Norway oil fund bans 10 more coal-related companies

AFP . Oslo | Update:

Norway's sovereign wealth fund, the world's largest, has banned 10 more coal-related companies from its portfolio, most of them American or Asian, Norway's central bank said on Tuesday.

The fund, which is valued at around 7.63 trillion kroner (854 billion euros, $902 billion), is not allowed to invest in mining companies and power producers that generate more than 30 percent of their sales or power production from coal, the Norwegian parliament decided in June 2015.

The new exclusions bring the number of coal-related companies on the blacklist to 69.

Of the latest 10, two groups are from the United States and two from China, and one each from South Korea, Malaysia, Brazil, Poland, the Czech Republic and Hong Kong.

The central bank also placed two other US companies under observation, bringing the number on that list to 13.

Ethical rules bar the fund from investing in companies accused of serious violations of human rights, child labour or serious environmental damage, as well as manufacturers of "particularly inhumane" arms and tobacco firms.

Coal giants Anglo American, BHP Billiton and Glencore are however not be affected by the regulation, because their other mining activities are so massive that their coal businesses represent less than 30 percent of their overall revenues.

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