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Storebrand Asset Management dumps Exxon, Chevron on climate

Norwegian life insurer Storebrand ASA has beefed up its climate policy, leading it to exit oil giants Exxon Mobil Corp. and Chevron Corp. and accelerate a full divestment from coal.

Jan Erik Saugestad, chief executive of Storebrand Asset Management. | Photo: PR/Storebrand

The move by the Oslo-listed company, which has about EUR 77.3bn under management, is another illustration of how investors are adjusting to the risks of climate change, putting pressure on fossil-fuel producers.

Storebrand has sold its holdings in Exxon and Chevron, chemicals giant BASF SE and miner Rio Tinto Group for their lobbying efforts against the Paris Agreement and climate regulation, it said in a statement. It also quit ConocoPhillips and Husky Energy Inc because of their investments in polluting oil sands.

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