WWF-UK statement in response to Norway divestment move

9 Jun 2015 12:12 PM

WWF-UK welcomes the largest divestment move yet – by the Norwegian parliament.

In a statement, the Norwegian parliament said that all the parties in the Storting have reached agreement that the GPFG will no longer invest in coal companies. The Government has now, it said, been requested to invite Norges Bank and the Council on Ethics for guidance in preparing the criteria for the withdrawal.

Ray Dhirani, corporate stewardship manager on sustainable finance at WWF-UK, said in response:

“WWF welcomes this important move by the Norwegian parliament in selling its shares in coal. The writing has been on the wall for so long and it is time for everyone to take the initiative and do what they can to combat climate change which is the single biggest challenge to people and nature.

“The science says 80 per cent of coal must stay in the ground, and we don’t have the luxury of time if we are to keep the global temperature rise to below 2 degrees C. This move sends a strong signal to markets, governments and business that much more can be and should be done to move towards a low carbon economy. Divestment addresses the urgency of the issue and opens up the political space needed for meaningful action around climate change.

“The size of this move, and the importance of the institution behind it, will send a strong shockwave through the financial markets.”

For further information, please contact:

Rebecca Pain, Business Media Communications Manager, rpain@wwf.org.uk 
T: +44 (0)1483 412303 | M: +44 (0)7971 149666

Notes to Editors. 

Statement from Norwegian parliament: https://www.stortinget.no/en/In-English

WWF is one of the world’s largest independent conservation organisations, with more than five million supporters and a global network active in more than one hundred countries. Through our engagement with the public, businesses and government, we focus on safeguarding the natural world, creating solutions to the most serious environmental issues facing our planet, so that people and nature thrive. Find out more about our work, past and present at wwf.org.uk.