Norway’s $1tn oil fund has sold out of some of the biggest names in commodities and utilities including Glencore, Anglo American and RWE after the world’s largest sovereign wealth fund decided they breached its guidelines on the use of coal…, also [selling] out of Brazilian mining company Vale due to “severe environmental damage”…and placed miner BHP, and utilities Enel, Uniper and Vistra Energy on an observation list…

Heffa Schücking, director of German environmental campaign group Urgewald, welcomed the fund’s divestments but expressed disappointment that companies including BHP was not on the exclusion list.

Norway’s parliament…tightened the rules about what the oil fund can invest in, [excluding] big coal extractors and users to producers of tobacco, nuclear weapons and cluster bombs. The fund estimates that such product-based exclusions lower its investment returns but bans based on conduct, such as that for Vale, lift them.

[The fund]…is able reverse exclusions if companies react and reduce their exposure to coal. The oil fund also announced on Wednesday that it had for the first time sold out of companies due to unacceptable greenhouse gas emissions…, also [barring]…Elsewedy Electric due to…“severe environmental damage” and Brazil’s Eletrobras for “systematic human rights violations”…