About KLP’s new coal exclusion policy announced today, Urgewald’s Director Heffa Schuecking says:
“Congratulations to KLP on today’s decision. While other financial institutions are setting coal phase-out dates for 2026 or even later, KLP has decided to act now. Other investors and banks need to follow KLP’s example and speed up their departure from the coal industry.”
• AIIB President can decide about many projects on his own
• Standards of other multilateral banks not met
• China could abuse bank for its geopolitical interests
The NGOs Greenpeace Norway, Framtiden i våre hender (FIVH) and Urgewald have again trawled through the Norway’s Oil Fund holdings portfolio and identified 32 companies that should have been excluded under the coal exclusion criteria. The Fund is also invested in 16 companies that are building new coal-fired power plants. The numbers don’t lie – Norway’s Oil Fund has $7.2 billion invested in the global coal industry.
Ute Koczy, World Bank campaigner at Urgewald, comments on the nomination of US Treasury Under Secretary David Malpass as the next President of the World Bank Group, which was reported by insiders:
"This way of determining the next World Bank President perpetuates an unfortunate tradition: ruthlessly and exclusively in the interest of the US government. The selection committee is already useless before it could even begin with interviewing possible candidates..."