Additional coal exclusions from the Government Pension Fund Global

The exclusions follow Norges Bank Investment Management’s second round of analysis of companies that may be affected by this criterion. The implementation comprises all companies’ subsidiaries that issue bonds. This is an expansion since the first round of analysis. The exception is green bonds, or subsidiaries that are deemed to have significant renewable energy activity.

In accordance with the guidelines, companies may be placed under observation where there is doubt as to whether the conditions for exclusion have been met, or as to future developments, or where observation is deemed appropriate for other reasons. Norges Bank has for this reason decided to place an additional 11 companies under observation.

In total, Norges Bank has so far excluded 59 companies and placed 11 companies under observation on the product-based coal criterion. Further exclusions will follow in 2017.

In accordance with the updated implementation of the criterion, the second round of analysis comprises another 30 subsidiaries that issue bonds. 21 of these are subsidiaries of companies excluded in the first round of analysis in April 2016 when 44 companies and 8 subsidiaries that issue bonds were excluded. In total, 38 subsidiaries that issue bonds have been excluded.

Norges Bank’s Executive Board made the observation and exclusion decisions based on recommendations from Norges Bank Investment Management. The Executive Board has found that the recommendations satisfy the criteria, and that the companies can be placed under observation or excluded from the fund (see § 2, subsection 2, of the Guidelines for observation and exclusion from the Government Pension Fund Global).

Read the grounds for decision on product based coal exclusion (PDF)

Companies excluded

Companies put on observation

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