Norway's $900 billion sovereign wealth fund, the world's largest, should cut its exposure to the global coal industry and sell stakes in firms that focus on the sector, a key parliamentary committee said on Wednesday.
The finance committee agreed in a bipartisan motion that the fund, which owns about 1.3 percent of all listed companies globally, should sell stakes in firms that generate more than 30 percent of their output or revenues from coal-related activities.
Already under pressure from Norway's political establishment, the fund has been selling down its coal portfolio and said its holdings were already small.
"Investing in coal companies poses both a climate risk and a future economic risk," the parties said in a joint statement.
"Coal is in a class by itself as the source with the greatest responsibility for greenhouse gas emissions, so this is a great victory in the battle against climate change," opposition Labour MP Torstein Tvedt Solberg added.