The small country holding the key to divestment history
4:04 PM (38 minutes ago)
At US$867bn, Norway’s Global Pension Fund is the largest of its kind in the world. But with great (financial) power, come great (moral) responsibilities.
We know that the Fund understands the need to divest as it’s already shed dozens of coal companies including Whitehaven, responsible for the disastrous Maules Creek mine, and Adani Power, whose parent company owns Abbot Point and the proposed Carmichael mega coal mine in the Galilee Basin. But the Fund is yet to give coal or fossil fuels the full flick.
With a crucial Norwegian parliamentary hearing coming up on May 4th, we have a real opportunity to get the world’s largest fund to divest from coal altogether.
If the Fund fully divests from coal, the impact would be game-changing. With enough pressure from outside of Norway, we have a real chance of securing the largest act of fossil fuel divestment ever. If enough of us make our voices heard, it could send a strong signal that the writing is on the wall for the fossil fuel industry, and that it’s time to end coal once and for all.
On May 4th, the Finance Committee of the Norwegian parliament will start debating the Fund’s investment policy. We already have some allies in parliament, and with your voice added to the voices of frontline communities who are fighting coal here in Australia to overseas in India, Poland, the Philippines and more, we can get a strong group of political parties to back our demands.
Norway has built its huge wealth off its oil and gas revenues for decades, but it’s also a leader in renewable energy, producing more than its entire energy needs last year. Now it’s time for Norway to get its investments in order too.
Yours for a brighter future,