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USD 85 billion asset manager is planning a total exit from coal

The biggest publicly-traded life insurer in Norway, Storebrand ASA, is planning a total exit from coal by 2026.

Jan Erik Saugestad, CEO of Storebrand Asset Management is used to being first mover in ESG-issues. This time Storebrand ASA is going for a total exit from coal. | Photo: Storebrand Asset Management

Storebrand ASA is just one of a widening field of investors withdrawing from the most polluting fossil fuels as the threat of climate change reshapes asset management. The asset manager has already excluded 64 companies with ties to coal since it introduced its first restrictions in 2013. Norway’s USD 990 billion (Euro 871 billion) sovereign wealth fund, the world’s largest, cut its exposure to coal after introducing similar rules in 2015.

Oslo-based Storebrand, which has USD 85 billion in assets under management, already refrains from investing in companies that get more than 30 percent of their revenue from coal. Those restrictions will be gradually tightened over the next eight years, it said.

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