Major fund Storebrand divests wholesale

Norway’s Storebrand Asset Management has made sweeping divestments, cutting loose over two dozen listed companies under a new climate change policy including BASF.

Divestments totalled $47m in 21 companies, which against the AUM of $91bn may seem a small portion, but it is a significant demonstration of how asset managers view the future.

Under the new policy, any company with 5 per cent or more of revenue from coal or oil sands, or that lobby against the Paris Agreement, have been divested or excluded, these companies include Exxon Mobil, Chevron, BASF, and Rio Tinto.

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