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Norwegian oil fund removes British power company from blacklist

British power company Drax has significantly reduced its use of coal and is no longer blacklisted by the Norwegian oil fund.

Photo: Ints Kalnins/Reuters/Ritzau Scanpix

After three years on the blacklist, British power company Drax is back on good footing with one of the world's largest investors -- the Norwegian oil fund. The change of status was triggered by Drax's endeavors to ditch coal in favor of cleaner energy, reports the Financial Times.

"The company has undergone significant restructuring, with a transition from coal to biomass as fuel," the oil fund explained in a statement about the removal of Drax from the blacklist.

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