In a move that climate justice campaigners are heralding as a challenge to other powerful decision-makers and investors around the world, the Norwegian parliament on Friday approved a measure calling for the Norwegian Government Pension Fund—the largest sovereign wealth fund in the world with holdings of approximately $890 million—to begin divesting from companies heavily involved with the mining, transportation, or burning of coal.
Sane nations shall have vigorous, multi-party debate, and will eventually follow Norway’s lead.
The United States is not a sane nation.
Norway is not a “King Coal” nation. There is some important leadership from the country on energy issues. But, let’s be cautious in optimism…
As a Norwegian-American, I am so proud of Norway for taking this step. I do believe the fund in question is 890 billion, not million. Norway has been a leader in progressive change for a healthier planet. Norway takes care of its own. The liars will tell you Norway is an icky socialist country with the populace sick of govt interference. My relatives living there say different. The fact such a small country has the largest pension fund in the world says something about where Norway puts its money…in the pockets of all citizens, not just the wealthy few. The elderly don’t have to eat cat food to survive. Almost every Norwegian can afford a summer cottage and they all take off for the winter and travel. Norwegians think they have an obligation to each other and the country to keep themselves fit and not be a burden on the health care system…which works wonderfully. Not like the fat cows here who can’t shove enough garbage in their gaping maws. I’m just sorry my greatgrandfather decided to leave and come to America or I’d be there now. Of course, he also owned what is now downtown Chicago and decided there was no future there…sold it all for 50 cents an acre and moved to South Dakota. Unfortunately, not all Norwegians are smart
If you own fossil fuel stocks, realize that all of this divestment is “temporarily” driving your stock down, down, down. Nobody at all is rushing in to take any exiting investor’s place. Your only hope is that in the very long run the investors come back.
It’s not going to happen. The world is eventually going to tax the tar out of every nonrenewable carbon fuel. So, if you were dumb enough to hold fossil fuel stock, and if you were dumb enough to ride out the selling wave however long it takes, then you’re dumb enough to have a stock certificate rolled up and handed to you as your dumbness diploma.
Yeah, $890 million is less than a quarter of the cost of just one US construction project - the $3.9BTappan Zee Bridge replacement - not to mention London’s $30B underground commuter rail project.
I wish USAns would get better with numbers.
Since China is now burning more coal than the U.S., Europe, and Japan combined, I would hope that the Norwegians would divest from them also.
Yeah, kinda threw me off too but looks like they fixed it.
Anyway, what kind of person are you, reading the article and trying to make sense of it? Most people read the headline, go to comments and complain abt capitalism and the hard life under the boot of the US empire
Where I live, Georgia, USA they are cutting down forests to supply wood pellets to Europe. The wood pellets count as “biomass” and are therefor “Green” and do not count towards co2. I don’t know what genius thought that cutting down our forests to burn (extremely inefficient btw) in Europe was a good idea…but I find it very worrisome.
Yes. I am reminded of the law that Wisconsin used to have to prohibited serving margerine in restaurants… because Wisconsin was a dairy state. In fact, a global withdrawal from coal without a concomitant divestment from oil and gas could benefit Norway’s economy by accelerating North Sea oil and gas extraction.
plus all the fossil fuel consumed to ship it all as well as cut it down and process it into pellets.
The corporations simply borrow the dough at those zero interest rates to buyback the shares in order to assure the value won’t drop much for the other shareholders.
Divestment does little other than make some folks feel righteous while circling the mall parking lot…
I’ll admit… I’ve done that… read the title, maybe the beginning and then cut to the comments… but, also, I may run into info in the comments, that sends me back to read the article…
… and the co2 produced to make the wood into pellets… lots of people here around me… love to think of that they are being, helpful, by not burning coal… well, that is good, but why need the wood put into pellets?.. just a further way to add to the co2 foot print of the wood…
The pellets are part of the marketing of pellet stove technology to the middle classes who find an actual woodstove as inconvenient. Where i live the pellet stove scam is seen as ridiculous by most for many reasons including the fact that as soon as the electricity goes out the feeder stops operating. so when you actually need it he most the damned things don’t work.
Panem et circenses, (bread and games) kept the Roman Empire going for a long time.
Well, the action proposed by the Norwegian sovereign wealth fund is worth 8 billion meaningless things.
I’m sorry. I’ll try not to let that happen again.