Pension fund giant KLP cuts coal related investment
BHP Group is among several companies a $106 billion international pension fund has excluded from its investment universe as it aims to rid its portfolio of coal.
Norway’s Kommunal Landspensjonskasse (KLP) took the decision to divest almost $520,000 of holdings in stocks and bonds of across 46 such companies.
It used three exclusion criteria: companies that get more than 5% revenue from coal-based activities; produce more than 20 million tons of coal annually; and have more than 10,000 megawatts of installed production capacity.
“KLP’s ambition is to send a strong signal on the urgency of transitioning from fossil fuel to renewable energy sources. Through divestment and active ownership, KLP intends to send a clear market signal to producers, distributors and users of energy,” it said.
Read more @financial standard
