The opposition Labour Party of Norway had proposed a ban on the country's USD800 billion wealth fund from investing in coal producers. This motion may gather steam as several external backers of the minority government threw their support behind the measure.
According to Labor Party Finance spokesman Jonas Gahr Stoere, through a statement, said, "We believe that humans are responsible for climate change so we must also see what we can do to reduce emissions."
The fund is better known as the 'oil fund' and it cannot invest in companies that produce nuclear weapons, landmines, cluster bombs, tobacco or those companies that result in severe environmental damage, gross corruption or human rights violations.
According to Liberal Party Deputy Leader Terje Breivik, "This is something we have been working on quite independently of the Labour Party. We believe it is possible to go further and consideration should be given to divest all investments related to fossil fuels."
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