The world’s richest sovereign wealth fund has sunk more money into coal just three months after a high-profile pledge to dump fossil fuels as part of its commitment to responsible investing, according to financial analysis by three environmental groups.

Instead of reducing its overall exposure to businesses based on coal, the Norwegian Government Pension Fund (GPF) increased its holdings by 3bn Norwegian kroner to NOK 85.8bn ($11bn/£7.3bn) by the end of last year, the report Still Dirty, Still Dangerous said.

The finding underlines the difficulties of making sure investors deliver on pledges to get out of coal, oil and gas in response to an anti-apartheid style global divestment campaign.


2 thoughts on “Norway’s sovereign wealth fund accused of ‘pretend divestment’

  1. I just read about the Norwegian Government Pension Fund divesting! I was so excited and even put it in as an update for my divestment article. I don’t understand why they are back-tracking now.


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