Norges Bank decided to exclude 15 coal-related companies from the Government Pension Fund Global


Norges Bank has decided to exclude 15 companies from the Government Pension Fund Global based on the product-based coal criterion in the guidelines for observation and exclusion.

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)




Alliant Energy Corp USA
Chugoku Electric Power Co Inc/The Japan
DMCI Holdings Inc Philippines
Electric Power Development Co Ltd Japan
Electricity Generating PCL Thailand
Emera Inc Canada
Empire District Electric Co USA
Great Plains Energy Inc USA
Guangdong Electric Power Development Co Ltd China
Hokuriku Electric Power Co Japan
Inner Mongolia Yitai Coal Co Ltd China
Jastrzebska Spolka Weglowa SA Poland
NRG Energy Inc USA
Tenaga Nasional Bhd Malaysia
Westar Energy Inc USA




CMS Energy Corp USA
EDP Energias de Portugal SA Portugal
Endesa SA Spain
Glow Energy PCL Thailand
Kyushu Electric Power Co Inc Japan
OGE Energy Corp USA
Pinnacle West Capital Corp USA
Southern Co/The USA
Talen Energy Corp USA
Tohoku Electric Power Co Inc Japan
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