Europe declares carbon war on Australia

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Slowly but surely, Europe is declring carbon war on Australia. Ealrier this year we saw the begiing of divestitures:

Norway’s massive sovereign wealth fund may soon rip up to $3.7 billion out of Australian fossil fuel companies after the Norwegian Parliament passed a tightened set of ethical investment rules.

The laws were adopted late on Tuesday night and mandated Norges Bank to divest the equivalent of $17.3 billion from its Government Pension Fund Global portfolio, which is better known as the “Oil Fund”.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.