Loophole lets Norway's $1tr fund boost its coal exposure
Norway’s massive sovereign wealth fund has increased its exposure to coal reserves even after imposing restrictions on investing in the fossil fuel that’s seen as one of the main catalysts for global warming, according to a report.
The findings are another illustration of how the ban, which restricts investments in companies that get more than 30% of their activity or revenue from coal, still allows investments in giants such as trader Glencore and miner BHP Group. Opposition politicians and environmental groups have called on Norway to close “loopholes” as the government prepares to present a review of the rules this year.