The Sun Sets on Fossil Fuels: Norwegian Pension Fund Divests from Financially Worthless Assets

15/10/13

The Sun Sets on Fossil Fuels: Norwegian Pension Fund Divests from Financially Worthless Assets


http://www.alternet.org/environment/sun-sets-fossil-fuels-norwegian-pens...

Foundations and individuals divesting from fossil fuels because they are damaging the environment is nothing new; just last week, Dutch Bank Rabobank pledged to exit all its positions in shale gas drilling after citing issues with water and soil contamination from fracking that pose unacceptable risks to biodiversity, ecosystems and local residents.

However, in a more unprecedented move, Norwegian pensions and insurance giant Storebrand divested from 19 fossil fuel companies for purely economic reasons, citing the divestment was to “secure long term, stable returns for our clients” and that eventually those fossil fuel companies would be “worthless financially. read more . . .