Finance
World’s Biggest Wealth Fund Dumps $3 Billion in Fossil Fuels
- Glencore, Anglo, RWE among firms hit by latest withdrawals
- Climate rules used for first time to target oil-sands firms
Norway’s wealth fund is excluding Glencore Plc and Anglo American Plc from its portfolio, after tightening its criteria.
Photographer: Brendon Thorne/Bloomberg
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Norway’s $1 trillion wealth fund is doubling down on its climate action by making deeper cuts to its fossil fuel exposure.
The exclusions span some of the world’s biggest coal miners and make use of climate rules for the first time to exit oil-sands firms. Glencore Plc and Anglo American Plc, utility RWE AG and Canadian oil producer Suncor Energy Inc. are among those hit by withdrawals that amount to about $3.3 billion based on Bloomberg calculations using the fund’s reported holdings at the end of last year.