Waterkeeper Alliance Applauds Norway’s Decision to Dump Duke Energy Stocks
By: Waterkeeper Alliance
NEW YORK, NY — September 7, 2016 — Today Norway’s central bank announced that the Norwegian Government’s Pension Fund, worth $900 billion, will no longer invest in Duke Energy. This decision is the result of investigation by the Council on Ethics for the pension fund, which found that Duke Energy’s failure to adequately respond to its leaking coal ash impoundments in North Carolina constituted “an unacceptable risk of severe environmental damage.” Based on its assessment, the Council recommended that Duke Energy be excluded from the fund on ethical grounds. Nearly 4.7 million Duke shares and bonds, valued at $545 million, have been sold by the Norwegian Pension Fund.
In May of 2015, Donna Lisenby, Clean and Safe Energy Campaign Manager at Waterkeeper Alliance, presented data and information to the Norwegian Parliament and Council on Ethics about the extensive and ongoing water pollution from Duke Energy coal ash ponds, advocating that they sell Duke Energy stocks for ethical reasons. Waterkeeper recently sent a data packet to Norway emphasizing that Duke had not stopped ongoing leaks of heavy metals into drinking water supplies and plans to leave 70 percent of its coal ash in leaking ponds in North Carolina.
Ms. Lisenby provided this response to the decision:
“I am thrilled that the Council on Ethics determined that Duke’s abysmal performance and severe environmental risk still posed by Duke Energy’s leaking ash ponds warranted a special divestiture. Duke Energy joins the list of many companies whose performance is so unacceptable to the Council on Ethics that they are black-listed as unsuitable for investment by one of the world’s largest sovereign wealth funds. Waterkeeper Alliance will continue to present to major institutional shareholders of coal companies to inform them of the unacceptable environmental risk of leaking ash ponds into drinking water supplies. Until this industry finally stops its recalcitrant and illegal behavior, we will continue to advocate for divestment from these major polluters all over the world.”
See the Council on Ethics report for more information about its decision to cease all investment in Duke Energy due to ethical reasons of severe environmental risk.