Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

Norway's sovereign fund bars US firm Duke over pollution

Share this article

Norway's sovereign fund bars US firm Duke over pollution
A Duke Energy plant in Ashville, North Carolina. Photo: Duke Energy
14:32 CEST+02:00
Norway's sovereign wealth fund, the world's biggest, has placed US group Duke Energy and three subsidiaries on its blacklist for causing "unacceptable" environmental damage, Norway's central bank said on Wednesday.
The fund, which is worth around 7.35 trillion kroner (€800 billion, $900 billion), has sold its stakes in the companies in line with a recommendation from its Ethics Council in April.
 
The Council said at the time: "For many years, these companies have among other things repeatedly discharged environmentally harmful substances from a large number of ash basins at coal-fired power plants in North Carolina."
 
 
Despite several court rulings ordering the companies to remove or seal these ash basins, the planned measures are not expected to be fully implemented for another 10-15 years, the Council said.
 
The fund's decisions influence the market. In addition to the immediate financial consequences for the companies, the fund's moves are also closely watched and copied by other investors around the world.
 
The Norwegian fund's investment policy is run according to strict ethical guidelines, with a focus on sustainable economic, environmental and social development.
 
Those rules bar it from investing in companies accused of serious violations of human rights, child labour or serious environmental damage, as well as manufacturers of "particularly inhumane" arms, tobacco firms and companies who generate more than 30 percent of their sales from the coal business.
 
The fund has holdings in around 9,000 companies, owning the equivalent of 1.3 percent of world stock market capitalisation.
Get notified about breaking news on The Local

Share this article

Advertisement

From our sponsors

The Swedish university tackling the challenges of tomorrow

Ranked among the world's best young universities in the QS Top 50 Under 50, Linköping University (LiU) uses innovative learning techniques that prepare its students to tackle the challenges of tomorrow.

Advertisement
Advertisement
Jobs
Click here to start your job search
Advertisement
Advertisement

Popular articles

Advertisement
Advertisement