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Norway sovereign fund drops 32 coal mining firms from its portfolio in 2014

Norway sovereign fund drops 32 coal mining firms from its portfolio in 2014

OSLO: One of the biggest sovereign wealth funds in the world has started moving away from coal, dropping 32 coal mining companies from its portfolio in 2014. Of these, 13 are in India.

Norway’s Government Pension Fund Global (GPFG) has dropped its investments in these companies citing higher risks.

As part of our focus on climate change, we have looked at greenhouse gas emissions from companies in the portfolio. Companies that rely on value chains with particularly high greenhouse gas emissions may be exposed to risk from regulatory or other changes, leading to a fall in demand,” the fund has said in its recently released report on responsible investing.

Adani, Coal India, GVK, the Jindals and NTPC have been dropped, while in the UK, Essar Energy, which also has significant investments in India, has been left out by the fund, which is worth more than $850 billion.