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Norway’s $1.6 trillion sovereign wealth fund has removed three companies from its portfolio over concerns that mining activities could destroy the natural habitat of endangered orangutans, the fund said in a statement. mentioned in.
The fund sold its holdings in Jardine Matheson Holdings. 
J36Jardine Cycle & Carriage Limited C07 and PT Astra International Tbk 
ASII They are at risk of contributing to or causing “serious environmental damage,” it was announced late Thursday.
The decision was based on a recommendation from the Norwegian Foundation’s Ethics Council that PT Astra International’s Martabe gold mine in Sumatra was expanding its operations and posing a threat to the Tapanuli orangutan.
The council said in its recommendation that Jardine Cycle and Carriage and Jardine Matheson Holdings were both excluded because they are Astra’s parent companies.
Jardines Group of companies did not respond to a Reuters request for comment.
Norges Bank Investment Management (NBIM), which runs the Norwegian sovereign wealth fund, held $94.2 million worth of Jardine Matheson Holdings shares at the end of 2023, according to the fund’s latest disclosure.
Jardine Cycle & Carriage shares were worth $13.5 million at the same time, and Astra shares were worth $15 million.
NBIM’s holdings will be sold before the exclusion announcement is made.
The fund, established in 1996 to protect Norway’s oil revenues for future generations, has ethical obligations set by parliament. The company owns 1.5% of the world’s publicly traded stocks, and its decisions are often followed by other investors.
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