The Government Pension Fund Global, Norway’s $1 trillion sovereign wealth fund, may have to sell a $1 billion stake in commodities firm Glencore, reported Reuters.
Norway’s parliament agreed on Wednesday to the center-right government’s plan that 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 of power from coal.
Environmental campaigners Greenpeace and Urgewald said the new rules mean the fund would have to divest its 2.03 percent stake in Glencore, worth $1 billion at the end of 2018, according to fund data.
The fund would also have to sell its 2.16 percent holding in miner Anglo American, worth $620 million, they added, citing their own analysis.
