Norway oil fund's coal exposure bigger than claimed -environment groups

martes 25 de noviembre de 2014 01:00 GYT
 

* Fund has 82 billion crowns in coal-related firms: green groups

* Fund says has just 2.6 billion in coal assets

By Balazs Koranyi and Alister Doyle

OSLO, Nov 25 (Reuters) - Norway's $860 billion sovereign wealth fund, the world's biggest, has more exposure to coal than it said earlier and should sell out, three environmental groups said, potentially re-igniting calls for the fund to revamp its portfolio.

The fund had investments worth 82 billion crowns at the start of the year in companies that are either major producers or consumers of coal, and the investment rose in 2013, contrary to the fund's claims that coal exposure was falling, Germany's Urgewald, Greenpeace and Norway's Framtiden said on Tuesday.

Norway's opposition Labour party last year proposed banning the fund from investing in coal and was close to winning a majority. It backed off when the government agreed to appoint experts to review the fund's investments.

The fund said only 2.6 billion crowns ($380 million) were in coal assets at the start of 2014.

The environmental groups argued that the fund excludes companies like iron ore-focused BHP Billiton , also one of the world's biggest coal producers, or Brazil's Vale , which is making major coal investments.

The fund also classified Germany's RWE as a utility even though it is a major coal producer and consumer, the groups said in a report.   Continuación...