Magazine article New Internationalist

Divestment Glory

Magazine article New Internationalist

Divestment Glory

Article excerpt

NORWAY

Climate campaigners were high-fiving all over the world in June when they learned that Norway will divest its sovereign wealth fund from coal, the largest fossil-fuel divestment commitment secured to date.

The Norwegian parliament voted unanimously to divest a staggering $8.8 billion from the mining and burning of coal - the most polluting fossil fuel - on 5 June.

A coalition of civil-society organizations hailed the decision as a critical first step, which bodes well for the upcoming climate talks in Paris next December.

The UN-backed 'Fossil Free' campaign aims to convince investors that they should sell carbon-intensive stocks because reserves of coal, oil and gas are many times greater than could be safely burned.

In just three years, the campaign has persuaded major institutions, such as French insurance firm Axa, which dumped over half a million dollars of coal-blackened investments in June, Stanford University and the Church of England as well as hundreds of pension funds, states and city councils, to go fossil-fuel free. …

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