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Norway fund may have to offload $1 billion stake in Glencore in shift away from coal

OSLO (Reuters) – Norway’s $1 trillion sovereign wealth fund may have to sell its $1 billion (£786 million) stake in commodities giant Glencore, among other companies that derive more than 30 percent of their revenue from coal, to meet proposed tighter ethical investing rules.

Under the centre-right government’s plan, expected to be adopted by Norway’s parliament on Wednesday, the world’s largest fund would no longer invest in companies that mine more than 20 million tonnes of coal annually or generate more than 10 gigawatts (GW) of power with coal.

Environmental campaigners Greenpeace and Urgenwald said the new guidelines mean the fund would have to divest its stakes in Glencore, in which the fund has a stake of 2.03%, worth $1 billion at the end of 2018, according to fund data.Read More

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