Nordic fund manager ends payments to coal

Fund manager, Nordsea, has decided to end funding coal-fired power plants.

The company is the latest such body to cut their exposure to fossil-fuel assets, and is in the process of identifying companies for exclusion that have a “large and sustained exposure to thermal coal mining”, according to Sasja Beslik, head of corporate governance at the group.

KLP, Norway’s largest pension fund, decided in November to blacklist companies that derive more than 50 per cent of their revenues from coal-based activities. The 27 companies affected included Peabody Energy, the world’s largest coal company, and India’s Tata Power.

These investors join a list of more than 800 institutions that have committed to reducing their exposure to coal and other fossil fuel-driven companies over concerns that governmental action to combat climate change has made these investments more risky.

There is resistance to fossil-fuel divestment in the US, where legislation is under way that could force Calpers and Calstrs, two of the biggest US public pension funds, to divest completely from coal.

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