Norges Bank Investment Management sells out of Glencore, Anglo American and RWE

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Norway’s USD 1 tn oil fund has sold out of some of the biggest commodity and utility companies which include Glencore, Anglo American, and RWE due to the fund deciding that these companies breached their guidelines on their use of coal.

In recent years, Norway’s parliament has tightened the regulations on what the oil fund can invest in. New criteria has prevented the fund from investing in companies that extract more than 20 million tonnes of thermal coal per year, or use more than 10,000 MW of power from coal.

The Norwegian oil fund was a leading shareholder that owned 1.2% of Glencore, 2.4% of Anglo American and 0.6% of RWE. Due to the aforementioned restrictions, the fund could no longer continue with its investments and sold its entire stakes within these companies.

These swift decisi...