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Third tranche of coal exclusions from the Government Pension Fund Global

Norges Bank has decided to exclude 10 companies from the Government Pension Fund Global based on the product-based coal criterion in the guidelines for observation and exclusion.

7 March 2017

The exclusions follow Norges Bank Investment Management’s third round of analysis of companies that may be affected by this criterion. The exclusions comprise all companies’ unlisted subsidiaries that issue bonds. The exception is green bonds, or subsidiaries that are deemed to have significant renewable energy activity.

In accordance with the guidelines, companies may be placed under observation where there is doubt as to whether the conditions for exclusion have been met, or as to future developments, or where observation is deemed appropriate for other reasons. Norges Bank has for this reason decided to place an additional two companies under observation.

In total, Norges Bank has so far excluded 69 companies and placed 13 companies under observation based on the product-based coal criterion.

Norges Bank’s Executive Board made the observation and exclusion decisions based on recommendations from Norges Bank Investment Management. The Executive Board has found that the recommendations satisfy the criterion, and that the companies can be placed under observation or excluded from the fund (see § 2, subsection 2, of the Guidelines for observation and exclusion from the Government Pension Fund Global).

Read the grounds for decision (PDF)

Companies excluded




Czech Republic

Eneva SA


Great River Energy

United States

HK Electric Investments & HK Electric Investments

Hong Kong

Huadian Energy Co Ltd


Korea Electric Power Corp

South Korea

Malakoff Corp Bhd


Otter Tail Corp

United States

PGE Polska Grupa Energetyczna SA


SDIC Power Holdings Co Ltd


Companies put on observation



NorthWestern Corp

United States

Portland General Electric Company

United States

Press contact

Thomas Sevang
Head of Communications and External Relations
Tel: +47 2407 3276 / +47 926 01 756