Norway’s largest private asset manager has today announced the divestment of 27 stocks, representing $47m in shares, as part of its new “enhanced” climate policy, designed to “stimulate the green transition”.
US oil & gas giants Exxon and Chevron are among those excluded by Storebrand Asset Management, dropped because of their lobbying efforts to undermine climate action. They are joined by Anglo-Australian miner Rio Tinto, US gas utility Southern Company and German chemical firm BASF, also booted out over lobbying.
All five are targets of Climate Action 100+ (CA100+), the $40trn investor engagement initiative seeking to steer firms toward Paris aligned trajectories, which has been increasingly focused on corporate lobbying.
In June, 53% of shareholders, including Blackrock, supported a climate-related lobbying proposal at Chevron, making it one of the best supported resolutions so far this year.
But Storebrand AM, despite being a CA100+…