Norway's State Investment Fund Dumps 23 Palm Oil Companies Over Deforestation - Mongabay

Norway's $700 billion pension fund continues to divest from companies linked to tropical deforestation, selling stakes in 23 palm oil producers last year, reports Rainforest Foundation Norway, an activist group that has led the campaign for divestment.

The move by the Norwegian Government Pension Fund Global (GPFG) — the world's largest sovereign wealth fund — came after it revised its investment guidelines to include deforestation as a portfolio risk.

"In the first quarter of 2012 we sold our stakes in 23 companies that by our reckoning produced palm oil unsustainably," said the fund in its annual report. "Before reaching this decision, we reviewed a number of companies contributing to tropical deforestation through their involvement in the palm oil industry in Malaysia and Indonesia."

In 2012 the fund sold stakes in some of the world's largest palm oil companies, including Astra International, Golden Agri-Resorces, Indofood Agri Resources, Kuala Lumpur Kepong, Ta Ann Holdings, United Plantations, and Wilmar International, among others. Most of the firms are based in Malaysia, Indonesia, and Singapore.

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http://news.mongabay.com/2013/0311-norway-divestment.html