLO AMERICAN PLC -1.18% 1950.6 Delayed Quote.-9.17%
BHP GROUP 0.58% 36.11 End-of-day quote.-7.22%
BHP GROUP -0.17% 1610.6 Delayed Quote.-9.20%
ENEL S.P.A. -0.88% 7.515 Delayed Quote.7.21%
GLENCORE PLC -0.77% 167.16 Delayed Quote.-28.42%
RWE AG -0.90% 33.11 Delayed Quote.22.16%
SASOL LIMITED 2.27% 99.98 End-of-day quote.-67.06%
THE NEW HOME COMPANY INC. -5.33% 5.33 Delayed Quote.20.82%
UNIPER SE -0.97% 26.58 Delayed Quote.-9.05%
WORLD CO., LTD. 1.34% 1366 End-of-day quote.-49.24%
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