Norway decides to divest from all coal-related assets

[That Norwegian Guy]

The $857.1 billion worth Norwegian Pension Fund invested abroad, will divest from the coal industry, a move instigated by the ethical board which makes recommendations for the strategies of the pension fund. In addition, half a billion is immediately re-invested into "renewable energy technologies", however what they are is unknown at this early moment. By "coal industry", they are talking about all companies where more than 30% of the revenue is coal-related. Every political party in Norway was in agreement with the big change, and due to the size of Norway's investments, could deal a massive blow to many giant companies.

 

 

—I am extremely satisfied that all the parties have decided to divest from coal. Coal is in a league of its own in terms of pollution world wide.

Torstein Tvedt Solberg, Financial committee (Labour party)

 

To put the fund in perspective, 60% of its total is invested in stocks and bonds, and it is claimed that Norway owns 1.78% of all stocks in Europe.

 

This is not the first time Norway has excluded companies from becoming potential targets for investments due to ethical reasons, but it's the first time an entire mainstream industry is excluded apart from the tobacco industry.

 

 

Above: Pressure from citizens as well as activists from all over the world loomed over the debate as it went on.

 

 

Ultimately, the fund will "give companies some time" to make clear their future strategy in regards to coal, and if they display a clear intention to shift their activities over to more sustainable and environment-friendly energy production, they will "not necessarily have to pull out right away". Carrot and a stick, in other words.

 

 

 

Examples of other ethical-based exclusions from the oil fund in history:

 

2006: Wal-mart (USA) was excluded for "breach of human rights and labour rights"

2009: Textron Inc. (USA) was excluded for production of componentry for cluster bombs.

2013: Zijin Mining (China) for "severe environmental damages"

 

 

Source: E24.no (in Norwegian)

[Notional]

God damn Norwegians, stealing our Danish oil and wasting it on hippie stuff

 

No but seriously you all suck.

[Guest Kloaked]

OP, weren't you just complaining today about having to wade through the tech news section just to get to the PC-only news?

 

EDIT: Yup: http://linustechtips.com/main/topic/374741-whats-a-good-forum-with-a-subforum-like-ltt-tech-news-reviews-but-without-all-the-mobile-gadget-game-stuff/#entry5068639

[Real_PhillBert]

Cool, I guess. 

[That Norwegian Guy]

God damn Norwegians, stealing our Danish oil and wasting it on hippie stuff 

 

No but seriously you all suck.

 

 

You know Norway gave birth to Denmark, (if you read SATW) you have no power here 

 

OP, weren't you just complaining today about having to wade through the tech news section just to get to the PC-only news?

 

EDIT: Yup: http://linustechtips.com/main/topic/374741-whats-a-good-forum-with-a-subforum-like-ltt-tech-news-reviews-but-without-all-the-mobile-gadget-game-stuff/#entry5068639

 

PC hardware is #1, doesn't mean there aren't exceptions.

 

Science and politics, and their relation to world economics, science discoveries and big movements in technology are fine, and demonstrably strongly tech related.

 

The umpteenth inch-forward iteration on a smartphone processor by Sam's SOCks, the fallout over Grammy Theft Kanye VI running at 1 FPS lower with less beard rendering grandeur than advertised, and discussions over the legality of gold-plating the faucet on your iSink are not.

[Notional]

You know Norway gave birth to Denmark, (if you read SATW) you have no power here 

 

http://satwcomic.com/they-grow-up-so-fast But you forget we owned you! :lol:

[KakaoDj]

http://satwcomic.com/they-grow-up-so-fast But you forget we owned you! :lol:

butthurt danske? 

feels k to be #1 on HDI scale