The Norwegian Parliament voted today for its $900bn sovereign wealth fund, the world's largest, to divest from coal companies.
"This is a major breakthrough in the fight against dirty fossil fuels" says Lars Haltbrekken, chairman of Friends of the Earth Norway.
Domestic campaigning and international pressure has helped secure a unanimous decision in the Norwegian Parliament today. The Norwegian fund will withdraw its investments from all companies that generate more than 30 percent of their revenue or output from coal-activities.
"The Norwegian sovereign wealth fund is based on Norwegian oil and gas production. When this is invested in fossil fuels we get a double climate impact. Divesting from coal is a major victory in the fight against climate change and for those affected by its impacts." said Lars Haltbrekken, Chairman of Friends of the Earth Norway.
The movement to divest from fossil fuels has seen big growth in recent years. All over the world people are confronting funds and institutions to divest from fossil fuels.
"Major financiers are waking up to the fact that dirty energy is a bad investment for people and planet, which is a huge inspiration for activists working to combat dangerous climate change. European funds and institutions must now follow suit and join the move away from climate-killing fuels." said Colin Roche, extractives campaigner at Friends of the Earth Europe.