Norway's sovereign fund halves coal exposure.

Reuters: “Norway’s $817 billion sovereign wealth fund, the world’s largest, has halved its exposure to coal producers, with most of its remaining interest in the sector in Chinese companies, its chief executive said on Tuesday.”
“Oslo has been at diplomatic loggerheads with China since the award of its Nobel Peace Prize to human rights activist Liu Xiaobo in 2010.
Norway’s parliament is studying a proposal to ban the fund from coal, which has the backing of a majority of parties, but not that of the minority government.
“Our investments in coal are limited and falling. They have been halved over the last two years,” Yngve Slyngstad told a parliamentary hearing.
He did not say why the fund had cuts its exposure to coal. But the fund prioritises the management of the risk posed by climate change as part of its strategy. Coal is the energy source that produces the most carbon emissions.
….”It is a sector of little economic significance for the fund,” said Slyngstad. By comparison it invested more than ten times as much, or 32 billion crowns, in green companies, he said.
The fund is for ethical reasons banned from investing in certain sectors, such as tobacco, nuclear weapons, cluster bombs or anti-personnel landmines.
….The proposal by the opposition Labour party does not specify which coal firms could be banned, whether they would include coal miners, power generators that use coal, steelmakers, and/or firms that transport coal.
….If the proposal included all miners that extract coal, some 90 firms would be affected, including BHP Billiton , Vale, Glencore and Anglo American.”