Norwegia wegiel

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The Case for Divesting Coal from the Norwegian
Government Pension Fund Global
The Case for Divesting Coal from
the Norwegian Government
Pension Fund Global
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May 2015
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Executive Summary!
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3
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I. Divestment Decisions Taken by GPFG
To Date
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1
http://www.nbim.no/globalassets/reports/2014/2014-responsible-investment.pdf, p. 71-72
2
The figures used here are from: http://www.nbim.no/globalassets/reports/2014/2014-responsible-investment.pdf . , p. 71-72.
This Norges Bank document does not easily crosswalk with another public disclosure by the Fund http://www.norges-
bank.no/pages/103220/040515_charts.pdf. In addition, Urgewald has developed a database based on publicly available fund
Islands, Canada, China, India, New Zealand, Poland, South Africa, United Kingdom and United States. The equities in this
universe of divestments are valued at NOK 3 billion (US$504 million).
"
!!#$$!%&&$'()*!+,!!
4 See Annex I: The Mandate of the Expert Group,
https://www.regjeringen.no/contentassets/d1d5b995b88e4b3281b4cc027b80f64b/expertgroup_report.pdf

4
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5
https://www.regjeringen.no/en/whatsnew/Ministries/fin/press-releases/2014/Report-from-the-Expert-Group-on-investments-in-
coal-and-petroleum-companies1/Press-release-from-the-Expert-Group-on-the-Norwegian-Government-Pension-Fund-
Globals-investments-in-coal-and-petroleum-companies/id2342792/

5
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+)?0H09#3%/#+29#+)6092&0)2#92/(20<"#:7+17#1%)9+929#%3#TOR#0K>+2+09#()?#DOR#F%)?9GE#$70#4>)?#
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
6
https://www.regjeringen.no/contentassets/d1d5b995b88e4b3281b4cc027b80f64b/expertgroup_report.pdf, p.8.
7
https://www.regjeringen.no/contentassets/d1d5b995b88e4b3281b4cc027b80f64b/expertgroup_report.pdf, p. 8
8 http://www.ft.com/intl/cms/s/0/b6e0e756-e87c-11e1-8397-00144feab49a.html#axzz3ZnELZfGo
9
http://www.nbim.no/en/the-fund/governance-model/management-mandate/#Chapter1, Section 1.4.2.

6
!
+)60929#>8#2%#SR#+)#/0(,#092(20#(9#8(/2#%3#270#F%)?#(,,%1(2+%)GPO#$70#+)6092&0)2#F0,+039#%3#270#
4>)?#(/0#3>/270/#(&8,+3+0?#:+27#9801+3+1#/0,(2+%)#2%#270#1%(,#+99>0#+)#270#YH80/2#I/%>8#/08%/2G11
#
II. Overview: Nature of Global Coal Risk
in Mining and Burning
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
10
http://www.nbim.no/en/the-fund/governance-model/management-mandate/#Chapter1, Section 3.5.7.
11
https://www.regjeringen.no/contentassets/d1d5b995b88e4b3281b4cc027b80f64b/expertgroup_report.pdf, p. 11-13.
12
For a complete discussion of global coal markets and the variations on these risk themes around the world see:
http://www.carbontracker.org/wp-content/uploads/2014/09/Coal-Demand-IEEFA.pdf. In September 2014 the Carbon Tracker
Institute and IEEFA released a country by country review of the global coal trade. Much of the material for this part of the
13
For a discussion of the nature and impact of public mobilizations and their impact on energy investments see:
http://www.ieefa.org/wp-content/uploads/2014/10/IEEFA.OCI_.Material-Risks.compressed.pdf, p. 7. For a more detailed
discussion of other organized opposition to coal see: https://maryland.sierraclub.org/newsletter/grassroots-opposition-coal-
international
14
Hot Flat and Crowded, (New York: Farrar, Strauss and Grioux), p.247-248.
15 For example, Kurt Oehlberg, Managing Director, FBR, U.S. Coal Investment Strategy, Coaltrans USA, February 7, 2014, Slide

7
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#
#
III. The Financial Case for Broader
Divestment from Coal Mining and
Coal-Burning Companies
A. The Case for Broader Divestment from Coal-
Mining Companies
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
16
The International Energy Agency provides an annual long term outlook for thermal coal use. They present this using three
stical perspective on the long-term outlook on the thermal coal market
see: http://www.carbontracker.org/wp-content/uploads/2014/09/Coal-Demand-IEEFA-complete.pdf, p. 7. For more detail on
the comparative scenarios offered by BP, Exxon, Shell and the United States Energy Information Administration as well as a
number of prominent coal consultants see p.13-15 of the report.

8
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
17
http://www.fossil.energy.gov/programs/gasregulation/authorizations/2013_applications/sierra_club_13-69_venture/Ex._110_-
_Bernstein_peak_coal_report.pdf
18
http://www.indexmundi.com/commodities/?commodity=coal-australian&months=60
19
https://ir.citi.com/z5yk080HEXZtoIax1EnHssv%2Bzm4Pc8GALpLbF2Ysb%2Fl21vGjprPCVQ%3D%3D,
20
http://pg.jrj.com.cn/acc/Res/CN_RES/INDUS/2014/6/29/37603388-1ecd-419e-8cbd-bd7d51fc5902.pdf
21
http://www.businessgreen.com/digital_assets/8779/hsbc_Stranded_assets_what_next.pdf
22
http://www.eenews.net/assets/2015/02/13/document_cw_01.pdf
23
http://www.reuters.com/article/2013/05/09/energy-coal-idUSL6N0DQ0UU20130509
24
http://www.fossil.energy.gov/programs/gasregulation/authorizations/2013_applications/sierra_club_13-69_venture/Ex._110_-
_Bernstein_peak_coal_report.pdf
25
http://www.ieefa.org/wp-content/uploads/2014/10/IEEFA-briefing-Galilee-Financiers.pdf
26
http://blog.seattlepi.com/seattlepolitics/2014/01/08/goldman-sachs-bails-out-on-coal-port-builder/
27
http://www.marketplace.org/topics/economy/goldman-downsizes-its-commodities-operations
28 http://ieefa.org/global-energy-markets/
29
http://www.business-standard.com/article/specials/horror-and-its-layers-114060601215_1.html

9
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
30
http://www.carbontracker.org/wp-content/uploads/2014/09/CTI-Coal-report-Sept-2014-WEB1.pdf
31
http://www.businessinsider.com.au/heres-what-the-bhp-spinoff-south32-will-look-like-including-its-dividend-policy-2015-3

10
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
32
http://www.industry.gov.au/industry/Office-of-the-Chief-Economist/Publications/Documents/req/REQ-March15.pdf
33
Bernstein Research, , Cover Page, June 2013.
(Bernstein)
34
Rohan Somwanshi, Global seaborne coal exports to decline in 2015, but not enough to rebalance markets, SNL Energy,
March 27, 2015
35
http://in.reuters.com/article/2014/11/12/india-coal-imports-idINKCN0IW0FJ20141112
36
http://www.industry.gov.au/industry/Office-of-the-Chief-Economist/Publications/Documents/req/REQ-March15.pdf
37
http://www.ieefa.org/wp-content/uploads/2014/05/IEEFA-Briefing-Note_IndianElectricityCoalPricing_4-May-2014.pdf
38 http://www.dnaindia.com/india/report-importing-coal-unjustified-as-country-has-huge-reserves-piyush-goyal-2071168
39
https://www.pwc.in/assets/pdfs/industries/power-mining/icc-coal-report.pdf, p.14

11
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
40 For a recent review of coal industry opinion on global markets and individual company outlooks see: Rohan Somwanshi,
Global seaborne coal exports to decline in 2015, but not enough to rebalance markets, SNL Energy, March 27, 2015

12
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
41
For a list of companies in the Index see: Appendix B
42
http://stowe.snetglobalindexes.com/pdf/coal-Presentation.pdf, p. 7
43 http://ieefa.org/report-nyc-and-nys-pension-funds-should-divest-coal-stocks-a-shrinking-industry-weak-upside-and-wrong-on-
climate-change/
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13
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B. The Case for Broader Divestment from Coal-
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
44 http://www.nbim.no/globalassets/reports/2014/2014-responsible-investment.pdf. P. 71.
45
http://www.nbim.no/globalassets/reports/2014/2014-responsible-investment.pdf

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16
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
46
The estimated losses here are $1 to $2 billion, see: Dan Testa,
business losses, SNL, December 21, 2012.
47
Currently the company is before the Ohio Public Service Commission to transfer coal plants under regulation. It is also
planning the sale of coal assets in the near future and watching the market for strategic opportunities. See: Darren Sweeney,
Update: AEP merchant sale likely hinges on PJM capacity proposal, Ohio PPA Plan, SNL, April 23 2015. Based upon a
review of past AEP annual filings with the SEC we estimate a coal plant write off of $1 billion.
48
http://ieefa.org/category/company/firstenergy/
49
The estimated losses on coal plants at this utility is $25 billion. The utility is now in bankruptcy.
https://texasgreenreport.files.wordpress.com/2011/03/the-case-to-retire-big-brown-monticello-and-martin-lake-coal-plants.pdf,
p. 7.
50 According to SNL Energy 67 GW MW of coal capacity has been retired since 2000. At the time the U.S. had 305 GW of coal
fired capacity nationwide.

17
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
51
Jason Lehmann, Duke to exit Midwest commercial generation, puts 6600 MW up for sale, SNL, February 17, 2015. The
company also declared a two-year $2.7 billion impairment in their 2010 10K filing with the SEC on coal related merchant
power generation.
52
http://www.eei.org/resourcesandmedia/industrydataanalysis/industryfinancialanalysis/QtrlyFinancialUpdates/Documents/QFU_
Credit/2014_Q2_Credit_Ratings.pdf
53
http://ieefa.org/category/subject/edwardsport/
54
http://ieefa.org/category/company/duke-energy/
55
http://www.wsj.com/articles/dynegy-to-buy-assets-from-duke-energy-capital-1408706971
56
http://seekingalpha.com/article/3129406-duke-energys-duk-ceo-lynn-good-on-q1-2015-results-earnings-call-
transcript?page=7&p=qanda&l=last
57
https://docs.google.com/file/d/0B_qWeYLAqoq1dmZ3N3dIYThPNUk/edit?pli=1
58
http://www.businesswire.com/news/home/20130722005823/en/Fitch-Affirms-Ratings-Dominion-Resources-VEPCo-
Outlook#.VU32qPRDtic , see also: http://www.providencejournal.com/breaking-news/content/20131008-new-owners-to-
shutter-outmoded-brayton-point-power-station-in-2017.ece

18
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
59
http://ieefa.org/firstenergy/
60
https://ecowatch.com/2015/05/01/firstenergy-war-on-renewables/
61
http://carbon-pulse.com/germany-plans-to-wield-emissions-fines-for-coal-plants-reuters/
62
http://www.bloomberg.com/news/articles/2015-04-23/rwe-chief-says-german-coal-power-policy-threatens-its-existence
63
http://www.rwe.com/web/cms/mediablob/en/1780926/data/1775774/6/rwe/investor-relations/bonds/credit-rating/standard-poors-
download.pdf
64 http://www.statista.com/statistics/278646/market-capitalization-of-eon-ag/
65
http://www.theguardian.com/business/2015/mar/11/eon-reports-record-group-losses-hive-off-fossil-fuel-business-german

19
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2>/)+)<#+)1/0(9+)<,"#2%#7"?/%-#)>1,0(/-#<(9-#:+)?#()?#9%,(/G#$70#W4c#+290,3#/08%/29#27(2#M7+)090#
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
66
http://www.theguardian.com/environment/2013/dec/12/china-coal-emissions-smog-deaths
http://www.theguardian.com/environment/chinas-choice/2014/sep/24/china-pledges-to-cut-emissions-at-un-climate-summit
http://www.nytimes.com/2014/11/21/business/energy-environment/china-to-place-limit-on-coal-use-in-2020.html?_r=0
http://blogs.scientificamerican.com/observations/2014/11/25/can-china-cut-coal/,
http://www.bloomberg.com/news/articles/2015-03-24/beijing-to-close-all-major-coal-power-plants-to-curb-pollution
67
https://www.whitehouse.gov/the-press-office/2014/11/11/us-china-joint-announcement-climate-change
68 http://www.bloomberg.com/news/articles/2015-03-24/beijing-to-close-all-major-coal-power-plants-to-curb-pollution
69
http://www.chinadaily.com.cn/china/2015-03/19/content_19860091.htm

20
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
70
weaknesses see: http://ieefa.org/wp-content/uploads/2015/05/Adani-Restructuring-2015-May.pdf
71 http://www.bloomberg.com/news/articles/2015-05-04/world-s-worst-air-spurs-modi-s-25-billion-utility-clean-up-push
72
http://www.business-standard.com/article/specials/horror-and-its-layers-114060601215_1.html

21
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#
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#
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
73
http://www.thehindubusinessline.com/companies/reliance-power-seeks-higher-tariff-for-tilaiya-umpp/article5220813.ece
74
http://www.business-standard.com/article/economy-policy/govt-staring-at-empty-power-sector-pipeline-in-13th-plan-period-
114122600016_1.htm
75
http://www.businessworld.in/news/business/energy-and-power/power-play-1/1812027/page-1.html
76
http://ieefa.org/briefing-note-an-overview-of-adani-enterprises-corporate-restructuring/
77
This discussion is taken from http://ieefa.org/wp-content/uploads/2015/05/Adani-Restructuring-2015-May.pdf. See full
document for more details.
78 Shearer, Christine, Nicole Ghio, Lauri Myllyvirta, and Ted Nace, Boom and Bust: Tracking the Global Coal Plant Pipeline,
March 2015

23
!
3%/#270#)0H2#9060/(,#"0(/9G#d%:060/-#)0:#1%(,#8,()29#+)#$(+:()-QE#e+02)(&-_O#L)?%)09+(-#
W>92/(,+(-_P#L)?+(-#@(=+92()-_N#270#@7+,+88+)09-_[#()?#C"()(&(/_D#(,,#3(10#&(/=02#:(/)+)<9#()?#
8>F,+1#%88%9+2+%)#3/%&#(#6(/+02"#%3#8,("0/9-#+)1,>?+)<#1%&&>)+2+09#900=+)<#2%#8/%2012#
0)6+/%)&0)2(,,"#9+<)+3+1()2#(/0(9#3/%&#?092/>12+%)-#9&(,,#F>9+)09909#8/%2012+)<#6+2(,#)(2>/(,#
/09%>/109#>90?#3%/#3(/&+)<-#3+97+)<#()?#%270/#,%1(,#01%)%&+1#)00?9-#,%1(,#<%60/)&0)29#900=+)<#
2%#/0?>10#(+/#8%,,>2+%)-#%/<()+*(2+%)9#3%1>90?#%)#8/060)2+)<#1,+&(20#17()<0-#()?#(?6%1(209#%3#
/0)0:(F,0#8%:0/#()?#0)0/<"#033+1+0)1"G#$70#8(10#%3#1()10,,(2+%)9#+9#)%2#,+=0,"#2%#9,%:-#<+60)#
270#&(/=02#?")(&+19#1%&F+)0?#:+27#270#92/0)<27#%3#1%&&>)+2"#%88%9+2+%)-#:7+17#1()#7%,?#>8#
80/&+29-#&%F+,+*0#9>88%/2#()?#+)1/0(90#270#1%929#%3#270#8/%X0129#9+<)+3+1()2,"G##
$70#:%/,?#:+,,#1%)2+)>0#2%#F>/)#1%(,#3%/#&()"#"0(/9-#27%><7#&%92#1%>)2/+09#(/0#9,%:+)<#270#
</%:27#%3#1%(,#%/#7(,2+)<#0H8()9+%)#%60/(,,G#@%,,>2+%)#8/%F,0&9#()?#/0<>,(2%/"#/098%)909#,%%&#
,(/<0#()?#8,(10#8/099>/0#%)#8%:0/#<0)0/(2%/9#2%#3+)?#(,20/)(2+609#2%#1%(,G#M%&802+2+%)#+9#
JF(90?#1(/F%)#+)+2+(2+609#
()?#,%)<J20/&#+)20/)(2+%)(,#(</00&0)29#80/9+929G#$70#%>2,%%=#3%/#1%&8()+09#:+27#7+<7#
1%)10)2/(2+%)9#%3#1%(,#+)#270+/#<0)0/(2+%)#3,002#+9#<+6+)<#:("#2%#(#&%/0#?+60/9+3+0?#0)0/<"#
92/(20<"G#4/%&#(#F/%(?#0)0/<"#80/98012+60-#?+60/9+3+1(2+%)#>9>(,,"#&0()9#27(2#:70/0#1%(,#+9#
(,/0(?"#+)#7+<7#1%)10)2/(2+%)#270#<%(,#+9#2%#&+)+&+*0#+29#+&8(129G#W)?-#:70/0#+2#+9#)%2#/0,+0?#>8%)#
1>//0)2,"-#+2#+9#(#,099J?09+/(F,0#%82+%)-#,+&+20?#F"#8>F,+1#%88%9+2+%)-#8%,,>2+%)#()?#3+)()1+(,#
1%)92/(+)29G#
#
IV. Recommendations for Next Steps
#
A. Overview of Fund Governance85
and the
Exclusion and Divestment Decisions
$70#'2%/2+)<02#+9#17(/<0?#:+27#9022+)<#270#8%,+1+09#%3#270#I@4IG#$70#4+)()10#C+)+92/"#+9#270#%:)0/#
()?#8/%6+?09#0H01>2+60#?+/012+%)G#;%/<09#!()=#+9#270#&()(<0/#()?#90/609#2%#0H01>20#270#
+)6092&0)2#()?#+)6092&0)2J/0,(20?#8/%</(&9#27(2#1%)92+2>20#270#?("J2%J?("#%80/(2+%)9#%3#
I@4IG###
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
79
http://www.taipeitimes.com/News/taiwan/archives/2015/05/05/2003617542 ,
http://focustaiwan.tw/news/aeco/201504150029.aspx
80
http://www.powerengineeringint.com/articles/2014/11/viet-nam-to-build-power-plant-despite-warnings-over-coal-shortage.html
81
http://www.theaustralian.com.au/business/mining-energy/agl-energy-turns-its-back-on-coal-fired-power/story-e6frg9df-
1227307971981
82
http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/opinionanalysis/2015/May/opinionanalysis_May5.xml&section=opinion
analysis
83
http://newsinfo.inquirer.net/688636/batangas-priests-lead-fight-vs-coal-fired-power-plant
84
http://www.mmtimes.com/index.php/national-news/14307-no-coal-no-toyo-thai-mon-villagers-rally-against-plant.html
85 http://www.nbim.no/contentassets/0ff9cd1d5c8e4737a7b7262d3ec167d4/norges-bank-investment-management-annual-
report-2014.pdf , see pages 80-83 for a more complete discussion of the Fund and assigned responsibilities

24
!
I@4I#7(9#()#(12+60#8/%</(&#%3#027+1(,#/06+0:-#1%&8()"#0)<(<0&0)2-#%:)0/97+8#(12+6+2"#+)#
F/%(?0/#3%/>&9#()?#(#?+6092&0)2#8%,+1"G#$70#3>)12+%)9#(/0#1(//+0?#%>2#(11%/?+)<#2%#270#
3%,,%:+)<#(99+<)&0)2#%3#/098%)9+F+,+2+09##
$70#C+)+92/"#%3#4+)()10#(9#270#%:)0/#7(9#270#(>27%/+2"#2%#/06+0:#()?#/0&%60#%/#0H1,>?0#
(99029#3/%&#270#I@4I#F(90?#>8%)#027+1(,#</%>)?9#()?#270#1%)?>12#%3#270#1%&8()+09G##
;%/<09#!()=#&(=09#%80/(2+%)(,#?01+9+%)9#/0,(20?#2%#270#?+6092&0)2#%3#97(/09-#270#(12>(,#
90,,+)<#%3#97(/09#:+27+)#270#F%>)?9#%3#(12+60#&()(<0&0)2G##
;%/<09#!()=#1()#&(=0#27090#?01+9+%)9#F(90?#>8%)#8>/0,"#3+)()1+(,#1%)?+2+%)9#%/#F(1=0?#
F"#F/%(?0/#9>92(+)(F+,+2"#1%)9+?0/(2+%)9G##
;%/<09#!()=#(,9%#+&8,0&0)29#(#8/%</(&#%3#1%&8()"#0)<(<0&0)2#:70/0F"#1%&8()+09#(/0#
+)#/0<>,(/#?+(,%<>0#:+27#270#!()=#%)#(#90/+09#%3#+)6092&0)2J/0,(20?#+99>09G#$70#!()=#(,9%#
%/"-#
97(/07%,?0/#()?#%270/#92(=07%,?0/#+99>09G##
#
#
#

25
!
B. Substantive Position of Expert Group
$70#YH80/2#I/%>8#7(9#2(=0)#270#8%9+2+%)#27(2#(#F/%(?0/#?+6092&0)2#%3#1%(,#+9#+)1%)9+920)2#:+27#
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17()<0-#270#YH80/2#I/%>8#3+)?9#27(2#1%&8()"#0)<(<0&0)2#3%,,%:0?#F"#(#1(90JF"J1(90#
()(,"9+9#%330/9#270#F092#%88%/2>)+2"#3%/#033012+60#(12+%)G#$70#YH80/2#I/%>8#(,9%#1(,,9#3%/#(#)0:#
1(20<%/"#%3#()(,"9+9-# 2%#1,+&(20#17()<0- 2%#F0#>90?#+)#3>2>/0#?+,+<0)10#
06(,>(2+%)9G##
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:+27#7>)?/0?9#%3#1%&8()+09#())>(,,"#(2#270#92(33#()?#F%(/?#,060,G_T##$70#0)<(<0&0)2#8/%1099#
7(9#F00)#>90?#F"#&()"#+)92+2>2+%)(,#+)6092%/9#2%#<%%?#033012#+)#(#)>&F0/#%3#1(909G#d%:060/-#
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</%:+)<#1%)10/)#3%/#%60/#(#?01(?0G#C%92#1%&8()+09#+)#270#I@4I#+)6092&0)2#8%/23%,+%#7(60#
(,/0(?"#&(?0#(#?01+9+%)#(F%>2#270+/#(88/%(17#2%#27090#+99>09G#$70#YH80/2#I/%>8#97%>,?#&%/0#
1,0(/,"#(1=)%:,0?<0#27(2#270#7+92%/"#%3#270#1%(,#+)?>92/"#+9#%)0#%3#%88%9+2+%)#2%#F%27#
0)6+/%)&0)2(,#()?#1,+&(20#17()<0#+)+2+(2+609G#$70#1%(,#+)?>92/" #?01+9+%)9#(/0#)%:#
?0&%)92/(2+)<#?+9(92/%>9#/09>,29#3%/#+)6092%/9G#W#8/%1099#%3#&0/0#0)<(<0&0)2#:+,,#F0#3>2+,0G###
#
;%209#%)#7%:#/010)2#1%(,#+)?>92/"#92/(20<"#+)#270#3(10#%3#9>92(+)(F+,+2"#+)+2+(2+609#
L)#NOPO-#270#UG'G#1%(,#+)?>92/"#:%/=0?#9>110993>,,"#2%#?030(2#1%&8/070)9+60#1,+&(20#
,0<+9,(2+%)G#$70#+)?>92/"# 6+12%/" #?+?#)%27+)<#2%#920&#270#?%:):(/?#98+/(,#%3#1%(,#1%&8()"#
3+)()1+(,#3%/2>)09G#_Q#
V(92#"0(/#M0/09-#(#UG'G#F(90?#)%)J<%60/)&0)2(,#%/<()+*(2+%)#:+27#(#,%)<#7+92%/"#%3#
97(/07%,?0/#0)<(<0&0)2-#:%/=0?#:+27#QO#+)92+2>2+%)(,#+)6092%/9#:%/27#%60/#`P#2/+,,+%)#+)#2%2(,#
/0K>092+)<#,%)<J20/&#1(/F%)J
1%(,#1%&8()+09G#$70#+)?+6+?>(,#1%(,#1%&8()+09#%330/0?#)%#9%,>2+%)9-#()?#+)#&%92#1(909#?+?#
)%2#F%270/#2%#()9:0/#27+9#+)6092%/#K>0/"G#__#
V(92#&%)27-#@0(F%?"#Y)0/<"#M7(+/&()#I/0<#!%"10#/030//0?#2%#1,+&(20#17()<0#(9#()#
# _E#@0(F%?"#+9#1%)9+?0/0?#270#
,(/<092#8/+6(20#1%(,#8/%?>10/#+)#270#:%/,?-#:+27#/090/609#+)#W>92/(,+(#()?#270#U)+20?#'2(209#
()?#+)6092&0)2#+)20/0929#+)#I0/&()"-#C%)<%,+(#()?#M7+)(G##
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
86
The most recent Norges Bank report lists the meetings that Bank officials have had with companies in most sectors. It does
not list any meetings with coal mining companies. http://www.nbim.no/globalassets/reports/2014/2014-responsible-
investment.pdf, p. 37-38
87
http://ieefa.org/report-nyc-and-nys-pension-funds-should-divest-coal-stocks-a-shrinking-industry-weak-upside-and-wrong-on-
climate-change/
88
Based on interviews with CERES staff, the coal industry was by and large unresponsive.
http://www.ceres.org/issues/press/press-releases/investors-ask-fossil-fuel-companies-to-assess-how-business-plans-fare-in-
low-carbon-future?searchterm=carbon+asset+risk
89
http://www.peabodyenergy.com/content/120/press-releases

26
!
U2+,+2"#+)20/0929#+)#270#U)+20?#'2(209-#:7+,0#8/%3099+)<#9>88%/2#3%/#033%/29#2%#1%&F(2#1,+&(20#
17()<0-#7(60#+99>0?#(#&(99+60#1/+2+1+9&#%3#/010)2#</00)7%>90#<(9#/0<>,(2+%)-#+)1,>?+)<#
K>092+%)+)<#270#,0<(,#(>27%/+2"#%3#270#UG'G#<%60/)&0)2#2%#(??/099#270#+99>0GEO#
#
C. The Decision to Divest from Coal Thus Far
8%,+1"#%3#1%)9+?0/+)<#F%27#270#+)20</(2+%)#%3#0)6+/%)&0)2(,#+99>09#:+27#270#1%)920,,(2+%)#%3#
3+)()1+(,#/+9=9#+)#270#1%(,#+)?>92/"#7(9#1%&80,,0?#+2#2%#?+6092#3/%&#&%92#%3#270#8>/0J8,("#1%(,#
&+)+)<#1%&8()+09#+)#270#:%/,?G#$70#92089#27(2#270#I@4I#7(9#2(=0)#27>9#3(/#2%#?+6092#3/%&#
+)?+6+?>(,#1%(,#1%&8()+09#()?#%)0#8%:0/#1%&8()"-#(,%)<#:+27#+29#<%60/)()10#+)3/(92/>12>/0-#
8%9+2+%)#+2#:0,,#2%#1%)9+?0/#(??+2+%)(,#(12+%)9#/0,(20?#2%#1%(,G##
$70#I@4I#7(9#(#6(/+02"#%3#8%99+F,0#(12+%)9#%80)#2%#+2-#:7+17#270#YH80/2#I/%>8#?091/+F09#+)#270#
1(20<%/+09#%3#(12+60#%:)0/97+8-#0)<(<0&0)2-#0H1,>9+%)#()?#?+6092&0)2G##W,,#%3#27090#2%%,9#(/0#
0990)2+(,#2%#8/%2012+)<#270#I@4I#3/%&#270#/+9=9#%3#%:)+)<#+)20/0929#+)#3%99+,#3>0,#1%&8()+09G#4%/#
?01+9+%)9#/0<(/?+)<#1%(,JF>/)+)<#>2+,+2+09#()?#1%(,J&+)+)<#1%&8()+09-#:0#/01%&&0)?#27(2#270#
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L)#NOPD#;%/<09#!()=#?+60920?#3/%&#&%92#8>/0J8,("#1%(,#&+)+)<#1%&8()+09G#M+2+)<#F%27#
0)6+/%)&0)2(,#()?#3+)()1+(,#1%)9+?0/(2+%)9#A0H8%9>/0#2%#0)0/<"#&(/=029B#270#F()=#?+60920?#
3/%&#27090#&+)+)<#1%&8()+09#()?#%)0#8%:0/#<0)0/(2+%)#1%&8()"G#
8/+)1+8,09#%3#0)<(<0&0)2#()?#(12+60#%:)0/97+8#()?#+29#?01+9+%)#2%#?+6092#3/%&#&%92#%3#270#
+)?+6+?>(,#1%&8()+09#/01%<)+*0?#
?+,+<0)10#+)#270#1%(,#(/0(G##
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8(/2+1>,(/,"#27%90#:+27#9+<)+3+1()2#1%(,JF>/)+)<#1(8(1+2"-#(/0#)%:#270#,(/<092#1%(,#/+9=#+)#270#
I@4I#8%/23%,+%G##
#
D. Next Steps
$70#K>092+%)#F03%/0#270#'2%/2+)<02#+9#:70270/#2%#8/%100?#:+27#?+6092&0)2#3/%&#1%(,G91
#$7+9#:%>,?#
&0()#?+6092&0)2#3/%&#(,,#1%(,J&+)+)<#()?#1%(,JF>/)+)<#>2+,+2+09G#L)#270%/"#27+9#:%>,?#&0()#
?+6092+)<#3/%&#()"#1%&8()"#:+27#()"#1%(,#%80/(2+%)9#8/%6+?+)<#/060)>0#3/%&#1%(,#&+)+)<#%/#
F>/)+)<G#W9#(#8/(12+1(,#&(220/-#;%/<09#!()=#&+<72#F0#<+60)#%80/(2+%)(,#<>+?()10#3/%&#270#
4+)()10#C+)+92/"#()?#'2%/2+)<02#2%#/03+)0#27090#X>?<&0)29-#2(=+)<#+)2%#1%)9+?0/(2+%)#270#&(1/%#
/+9=#3(12%/9#1+20?#(F%60#()?#1%(,#+)?>92/"#,%9909#%)#270#&+)+)<#()?#F>/)+)<#9+?0G#4>/270/#
<>+?()10#&+<72#F0#8/%6+?0?#/0<(/?+)<#270#,060,#%3#/+9=#(#1%&8()"#1(//+09#<+60)#270#/0,(2+60#
:0+<72#%3#1%(,#+)#+29#8%/23%,+%G####
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
90
http://www.eei.org/issuesandpolicy/testimony-filings-briefs/Documents/EEI_111(d)_Comments_Final_12012014.pdf
91
The steps outlined in this paper should be very familiar to the stakeholders in the Norwegian Fund process. Many of the tools
suggested here are already used by Norges Bank and detailed in the Governance Model it describes in its Annual Report on
Responsible Investing: see: http://www.nbim.no/globalassets/reports/2014/2014-responsible-investment.pdf . pps. 14-45.

27
!
#
h>092+%)9#2%#(9=#%3#>2+,+2"#7%,?+)<9#+)1,>?0#:70270/#(#1%&8()"#7(9#(#&+)+&(,#(&%>)2#%3#1%(,#+)#
+29#3>0,#&+HG#h>092+%)9#2%#(9=#%3#&+)0#7%,?+)<9#+)1,>?0#7%:#&>17#270/&(,#1%(,#(99029#:0+<7#+)#
G#
A clear mandate without micromanagement
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8(/2+1>,(/#27/097%,?#7(9#270#(?6()2(<0#%3#F0+)<#1,0(/-#033012+60#()?#(17+06(F,0G##
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6(,>0#()?#+29#,+=0,"#1%)2+)>(2+%)G#$70#,%9909#(/0#F(90?#%)#270#>)?0/,"+)<#3+)()1+(,-#0)6+/%)&0)2(,#
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()?#9%&0#1%(,#F>/)+)<#+)#270#8%/23%,+%#+)#/01%<)+2+%)#%3#270#1%)2+)>0?#>90#%3#1%(,#+)#270#
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270#01%)%&"#(9#(#:7%,0G#$70#9>F92()2+(,#/0?>12+%)#8/%8%90?#70/0+)#/03,0129#270#9+<)+3+1()2#/+9=#
<%+)<#3%/:(/?#%3#7%,?+)<#()"#1%(,#0K>+2+09#(2#(,,G#$70#9+*(F,0#/0,(2+60#?01,+)0#+)#1%(,#>90#(,/0(?"#
1%&8()+09#:+27#9+<)+3+1()2#270/&(,#1%(,#7%,?+)<9#F01%&0#8/%3+2(F,0#(<(+)#/0&(+)9#2%#F0#
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97(/0#6(,>0#+9#F0"%)?#?+98>20G#$70#%),"#8%+)2#%3#?0F(20#3%/#270#3%/0900(F,0#3>2>/0#3%/#1%(,J
&+)+)<#1%&8()+09#+9#7%:#&>17#:%/90#+2#:+,,#<02G###
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6(,>0#/0?>12+%)9G#M%(,#F>/)+)<#/0&(+)9#6+(F,0#+)#270#UG'G#%),"#F01(>90#%3#8/%2012+60#/0<>,(2%/"#
8%,+1+09-#)%2#&(/=02#3>)?(&0)2(,9G#Y,90:70/0#+)#270#:%/,?-#(#1%&F+)(2+%)#%3#8>F,+1#8%,+1"#()?#
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3%/:(/?G#@>F,+1#%88%9+2+%)#+9#(12+60#060/":70/0#27(2#1%(,J3+/0?#8%:0/#8,()29#(/0#F0+)<#
8/%8%90?#%/#(/0#(,/0(?"#+)#>90G###
'060/(,##8/%8%9(,9#7(60#F00)#(?6()10?#27(2#9><<092#?+6092&0)2#:%>,?#F0#(88/%8/+(20#3%/#270#
4>)?#+3#+2#2(/<020?#1%&8()+09#27(2#/0,"#>8%)#&%/0#27()#[OR#%/#SOR#%3#1%(,#F>/)+)<#%/#270/&(,#
1%(,#&+)+)<#+)#270+/#%80/(2+%)9G#U/<0:(,?#092+&(209E[#27(2#(2#270#[OR#,060,-#270#4>)?#:%>,?#
?+6092#3/%&#_D#1%&8()+09#6(,>0?#(2#;5^#DOGD#F+,,+%)#AU'`SGD#F+,,+%)B-#(88/%H+&(20,"#PGDR#%3#270#
4>)?G#U)?0/#270#SOR#910)(/+%#270#4>)?#:%>,?#?+6092#3/%&#SE#1%&8()+09#6(,>0?#(2#()#092+&(20?#
;5^#NSGN#F+,,+%)#AU'`[G[#F+,,+%)BG#U/<0:(,?#7(9#(?6()10?#(#&%/0#27%/%><7<%+)<#1%(,#1/+20/+(#
27(2#:%>,?#?+6092#3/%&#PPD#1%&8()+09#6(,>0?#(2#;5^#_SGS#(2#U'`PPGD#F+,,+%)G#
#4/%&#(#92/+12,"#3+)()1+(,#92()?8%+)2-#270#,099#0H8%9>/0#(#&+)+)<#1%&8()"#7(9#2%#270/&(,#1%(,#
270#&%/0#,+=0,"#+9#:+,,#3+)?#3+)()1+(,#9%,60)1"G#M%(,#&(/=029#(/0#%60/9>88,+0?#()?#:+,,#/0&(+)#9%#
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
92
http://www.afr.com/business/mining/coal/no-coal-price-recovery-for-a-long-long-time-says-rio-tinto-20150510-ggy3m0
93 For a description of the data, methods and analysis for these scenarios see:
https://www.urgewald.org/sites/default/files/dirty_and_dangerous_coal_gpf.pdf

28
!
3%/#&%92#%3#270#)0H2#?01(?0G#I@4I#7(9#033012+60,"#?+60920?#3/%&#(,,#8>/0J8,("#1%(,J&+)+)<#
1%&8()+09#()?#97%>,?#0H20)?#+29#/+9=#()(,"9+9#()?#?+6092#3/%&#(,,#+)20</(20?#%/#?+60/9+3+0?#&+)+)<#
1%&8()+09#:+27#&%/0#27()#NOR#%3#8/%?>12+%)#1%&+)<#3/%&#1%(,#A%/#27(2#8/%?>10#&%/0#27()#SO#
&+,,+%)#2%)9#%3#270/&(,#1%(,#80/#"0(/BG##
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8%+)2#2%:(/?#270#)00?#2%#0)?#/0,+()10#%)#1%(,G#M%&802+2+%)-#8%,+1"#()?#?060,%8&0)2#17%+109-#
&(/=029-#0)6+/%)&0)2(,#()?#1,+&(20#1%)9+?0/(2+%)9#()?#1%(,#/0,+(F+,+2"#1%&F+)0#2%#&(=0#1%(,#
F>/)+)<#(#/+9="#8/%8%9+2+%)#060/":70/0G#L)#9%&0#8,(109 +)1,>?+)<#270#U)+20?#'2(209-#M7+)(-#
L)?+(#()?#&()"#?060,%8+)<#1%>)2/+09 8>F,+1#8%,+1+09#8/%2012#270#>90#%3#1%(,G#$7090#(/0#)%2#
&(/=02#?01+9+%)9-#F>2#8%,+2+1(,#?01+9+%)9G#$70#/0?J3,(<#:(/)+)<9#%)#70(6"#1%(,#>90#3%/#>2+,+2+09#(/0#
1,0(/G#L)6092%/9#1()#0H8012#92%1=#,%9909-#/060)>0#?01,+)09-#9>F92()2+(,#:/+20J%339-#?+6+?0)?#
/0?>12+%)9G#$70"#1()#(,9%#(99>&0#27(2#97(/07%,?0/#?%,,(/9#:+,,#F0#>90?#2%#%88%90#/0)0:(F,0#
0)0/<"G##
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,+=0,"#270#1%&8()"#:+,,#F0#+)6%,60?#+)#8/%?>12+60#0,012/+1+2"#?0,+60/"G##
I+60)#270#(,/0(?"#,(/<0#,%9909#(2#,(/<0#>2+,+2+09#(/%>)?#270#:%/,?-#(,%)<#:+27#,+=0,"#3>/270/#&(/=02#
()?#8%,+1"#17%+109#(:("#3/%&#1%(,-#LYY4W#/01%&&0)?9#27(2#(#8/>?0)2#+)6092&0)2#8,()#:%>,?#
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+)?0H09#7(60#%)<%+)<#&%)+2%/+)<#033%/29#%)#1%&8()"#80/3%/&()10#27(2#(,,%:#3%/#270#(??+2+%)#
()?#?0,02+%)#%3#1%&8()+09#+)#270#+)?0HGED#L3#)01099(/"-#270#4>)?#1()#0)20/2(+)#6(/+%>9#
/0F(,()1+)<#910)(/+%9#27(2#(,,%:#3%/#270#1%)2+)>0?#>90#%3#270#+)?0HG##
L2#7(9#F01%&0#(,&%92#1%&&%)8,(10#3%/#1%(,#1%&8()+09#2%#F0#F>&80?#3/%&#8/%&+)0)2#
3+)()1+(,#+)?0H09#3%/#3(+,>/0#2%#&002#&+)+&>&#/0K>+/0&0)29G#@0(F%?"#Y)0/<"#:(9#?0,020?#3/%&#
270#'2()?(/?#()?#@%%/ 9#SOO#L)?0H#,(92#"0(/GES#W,87(#;(2>/(,#c09%>/109#()?#W/17#M%(,-#2:%#
,(/<0#UG'J#F(90?#1%(,#1%&8()+09-#7(60#F00)#:(/)0?#27(2#270"#(/0#+)#+&&+)0)2#?()<0/#%3#
?0,+92+)<#3/%&#270#92%1=#0H17()<0#3%/#3(+,>/0#2%#&(+)2(+)#92%1=#8/+109#(F%60#`P#80/#97(/0GET#
#
Why 20 Percent?
5)#270#&+)+)<#9+?0-#270#I@4I#7(9#(,/0(?"#&(?0#+2#1,0(/#27(2#+2#+9#?+6092+)<#3/%&#8>/0J8,("#
1%&8()+09G#4>/270/#?+6092&0)2#+9#(#3(+/,"#9+&8,0#K>092+%)#%3#/+9=#()?#&(270&(2+19G#W#1%&8()"#
27(2#,+&+29#NOR#%3#+29#8/%?>12+%)#2%#270/&(,#1%(,#1()#/0,"#>8%)#%270/#%80/(2+%)9 8%:0/#8,()29-#
3%/#0H(&8,0-#+)3/(92/>12>/0#+)6092&0)29-#%/#%270/#&02(,9#()?#&+)0/(,9#&+)+)< 3%/#/02>/)9G#W#NOR#
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
94
For example the FTSE Global All Cap Index relied upon by the GPFG makes provision for adding and deleting both countries
and companies. see: http://www.ftse.com/vanguard/Content/docs/FTSE_Global_Equity_Index_Series_Index_Rules.pdf?567,
specifically Section 7. Deletions.
95
http://www.stltoday.com/business/local/peabody-energy-to-be-removed-from-s-p-index/article_601ff555-f353-5df4-8f02-
6ecae78e79d4.html
96
http://www.kpax.com/story/29003518/americas-coal-industry-at-a-crossroads-as-stock-prices-plummet

29
!
27/097%,?#%330/9#/+9=#8/%2012+%)G#M%&8()+09#27(2#&+)0#&%/0#27()#SO#&+,,+%)#2%)9#F>2#:7%90#
2%))(<0#()?#/060)>09#3(,,#97%/2#%3#270#NOR#27/097%,?#(/0#)060/270,099#9>F92()2+(,,"#0H8%90?G#
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K>092+%)G#L3#%)0#900=9#()#%60/(,,#/(20#%3#/02>/)#%3#PPR#%)#(#>2+,+2"#8%/23%,+%-#9+&8,0#&(270&(2+19#
9><<092#27(2#(#NOR#0H8%9>/0#2%#1%(,-#:7+17#+9#,+=0,"#2%#8/%?>10#F0,%:#270#2(/<02#,060,#%3#/02>/)9-#
+9#0(9+0/#2%#&()(<0#27()#(#[OR#%/#SOR#0H8%9>/0G#W)#>)91+0)2+3+1#F>2#8/(12+1(,#+)6092&0)2#
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8%/23%,+%-#80/3%/&9#K>+20#8%%/,"#+)#()#0)6+/%)&0)2#+)#:7+17#8%,+1"#?01+9+%)9#(/0#3%/1+)<#(#&%60#
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+9#,%%=+)<#2%#90,,#+29#>)/0<>,(20?#1%(,#(99029#()?#2%#+)6092#+)#270#3>2>/0#+)#2/()9&+99+%)#
+&8/%60&0)29#()?#9%,(/#0)0/<"G#;0H2Y/(#7(9#(#60/"#9&(,,#0H8%9>/0#2%#1%(,-#(2#DR#%3#270#
<0)0/(2+%)#8%/23%,+%-#()?#+2#+9#&()(<+)<#2%#%>280/3%/&#&%92#%3#270#%270/#>2+,+2+09#%)#270#,+92G##
$70#9%,>2+%)9#()?#17%+109#%3#+)?+6+?>(,#>2+,+2+09#6(/"#F"#&(/=029-#/0<+%)9#()?#8%,+2+1(,#1>,2>/0G#W9#(#
,(/<0#+)92+2>2+%)(,#+)6092%/-#I@4I#/0K>+/09#(#&%/0#&(1/%J%/+0)20?#/>,0#2%#&(=0#+29#X>?<&0)29-#
()?#(#NOR#92()?(/?#+9#+)#,+)0#:+27#8/%2012+)<#(<(+)92#()#+)?>92/"#27(2#7(9#(,/0(?"#0H80/+0)10?#
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#
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270+/#8/%?>12+%)#2%#1%(,#&+)+)<#%/#27(2#&+)0#&%/0#27()#SO#&+,,+%)#2%)9#%3#1%(,#80/#"0(/G##
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7(60#&%/0#27()#NOR#%3#270+/#<0)0/(2+%)#1(8(1+2"#&+H#+)#1%(,#3+/0?#8%:0/#8,()29G##
#
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#
#

30
!
About the Author
"/>!A#,U+%%/Q!V+0&G4/0!/6!M+,#,G&Q!'11MC!
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97(/07%,?0/#<%60/)()10#()?#8%,+2+1(,#/0,(2+%)9#%3#270#4>)?G#$7+9#+)1,>?0?#)0<%2+(2+%)#:+27#270#
;l'#92(20#,0<+9,(2>/0#%60/#(9902#(,,%1(2+%)#92/(20<"G#d0#8(/2+1+8(20?#+)#270#?+6092&0)2#%3#;lM#
3>)?9#3/%&#'%>27#W3/+1(-#;l'#8(/2+(,#?+6092&0)2#%3#2%F(11%#(9#:0,,#(9#3%/&+)<#9801+3+1#80)9+%)#
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#
Important Information#
$7+9#/08%/2#+9#3%/#+)3%/&(2+%)#()?#0?>1(2+%)(,#8>/8%909#%),"G#L2#+9#+)20)?0?#9%,0,"#(9#(#?+91>99+%)#
8+010#3%1>90?#%)#270#2%8+1#%3#270#0)0/<"#9012%/G##U)?0/#)%#1+/1>&92()10#+9#+2#2%#F0#1%)9+?0/0?#
(9#(#3+)()1+(,#8/%&%2+%)G#L2#+9#)%2#()#%330/#2%#90,,#%/#(#9%,+1+2(2+%)#2%#F>"#()"#+)6092&0)2#/030//0?#
2%#+)#27+9#?%1>&0)2j#)%/#+9#+2#()#%330/#2%#8/%6+?0#()"#3%/&#%3#+)6092&0)2#90/6+10G#
$7+9#/08%/2#+9#)%2#&0()2#(9#(#<0)0/(,#<>+?0#2%#+)6092+)<-#%/#(9#(#9%>/10#%3#()"#9801+3+1#
+)6092&0)2#/01%&&0)?(2+%)G#Z7+,0#270#+)3%/&(2+%)#1%)2(+)0?#+)#27+9#/08%/2#+9#3/%&#9%>/109#
F0,+060?#/0,+(F,0-#:0#?%#)%2#/08/090)2#27(2#+2#+9#(11>/(20#%/#1%&8,020#()?#+2#97%>,?#)%2#F0#/0,+0?#
>8%)#(9#9>17G#U),099#(22/+F>20?#2%#%270/9-#()"#%8+)+%)9#0H8/0990?#(/0#%>/#1>//0)2#%8+)+%)9#%),"G#
M0/2(+)#+)3%/&(2+%)#8/090)20?#&("#7(60#F00)#8/%6+?0?#F"#27+/?#8(/2+09G#$70#L)92+2>20#3%/#Y)0/<"#
Y1%)%&+19#()?#4+)()1+(,#W)(,"9+9#F0,+0609#27(2#9>17#27+/?J8(/2"#+)3%/&(2+%)#+9#/0,+(F,0-#F>2#?%09#
)%2#<>(/()200#+29#(11>/(1"-#2+&0,+)099#%/#1%&8,020)099j#()?#+2#+9#9>FX012#2%#17()<0#:+27%>2#
)%2+10G#L3#270/0#(/0#1%)9+?0/0?#2%#F0#&(20/+(,#0//%/9-#8,0(90#(?6+90#270#(>27%/9#()?#(#/06+90?#
60/9+%)#1()#F0#8>F,+970?G#
#

31
!
Appendix A
LARGEST UTILITIES IN GPFG PORTFOLIO:
Comparison of Stock Performance with the Dow
Jones Industrial Average
The following data was retrieved from Yahoo Finance on May 1,
2015.
ENEL SpA - ticker ENLA.DE

32
!

33
!
SSE PLC Ticker: SSE.L
GDF Suez (now called ENGIE) ticker GSZ.PA
NextEra Energy ticker NEE (NYSE)

34
!
E.ON SE ticker: EONGY
Electricite de France ticker: EDF.PA

35
!
Duke Energy: ticker DUK (NYSE)
RWE AG ticker: RWE.DE

36
!
Dominion Resources: D (NYSE)
Appendix B - Stowe Global Coal IndexSM.

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