News

World news Bookmark and Share

30.11.2018 10:26
Storebrand, an $85 billion asset manager, to divest from coal by 2026
Insurer to gradually tighten restrictions over next 8 years
AUTHOR: publics.bg


  • © Oskar Seljeskog, flickr.com

The biggest publicly traded life insurer in Norway, Storebrand ASA, is planning a total exit from coal by 2026, Bloomberg reports.

The company is becomgin part of the widening field of investors withdrawing from the most polluting fossil fuels as the threat of climate change reshapes asset management. The asset manager has already excluded 64 companies with ties to coal since it introduced its first restrictions in 2013. Norway’s $990 billion sovereign wealth fund, the world’s largest, cut its exposure to coal after introducing similar rules in 2015.

Oslo-based Storebrand, which has $85 billion in assets under management, already refrains from investing in companies that get more than 30 percent of their revenue from coal. Those restrictions will be gradually tightened over the next eight years, it said.

The approach gives it time to seek cooperation with other investors and work with the companies at risk of being divested, Storebrand Asset Management AS Chief Executive Officer Jan Erik Saugestad said in an interview.

“Divesting from companies is not a goal in itself,” he said. “We’d rather see the companies change their practices in the right direction. We need to acknowledge that this can take some time.”

Storebrand will start by excluding companies that get 25 percent of their revenue from coal. That threshold will be cut by 5 percentage points every second year, until it reaches 5 percent in 2026. That’s the lowest the asset manager can guarantee given marketing rules and current data reliability, spokeswoman Sara Skarvad said.

Storebrand’s new goals follow on from recommendations from the Intergovernmental Panel on Climate Change, which in its latest report called for the near total end to coal-based power production by 2050.

While the CEO declined to provide estimates on how many companies would be affected, he said five companies will be followed closely as Storebrand prepares to drop the threshold to 20 percent in 2020, without naming them. After introducing investment restrictions in 2013, it last year tightened them by dropping firms that develop more than 1 gigawatt from new, large coal-fired power plants. That led to about $17 million in divestments, including German utilities RWE AG and Uniper SE.


TAGS: norway | assets | finance | divestment | coal 


All world news

No published comments
Login to comment


Interview

17.09.2020  Boyana Achovski, General Secretary of the international organization Gas Infrastructure
In both short and long term, gas will continue being part of the energy mix of Southeastern Europe
Full text

Events

No records in this category!

Poll

publics.bg asks: What will you use to heat your homes this winter?









 



We use cookies to ensure we give you the best browsing experience on our website. Find out more on how we use cookies and how you can change your settings.

Cookies

What are cookies ?

A cookie is a small text file that a website saves on your computer or mobile device when you visit the site. Cookies are widely used in order to make websites work, or work more efficiently, as well as to provide information to the owners of the site.

How do we use cookies?

Website use Google Analytics, a web analytics service provided by Google, Inc. ("Google") to help analyse the use of this website. For this purpose, Google Analytics uses"cookies", which are text files placed on your computer.

The information generated by the cookies about your use of this website - standard internet log information (including your IP address) and visitor behaviour information in an anonymous form - will be transmitted to and stored by Google including on servers in the United States. Google will anonymize the information sent by removing the last octet of your IP address prior to its storage.

According to Google Analytics terms of service, Google will use this information for the purpose of evaluating your use of the website and compiling reports on website activity.

We not use, and not allow any third party to use the statistical analytics tool to track or to collect any personally identifiable information of visitors to this site. Google may transfer the information collected by Google Analytics to third parties where required to do so by law, or where such third parties process the information on Google`s behalf.

According to Google Analytics terms of service, Google will not associate your IP address with any other data held by Google.

You may refuse the use of Google Analytics cookies by downloading and installing Google Analytics Opt-out Browser Add-on. The add-on communicates with the Google Analytics JavaScript (ga.js) to indicate that information about the website visit should not be sent to Google Analytics.

Cookies are also used to record if you have agreed (or not) to our use of cookies on this site, so that you are not asked the question every time you visit the site.

Google Analytics Opt-out Browser Add-on

How to control cookies?

You can control and/or delete cookies as you wish. You can delete all cookies that are already on your computer and you can set most browsers to prevent them from being placed.

All about cookies

Managing cookies in your browser

Most browsers allow you to:
  • see what cookies you have got and delete them on an individual basis
  • block third party cookies
  • block cookies from particular sites
  • block all cookies from being set
  • delete all cookies when you close your browser

If you chose to delete cookies, you should be aware that any preferences will be lost. Also, if you block cookies completely many websites (including ours) will not work properly and webcasts will not work at all. For these reasons, we do not recommend turning cookies off when using our webcasting services.
X