IEEFA Research

Coal Industry Arguably ‘Poorest-Performing Sector’ in Global Economy: New IEEFA Analysis

A ‘clear, effective and achievable’ mandate by Norway's Parliament is seen as the most effective way to limit losses from an energy sector in deep decline; Fiduciary duties are emphasized; Industry’s growing opposition to climate science is noted

CLEVELAND, May 18, 2015 ( — The Institute for Energy Economics and Financial Analysis (IEEFA) today urged the Norwegian Government Pension Fund Global (GPFG) to reduce its exposure to fossil-fuel risk by divesting more of its coal-related holdings. A new IEEFA report, “The Case for Divesting Coal from the Norwegian Government Pension Fund Global,” presents […]

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Case for Divesting Coal from the Norwegian Government Pension Fund Global

Case for Divesting Coal from the Norwegian Government Pension Fund Global By Tom Sanzillo, Director of Finance, Institute for Energy Economics and Financial Analysis View in Norwegian.

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More News and Commentary

$900 Billion Norway Fund Drops Duke Energy, Citing Coal Risks

Gwladys Fouche for Reuters: Norway’s $900-billion wealth fund can no longer invest in Duke Energy, the biggest U.S. power firm by generation capacity, due to alleged breaches of environmental law at its coal-fired plants, Norway’s central bank said on Wednesday. The fund, which owns 1.3 percent of the world’s listed company equity with stakes in […]

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52 Coal Companies Among Norway Divestiture Sales

Stine Jacobsen for Reuters: Norway’s $863 billion (£610.3 billion) sovereign wealth fund, the world’s biggest, said on Thursday it had sold shares in 52 coal-dependent companies from its portfolio as part of a policy to fight climate change. A Reuters calculation showed the stakes sold were worth at least $1 billion at the end of […]

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Divestiture Movement, Deepening Distress of Coal Industry, Emerging Battles Over Solar, Overbuilding of Shale Gas Pipelines Highlight IEEFA Energy Finance 2016 Conference in New York City

Panelists From Deutsche Bank, Moody’s, S&P Capital IQ, New York Mayor’s Office, CalSTRS, Massachusetts Attorney General’s Office, Bloomberg New Energy Finance, Norwegian Parliament

COLUMBIA UNIVERSITY, MARCH 14-16; EXPERTS FROM EUROPE, ASIA, AUSTRALIA,  AND THE AMERICAS NEW YORK, Feb. 29, 2016 — The Institute for Energy Economics and Financial Analysis (IEEFA) today announced a 2016 conference lineup that includes leading energy finance experts, industry regulators, institutional investors, activists, market analysts and commentators from around the world. The conference, Energy […]

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Norwegian Pension Fund Divests From 73 Companies

Jonathan Williams: The Norwegian sovereign wealth fund divested 73 companies last year due to environmental or governance concerns, with a company’s level of carbon emissions responsible for the largest share of equity sales. Arguing that companies with high carbon emissions, either as a direct result of their operations or due to activities of their supply […]

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Norway Details Divestiture Plan

Terje Solsvik and Henrik Stolen for Reuters: Norway’s $828 billion sovereign wealth fund believes a new rule curtailing its investments in coal-dependent businesses could lead it to sell shares in companies across the world worth about 55 billion Norwegian crowns ($6.6 billion), it said on Friday. Around 120 companies are likely to be affected, it […]

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CSM: The Economic Rationale Behind Norway’s Divestiture

Cristina Maza for the Christian Science Monitor: Concerns over how sustainable certain business models are also plays a significant role in the decision to divest, according to observers. “When the fund divested from coal it had two specific rationales. One was environmental, and then there was the financial problem, which is that the coal industry […]

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In Norway’s Divestiture, Coal’s Shabby Finances Matter; Executive Intransigence Is a Factor Too

“Does 'Never' Work for You?” Industry Leaders Seem to Be Saying. “How Is 'Never'?”

In all the blur of coverage around Norway’s decision to direct its pension-fund managers to divest further from coal holdings, the most compelling argument to do so was sometimes overlooked. To me, nothing says get out of coal more than the financial angle. Coal companies have already lost billions of dollars over the past few […]

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Lesson No. 1 From Norway: The Fiduciaries Must Act

Money Managers Who Refuse to Divest From Coal Will Have to Be Told to Do So

Decision-makers at most institutional investment funds continue to reject the idea that divestment from fossil fuels—particularly from coal—makes sense. By ignoring substantial value losses in the coal sector, these money managers betray their fiduciary responsibilities to investors. Norway has shown the obvious way forward. Its recent move to divest from companies that receive 30 percent […]

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Norway’s Latest Move to Divest From Coal Holdings Stands to Affect Scores of Energy Companies in Asia, Europe and the U.S.

Effects Seen on Firms in 27 Countries; IEEFA Urges Investors to Heed ‘a Clear Signal That These Companies Are Losing Favor’

CLEVELAND, June 5, 2015 (IEEFA) – The Institute for Energy Economics and Financial Analysis is warning investors that Norway’s move toward further divestment in its coal-related holdings may affect scores of companies globally. In a commentary published on IEEFA’s web site, Tom Sanzillo, IEEFA’s director of finance, said that pension funds with similar holdings should […]

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In Norway’s Divestment, Consequences for Almost 50 Coal-Burning U.S. Utilities

Alabama Power, American Electric Power, Dominion Resources, Duke Energy, FirstEnergy, NRG Energy, Southern Company and 41 Others …

As Norway’s parliament moves to order the country’s gigantic pension fund to pull back on its investments in risky coal-centric companies, its actions spell consequences for a long list of U.S. utilities and energy conglomerates. In a press release we just posted, we list the nearly 50 U.S. companies that stand to be affected. Public pension funds […]

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