350.org co-founder Bill McKibben issued the following reaction to the news that Norway’s $900 billion sovereign wealth fund, the largest in the world, will be divesting from coal:
“If you’d told any of us, three years ago, that the planet’s largest sovereign wealth fund would begin divesting, we would have laughed. The way this idea–that the world has far more fossil fuel than it can burn–has spread is an enormously hopeful sign. There’s much work to be done taking on coal, oil, and gas but the momentum is definitely on our side.”
On May 27th, Norway’s parliament unanimously agreed to divest the fund from companies that generate more than 30 percent of their revenues from coal. The decision will be formally adopted on June 5.