Norway's $900 Billion Sovereign Wealth Fund Told to Reduce Coal Assets

Norway’s $900bn sovereign wealth fund, the world’s largest, should cut its exposure to the global coal industry and sell stakes in firms that focus on the sector.
A key parliamentary committee said on Wednesday that a bipartisan motion that the fund, which owns about 1.3% of all listed companies globally, should sell stakes in firms that generate more than 30% of their output or revenues from coal-related activities.
The minority right-wing government, which originally proposed softer criteria, also warned that adding too many investment criteria could lower the fund’s long-term returns.
Already under pressure from Norway’s political establishment, the fund has been selling down its coal portfolio in recent quarters and said its holdings were already small.
The law still needs to be approved by parliament.