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Norway's $860 Billion Fund Drops 52 Companies Linked to Coal

  • Impacts companies with more than 30% activity, sales in coal
  • Says further exclusions due to coal exposure to follow in 2016
Updated on

Norway’s $860 billion sovereign wealth fund unveiled the first list of miners and power producers to be excluded from its portfolio following a ban on coal investments.

The 52 companies being barred include American Electric Power Co. Inc., China Shenhua Energy Co. Ltd., Whitehaven Coal Ltd., Tata Power Co. and Peabody Energy Corp., according to a statement from Norges Bank Investment Management, the unit of Norway’s central bank that manages the world’s biggest wealth fund. The exclusions are based on new criteria introduced by the government in February impacting companies that base at least 30 percent of their activities or revenues on coal.