12 May 2020

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Storebrand joins several other financial institutions taking measures to prevent disposing of tailings in the ocean. Citigroup and Standard Chartered both issued new policies that restrict financing submarine mine waste disposal in response to the Ditch Ocean Dumping campaign. The Ditch Ocean Dumping campaign, which has support from 40 groups in 17 countries, is calling on financial institutions to divest from any project or company that employs aqueous tailings disposal.

"Dumping of mining tailings directly into marine environments is a controversial practice internationally. Marine ecosystems are crucial to a healthy planet and must be protected," said Bård Bringedal, Chief Investment Officer of Equities at Storebrand Asset Management.

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"Storebrand's decision is good news for communities in Papua New Guinea," said Silje Ask Lundberg, president of Friends of the Earth Norway. "By divesting from MCC, Storebrand makes a clear stand that they do not tolerate mining practices that are harmful to the environment and Indigenous peoples. We encourage investors in the Nussir and Nordic Mining mines in Norway to follow their lead."

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