Norway tightens coal investment rules, expands renewable options for sovereign wealth fund

first_imgNorway tightens coal investment rules, expands renewable options for sovereign wealth fund FacebookTwitterLinkedInEmailPrint分享Bloomberg:Norway plans to tighten restrictions on coal investments for its $1 trillion sovereign wealth fund while opening it up for renewable-energy infrastructure assets.The government proposes to expand its coal ban by adding absolute caps on production of thermal coal, or its use in power generation, which would target big companies such as Glencore Plc, Anglo American Plc, BHP Group Ltd., RWE AG and Uniper SE. The current restrictions, introduced in 2015, have been criticized by politicians from opposition parties and environmental groups because their emphasis on relative thresholds mean miners and utilities with a big exposure to coal were left out.The government proposed to keep the current rules excluding companies that base more than 30 percent of their revenues or activities on coal, while adding absolute limits of 20 million tons of coal for miners and 10,000 megawatts for power capacity.To be sure, the current rules allow the fund to stay invested in a company in breach of the threshold if it has specific plans that would make it compliant at a later point, suggesting that could also be the case for the new restrictions. Norway’s coal ban has already led the fund to exclude 69 companies.The Conservative-led government earlier resisted calls from several political parties and environmental activists to allow the fund to invest in renewable infrastructure, but said on Friday that expectations of significant future investments in these assets made the market interesting.The government proposed a cap of 2 percent of the fund for renewable-energy infrastructure, and signaled that it would start out in developed markets only. It proposed doubling the upper limit on the so-called environment-related mandates to 120 billion kroner ($14 billion), it said in the statement.More: Norway wealth fund to tighten coal ban, add green infrastructurelast_img read more

Townsville’s property market on the slow road to recovery, according to John McGrath

first_img MORE REAL ESTATE NEWS CEO of McGrath Estate Agents, John McGrath spoke at a breakfast held at The Ville. Picture: Scott Radford-Chisholm.REAL Estate veteran John McGrath visited Townsville recently and shared his perspective and predictions for the local property market. Mr McGrath, founder of the ASX-listed company McGrath Limited, said the region should look to Brisbane for hope that the market would recover after this year’s flood event. “Townsville has been through a tough period and it hasn’t seen the same growth as many other parts of Australia, but it’s due for its growth cycle to kick in, and I think that was delayed by the floods,” Mr McGrath said. The best suburbs to yield a good investment in Townsville Mr McGrath said there was activity happening in the Townsville property market, and he believed interest from southern states as well as the continued development of technology and infrastructure in regional areas would help boost this. “We will start to see the natural cycle … there is interest in Queensland coming from the southern states generally, and I’d say that southeast Queensland as well as areas like Townsville will be major beneficiaries,” he said.“I think a lot of people will discover that the development of technology and infrastructure — like airports becoming international as opposed to domestic, and things like high speed internet connection — is all going to allow areas that are traditionally considered remote, more opportunities.“Despite the challenges, there is still activity happening; there’s definitely green shoots, buyers are starting to come back, multiple numbers of people are interested in properties and we haven’t seen that for a while. So it feels like we’re already on the road to recovery but it will probably be gentle for the next six to 12 months.”With the LNP returned to government in the federal election last weekend, there was a higher likelihood that the Adani Carmichael coal mine would go ahead in North Queensland, which Mr McGrath said was another positive for the property market. “From an economic standpoint, (the mine) will definitely benefit the local area significantly,” he said.“I don’t think property values here will double as a result of it, but I think it will bring people, tenants, buyers, investors and awareness into the economy, which will all be positive economically.”center_img Townsville’s ten ‘top rental spots’ Townsville floods. Aerial damage from a helicopter. Picture: Zak Simmonds“Our experience in Brisbane when it went through similar chaos created by the floods was that it took about a year to let the dust settle and get things back to normal. “But remarkably quickly after that people started to get back in the game of buying, selling, growing, and developing.“I understand that people right here in the middle of it might not feel like that’s ever going to happen, but as I said on the Gold Coast a few years ago and in Brisbane — it is going to happen, it’s due for a change.”More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020READ MORE: Swift buyer bounceback off election result last_img read more