Norges Bank excludes Evergreen from pension fund over scrapping practices

Norway’s central bank has excluded Evergreen Marine from one of its two sovereign wealth funds, citing the Taiwanese company’s vessel scrapping practices as causing “serious human rights violations and severe environmental damage”.

The fund’s Council on Ethics claimed that “Evergreen Marine has for several years disposed of decommissioned vessels by sending them to be broken up for scrap on the beaches of Bangladesh and Pakistan, a practice known as beaching, where working conditions are extremely poor”.

“There are no indications that the company will cease disposing of ships by means of beaching,” it added following an assessment last year.

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