A $91 Billion Asset Manager Dumps Exxon, Chevron on Climate
- Storebrand warns more divestments from oil could follow
- New policy completes exit from coal previously planned by 2026
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Norwegian life insurer Storebrand ASA has beefed up its climate policy, leading it to exit oil giants Exxon Mobil Corp. and Chevron Corp. and accelerate a full divestment from coal.
The move by the Oslo-listed company, which has about $91 billion under management, is another illustration of how investors are adjusting to the risks of climate change, putting pressure on fossil-fuel producers.