2030 Finance | March 4, 2017

Norway’s Storebrand dumps shares in oil companies with stakes in Dakota access pipeline

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Storebrand, a private pension and insurance fund with $68 billion in assets, is the third Norwegian investor to divest from DAPL-linked companies, following last year’s divestments from the Norwegian bank, DNB, and the Norwegian mutual fund Odin Fund Management.

Storebrand sold off $34.8 million worth of shares in Phillips 66, Marathon Petroleum Corporation, and Enbridge, all part owners of the pipeline.

The city of Seattle voted in February to remove $3 billion in funds from Wells Fargo to protest the bank’s pipeline involvement.

The divestment campaign is seen as a last resort to stop the pipeline, the Guardian reports.

Photo credit: Billings Gazette