The Norwegian Government Pension Fund, the world’s richest sovereign wealth fund has invested more money into coal, just three months after a high-profile pledge to stop investing in fossil fuels.
The pleadge was part of its commitment to responsible investing, according to financial analysis by three environmental groups.
While the Fund did withdraw from 32 companies last year for environment and climate reasons, it did not reduce its overall holdings in the industry, which increased by 3 billion Norwegian kroner.
The Fund remains one of the biggest single investors in coal mining companies and coal-based utilities.
A parliamentary committee called on the Fund to stop investing in coal, after an online petition garnered nearly 50,000 signatures.
The committee cited financial reasons for divestment as coal stocks have plunged more than 70% in value over the past five years.