AMWatch

Storebrand Asset Management dumps Exxon, Chevron on climate

Norwegian life insurer Storebrand ASA has beefed up its climate policy, leading it to exit oil giants Exxon Mobil Corp. and Chevron Corp. and accelerate a full divestment from coal.
Jan Erik Saugestad, chief executive of Storebrand Asset Management. | Photo: PR/Storebrand
Jan Erik Saugestad, chief executive of Storebrand Asset Management. | Photo: PR/Storebrand
By Lars Erik Taraldsen / BLOOMBERG

The move by the Oslo-listed company, which has about EUR 77.3bn under management, is another illustration of how investors are adjusting to the risks of climate change, putting pressure on fossil-fuel producers.

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