On May 27, the Finance Committee of the Norwegian Parliament issued a unanimous recommendation to divest the country’s sovereign wealth fund from the coal industry. The Norwegian Government Pension Fund Global is not only the world’s largest sovereign wealth fund; it is also one of the top ten investors in the global coal industry.
The recommendation asks the government to exclude companies deriving more than 30% of their revenues or their power production from coal. It will be formally adopted by the Parliament on June 5.
The Parliament is instructing the Norwegian Government to begin implementing the new criteria from January 2016 onwards.
NGOs expect that the Pension Fund’s investments in companies like Germany’s RWE, China’s Shenhua, Duke Energy from the Unites States, Australia’s AGL Energy, Reliance Power from India, Japan’s Electric Power Development Corporation, Semirara Mining from the Philippines and Poland’s PGE will, for example, all be shed.
— source commondreams.org
But the hard erned Pension is not for gambling on stock market. End the Pension fund culture. Keep it in government.