Skip to content
Subscriber Only

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
Fawley Oil Refinery As Commodity Likely To Avoid Repeat Negative Price Shock
Photographer: Luke MacGregor/Bloomberg
Updated on

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.