Anglo-American: Divestment Plan and Coal Investments

anglo-american: The divestment plan means the fund will drop coal investments worth an estimated 6bn, which could include shares in the mining companies Anglo-American, Glencore and the German energy firm RWE. The Government Pension Fund Global, which is built on Norway's legacy oil earnings, will also move ahead with plans to scrap investments worth 7bn in oil exploration and production companies, according to The Guardian. It will, however, retain stakes in oil companies which are limiting their exposure to fossil fuels by investing in clean energy technologies. Norway's parliament voted plans into law on Wednesday for the fund to dump investments in eight coal companies and an estimated 150 oil producers. These include BP and Shell, but rule out London-listed North Sea companies including Premier Oil and Tullow Oil. Alongside the breakthrough for fossil fuel divestment, the fund will for the first time have a legal mandate to invest directly in renewable energy projects rather than listed energy companies. It will also step back from any company which generates more than 10GW of electricity from coal, or mines more 20m tonnes of thermal coal a year. (news.financializer.com). As reported in the news.