To: Ministry of Finance, the Council on Ethics

Divest Norway's "Petroleum fund"

Divest Norway's "Petroleum fund"

We are asking the Ministry of Finance in Norway to support solutions to climate change by ending their investment in fossil fuels!

The fund should immediately freeze any new investments in fossil fuels, and divest from direct ownership and any commingled funds that include fossil fuel public equities and corporate bonds within 5 years.

Why is this important?

The world's largest souvereign wealth fund, http://www.swfinstitute.org/fund-rankings/, is holding shares worth $37bn dollars in 146 of the 200 biggest oil and coal companies, of which total reserves represent 679 gigatons CO2 if burned.

The fund's huge positions in fossil fuels also violate their own ethical guidelines (Sec. 3 c) :

The Ministry of Finance may, on the advice of the Council of Ethics, exclude companies from the investment universe of the Fund if there is an unacceptable risk that the company contributes to or is responsible for:

c) severe environmental damage;

http://www.regjeringen.no/mobil/en/sub/styrer-rad-utvalg/ethics_council/ethical-guidelines.html?id=425277

(background material presented in Norwegian)
http://www.framtiden.no/index.php?option=com_docman&task=doc_download&gid=621&Itemid=194

By the way, the whole fund ($130 bn) is fully derived from the petroleum industri (taxes, licence fees and dividends).

Oslo, Norway

Maps © Stamen; Data © OSM and contributors, ODbL


Reasons for signing

  • Stop supporting all kinds off fossil-companies!
  • Norway as an oil producer and with unsustainable consumption is already part of the problem - time to become part of the solution!
  • Because we need to save the earth

Updates

2014-12-10 09:42:02 -0500

50 signatures reached

2013-09-24 08:01:29 -0400

25 signatures reached

2013-09-23 11:16:49 -0400

10 signatures reached