Rack up some more wins for divestment: the University of Hawaii System, the University of Edinburgh, and the Norwegian wealth fund have all within the last week answered the growing global call for institutions to cut ties with the fossil fuel industry.
Norway’s parliamentary parties announced on Thursday that the government would divest its $900 billion sovereign wealth fund from coal, citing the industry’s impact on climate change. According to the Associated Press, environmentalists estimate that about $11 billion of that fund—the largest endowment in the world and often referred to as the oil fund—is currently invested in coal.
Greenpeace Norway activist Truls Gulowsen told the AP, “We expect that billions of euros will be withdrawn from the coal industry, when this happens… This is a huge win for the divestment movement and a real sign of hope that investment patterns can be changed.”
The rule is expected to be formally approved on June 5 with the full support of both the government and opposition parties.
Norway’s decision comes just days after the University of Edinburgh announced its plan to divest from three of the world’s largest fossil fuel producers within six months.
Organizers with the Edinburgh People & Planet student group campaigned for three years to convince the university to divest its $455 million endowment fund from fossil fuels. Following a 10-day student occupation of its finance department, University of Edinburgh officials said on Tuesday that the school would pull funds from coal and tar sands, although they would grant the targeted companies four weeks to respond.
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