IEEFA’s report today urging one of the biggest pension funds in the world to divest more substantially from coal says the arguments turns on financial risk.
The report gets global coverage from Bloomberg, among others.
From the Bloomberg article:
Coal is facing increasing competition from other energy sources, tougher legislation due to pollution and more public opposition, said the Institute for Energy Economics and
Financial Analysis, a Cleveland-based group promoting sustainable energy use. Norway’s fund, the biggest of its kind, should sell off miners and utilities that rely on coal for more than 20 percent of their activities, it said.
“The coal industry is arguably the poorest-performing sector in today’s global economy and is in a state of structural decline,” Finance Director Tom Sanzillo said in a statement.
‘The high level of risk for both coal-mining and coal-burning companies suggests weak long-term performance and is best avoided altogether.”
