Norway’s $1 trillion wealth fund has excluded some of the world’s biggest commodity companies from its portfolio for their use and production of coal, including RWE, which is one of Europe’s largest renewable players.

RWE has responded,” We do not understand the approach of Norges at all. The criteria is focused only on CO₂ emissions from coal, while oil & gas operations have been excluded.

Such an arbitrary approach is not helpful for climate protection. There is no evaluation of how a company like RWE has developed. Instead of solely quantitative assessments, we believe that it should be taken into account how quickly a company is changing. Hardly any company drives the transformation as radically and quickly as RWE, and we are already a global leader of renewable energies. Since 2012, we have already reduced our CO₂ emissions by 90 million tons and we will achieve carbon neutrality by 2040. In addition, we will make net investments of about 5 billion Euros by 2022 to expand our renewables portfolio.” Markus Krebber, CFO of RWE, stated this very clearly during the Q1 results of the company on Thursday.