Norway Blazes Trail by Pulling Huge Sovereign Fund Out of Coal

Norway's parliament voted Friday to pull its sovereign wealth fund—the world's biggest—out of coal, in what is seen as a major victory for environmentalists.

The parliament voted unanimously that the fund—worth almost 7,000 billion kroner (793 billion euros, $890 billion)—must sell its holdings in mining and power companies that generate more than 30 percent of their output or revenue from coal.

The decision had been expected, after parliament's finance committee reached a compromise on the issue on May 27.

The move is expected to affect between 50 and 75 international companies, representing holdings of 35 to 40 billion kroner, according to finance ministry calculations.

However, environmentalists say the effects could be even more wide-reaching, with some estimates talking of 122 companies representing 67.2 billion kroner.

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