Norway 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 infrastructure
This property known as ‘Abbey of the Roses’ in Warwick is going to auction.THINK you know what it’s like to live like royalty?Forget lap pools, media rooms and hi-tech sound systems.Today’s modern luxuries have got nothing on the stately grandness of this Victorian gothic sandstone masterpiece, which is about as close as you can get to something out of the television series, Downton Abbey.GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HEREOne of the dining rooms inside ‘Abbey of the Roses’ in Warwick, which is for sale.And, believe it or not, it’s in country Queensland.This regal manor house, complete with 50 rooms on 10,000 sqm stands proudly in the town of Warwick, southwest of Brisbane, despite being more at home in Europe or the UK.QUALITY BEACH HOME UP FOR GRABSOne of the function rooms inside ‘Abbey of the Roses’. Pic supplied by Ray White.Now is your chance to live as if you were ‘to the manor born’, with the former Sisters of Mercy convent, now known as ‘Abbey of the Roses’, going to auction later this month.Built in 1891, this heritage-listed building at 8 Locke St is one of more than 100 properties going under the hammer at Ray White’s major auction event of the year on the Gold Coast on January 28.LAP UP LAKESIDE LUXURYOne of the bedrooms inside ‘Abbey of the Roses’ in Warwick, which is for sale.Ray White marketing agent Josh Thomas said the property was primarily a private residence, but had most recently been used as a guesthouse and wedding venue.Mr Thomas said he had received a lot of interstate inquiries and had never marketed a property like it before.More from newsParks and wildlife the new lust-haves post coronavirus22 hours agoNoosa’s best beachfront penthouse is about to hit the market22 hours ago“This is something that doesn’t become available in Queensland that often — if ever,” he said.“It’s something I think that’s more common in Europe.”HOME BUYERS SKIP CRUCIAL CHECKSOne of the bathrooms inside ‘Abbey of the Roses’ in Warwick, which is for sale.Owners Sonia Hunt and Mark Cains fell in love with the property when they first saw it online.Mrs Hunt said she thought it was in England at first before noticing the sale price was in Australian dollars.It has been the couple’s home for the past eight years, but they want to sell to move closer to family.“It’s really surreal. You don’t feel like you own it because it’s not like a normal home,” Mrs Hunt said.“We could sleep in a different bed every night and feel like we’re on holiday for over a week.”One of the bedrooms inside ‘Abbey of the Roses’ in Warwick, which is going to auction.Gradually restoring the property to its former glory has been a labour of love for Mrs Hunt.“Fixing her up and feeling the love come back out of her — you just have this proud feeling you can’t put into words,” she said.The stained glass windows in the property at 8 Locke St, Warwick. Picture: Michele Helmrich.Records show the property last sold for $1.525 million in 2010.Spanning three levels, it includes a chapel, a grand dining room and function rooms, 14 bedrooms and 12 bathrooms.The chapel inside ‘Abbey of the Roses’ in Warwick, which is for sale.Designed by the same architect as the Breakfast Creek Hotel, the property also boasts stained glass from the same German company that made the glass windows of the Vatican and features a statue by the designer of the Statue of Liberty.The intricate timberwork inside the property at 8 Locke St, Warwick. Sonia Hunt and Mark Cains are selling their guesthouse and wedding venue, Abbey of the Roses, in Warwick.
While he said the year-to-date return was more than the pension fund had previously expected to achieve, he was less positive about the future.“We do not expect these high returns to continue given the challenges that Europe, in particular, is facing with weak economic growth, an extreme monetary policy situation, where half of Europe’s government debt has negative interest rates, an under-capitalised financial sector, and the prospects of a hard Brexit,” Stendevad said.ATP divides its assets into a huge hedging portfolio designed to back the pension guarantees it gives and a smaller investment portfolio that consists of its free reserves or bonus potential. Returns achieved on ATP’s investment portfolio are not directly comparable with returns reported by most pension funds because of the leveraging effect the hedging portfolio assets can allow.In the first nine months, ATP said in its release of interim results that the investment portfolio’s strong return was driven mainly by private equity, which contributed DKK5.3bn (€712m) of the portfolio’s DKK12.5bn return in absolute terms.However, it said fixed income, credit, real estate and infrastructure had all made large positive contributions to the return.On the other hand, the DKK3.7bn loss on long-term hedging strategies against inflation increases had pulled the result down.ATP’s equity and debt investment in Nets, which held its initial public offering (IPO) in late September, contributed a profit of DKK1bn to third-quarter results, with DKK900m of that included in its private equity investment results and the rest categorised as credit.Overall, however, ATP has now generated a return of DKK2.5bn out its original DKK3.6bn investment in Nets first made just over two years ago.ATP reported it made an overall business loss in the first nine months of the year of DKK1.1bn, dipping into the red after the DKK9.9bn it set aside earlier this year to cater for an increase in life expectancy.Total assets grew to DKK805.7bn at the end of September from DKK705.2bn at the end of December 2015, with the hedging portfolio standing at DKK705.6bn and the bonus potential at DKK100.1bn. ATP, Denmark’s largest pension fund and the fourth biggest in Europe, made a 5.8% return on its return-seeking investment portfolio before tax and expenses in the third quarter, due in large part to a profit on its private equity investment in payments business Nets.This return for the quarter relative to the investment portfolio – which consists of ATP’s bonus potential and not its entire asset base – brought the year-to-date return to 12.3% at the end of September, from the 6.7% generated for the first six months of the year.This nine-month return is slightly higher than the 11.6% return produced in the same period last year.Carsten Stendevad, ATP’s chief executive, said: “We are delighted with how our investment portfolio has performed so far this year, with most asset classes performing strongly.”