OSLO: Norway’s sovereign wealth fund has reduced its pure-play coalmining holdings again, cutting its stake to just $A83m of the $A1.12tn fund, The Wall Street Journal reports.
According to the newspaper, the holdings are now just about one-fifth of its late 2013 pure-play coal holdings, but the fund still holds about $20bn in utilities shares and $6bn in diversified mining company stocks, both of which may include coal operations.
The changes come amid concerns about the sustainability of pure-play coalminers’ business models, the Journal reports, with Norwegian politicians in a continuing debate about whether to restrict the giant fund’s investments in fossil fuel industries, particularly with the UN climate summit looming in Paris later this year.
