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Coal Seen as New Tobacco Sparking Investor Backlash: Commodities http://apocadocs.com/s.pl?1384990946
About $8 trillion of known coal reserves lie beneath the earth's surface. The companies planning to mine and burn them are being targeted by a growing group of investors concerned with the greenhouse gases that will be made.
Storebrand ASA (STB), which manages $74 billion of assets from Norway, sold out of 24 coal and oil-sands companies since July including Peabody Energy Corp. (BTU), the largest U.S. coal producer, citing a desire to cut fossil-fuel industry holdings. This month Norway's opposition Labour Party proposed banning the country's $800 billion sovereign wealth fund from coal investments...The movement is an offshoot of a campaign by more than 70 investors to pressure all fossil-fuel industries on climate change. It harks to the 1990s anti-tobacco push and is gaining help from unlikely partners. The International Energy Agency, a 28-nation group promoting energy security, is lobbying increasingly to limit the release of heat-trapping gases.
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