Norway’s Largest Private Asset Manager Divests in Chevron, Exxon for Lobbying Against Climate Action

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A fire burns at the ExxonMobil Olefins Plant in Baytown, Texas on July 31, 2019. michelmond / iStock Editorial / Getty Images Plus A Norwegian hedge fund worth more than $90 billion has become the first major financial institution to divest from companies that lobby against action on the climate crisis , The Guardian reported Monday . Storebrand, as the fund is called, is the largest private asset manager in Norway, according to Reuters . As part of its new policy, it dumped its shares in major U.S. oil companies ExxonMobil and Chevron , as well as in mining giant Rio Tinto and German chemical company BASF. “The Exxons and Chevrons of the world are holding us back,” Storebrand chief executive Jan Erik Saugestad told The Guardian. Storebrand announced the divestments as part of a wider set of new climate policies Monday. – We are not only vulnerable to the systemic disruptions that #climatechange will unleash on ecosystems, societies… https://t.co/PgDrZl1hAb — Storebrand (@Storebrand) 1598523456.0 In addition to divesting from companies that lobby against the Paris climate agreement and climate change regulations, the fund will also: Make investment decisions in line with scientific consensus and the goals of the Paris […]

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