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CEO  Storebrand Asset Management Jan Erik Saugestad. Photo: Storebrand
CEO Storebrand Asset Management Jan Erik Saugestad. Photo: Storebrand

Pressemelding -

Storebrand excludes another 10 coal companies

Release: US$80 billion Norwegian fund dumps RWE, E.ON’s UNIPER & eight other coal companies, throwing down the gauntlet to finance sector.

Today Storebrand, the largest private pension provider in Norway, with over US$80 billion assets under management, announces improved coal divestment criteria which excludes ten companies, is the first of its kind and lays down a new marker for the finance sector to hasten and deepen the exit from the climate-destroying coal industry (see the full new coal company is listed below). Coal is incompatible with climate targets announced at UN climate talks in Paris. Two years on, we at Storebrand, the largest private pension in Norway, see it as our duty to end our investments in ten more coal-related companies given how coal plants are the largest single source of carbon dioxide emissions.

The 14,300 MW being dropped exceeds the entire coal power capacity of the United Kingdom and Ireland, or more than the entire coal power capacity of Greece, the Netherlands, and France.

Jan Erik Saugestad, CEO Storebrand Asset Management said:

“Today we are throwing down the gauntlet to the financial sector, including the one trillion dollar Oil Fund, to screen out more coal companies, including giant power companies operating in Germany. This is also a warning to all coal plant developers, if you put steel in the ground, we’re out. To the power producers, clean up your energy sources or lose customers and investors. Since 2010, the capital leaving coal-fired power plants is equivalent to US$432 billion and this investor exodus trend is set to deepen as the industry faces structural decline.” “The coal industry simply has to go if we are to meet climate targets. There is no such thing as clean coal but there are clean and profitable alternatives like solar and wind. Since April 2016, our main fossil free fund has delivered returns of 32 per cent and we invest in solar and wind from Germany and Hong Kong to the US and Australia.”

The improved criteria includes divestment of companies involved in the construction of new coal fired power plants. It is an absolute limit of one Gigawatt under construction, and puts notice on companies with plans for building more. Furthermore, the criteria improves existing methods by including an additional analysis of companies with high levels of coal in their generation mix, and significant revenue from distribution.Meanwhile, Storebrand has expanded its US $1.8 billion fossil fuel free funds. New companies in the fund include two US companies, one being a play on high-voltage, direct current cables and another on energy efficiency in buildings. This is in addition to the 8 US solar power companies and 2 US wind power companies already in the fund.

These exclusions comes on top of Storebrands four year coal exit

Four years ago Storebrand decided to exclude all coal mining and power companies that had more than 30 percent in revenue from coal activity, from our portfolios. The companies that remained were companies considered to have a potential to change. If the change is not happening fast enough or going in the wrong direction, Storebrand will divest.

The new criteria includes restricting investments in companies involved in the construction of new power plants. Also included are companies that do not divest from coal companies they are likely to have left in their portfolios.

Notes

The 1GW threshold and US$432billion figure are based on Coalswarm data. 

Emner


Om Storebrand 

Storebrands ambisjon er å være best på sparing til pensjon. Storebrand skal levere bærekraftige løsninger tilpasset kundens livssituasjon slik at den enkelte får en bedre pensjon, og en bedre verden å gå av med pensjon i. Storebrand har om lag 40 000 bedriftskunder og 1,9 millioner personkunder i Norge og Sverige, med hovedkontor på Lysaker utenfor Oslo. Storebrand forvalter over 600 milliarder kroner og er Norges største private kapitalforvalter. Vi jobber målrettet for å nå visjonen om at Våre kunder anbefaler oss. Storebrand ble i 2017 kåret til verdens mest bærekraftige finansselskap under World Economic Forum i Davos. Storebrand-aksjen (STB) er notert på Oslo Børs.

Besøk oss på www.storebrand.no og følg oss på twitter @Storebrand_no

Kontakter

Pressetelefon

Pressetelefon

Pressekontakt Generelle mediehenvendelser +47 480 44 838
Anne Lindeberg

Anne Lindeberg

Pressekontakt Kommunikasjonsansvarlig Bærekraft +47 918 36 656
Vibeke Hoff Norbye

Vibeke Hoff Norbye

Pressekontakt Senior kommunikasjonsrådgiver +47 913 67 660
Sara Skärvad

Sara Skärvad

Pressekontakt Director of Communication Storebrand Asset Management +46 70 621 77 92
Stig-Øyvind Blystad

Stig-Øyvind Blystad

Pressekontakt Kommunikasjonsdirektør +47 918 47 226
Annemarte Norevik

Annemarte Norevik

Pressekontakt Senior kommunikasjonsrådgiver +47 97 61 51 97
Robert Henriksen

Robert Henriksen

Pressekontakt Senior kommunikasjonsrådgiver +47 41 02 04 02

Relatert innhold

CEO Storebrand Asset Management Jan Erik Saugestad. Photo: Storebrand

Storebrand Asset Management adds to fossil-free range of funds and calls on investors to move in a more sustainable direction

Fossil free strategies are a powerful tool, helping us shift billions away from investments with a challenging future. The increasing interest in fossil free funds responds to the growing public concern over climate change. By adding a ‘Europe’ fund to our range of fossil free portfolio the category becomes more complete, says Jan Erik Saugestad CEO Storebrand Asset Management.