Major investment firm dumps Exxon, Chevron and Rio Tinto stock

A Nordic hedge fund worth more than $90bn (£68.6bn) has dumped its stocks in some of the world’s biggest oil companies and miners responsible for lobbying against climate action. Storebrand, a Norwegian asset manager, divested from miner Rio Tinto as well as US oil giants ExxonMobil and Chevron as part of a new climate policy targeting companies that use their political clout to block green policies. The investor is one of many major financial institutions divesting from polluting industries, but is understood to be the first to dump shares in companies which use their influence to slow the pace of climate action. Jan Erik Saugestad, the chief executive of Storebrand, said corporate lobbying activity designed to undermine solutions to “ the greatest risks facing humanity ” is “simply unacceptable”. Storebrand will also divest from German chemicals company BASF and US electricity supplier Southern Company for lobbying against climate regulation, and a string of companies that derive more than 5% of their revenues from coal or oil sands. “We need to accelerate away from oil and gas without deflecting attention on to carbon offsetting and carbon capture and storage. Renewable energy sources like solar and wind power are readily available […]

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