Norway’s largest private money manager, Storebrand Asset Management, excluded and divested itself of more than two dozen listed companies under its new climate change policy, citing concerns with lobbying, coal and oil sands. The companies Storebrand exited from are mostly in oil and gas and the broader energy sector. “Companies that don’t recognize climate risk or do not seize those opportunities are, in our mind, less attractive,” he said. ConocoPhillips, which Storebrand divested itself of close to $4 million over its oil-sands business, declined to comment. Mr. Saugestad of Storebrand said he hopes the new policy serves as an example for other investors and inspires them to follow suit.

Source: Wall Street Journal August 24, 2020 18:48 UTC