Duke Energy Corp is excluded from the world’s largest wealth fund

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Duke Energy Corp has been excluded from the world’s largest sovereign wealth fund, Norway’s US$870-billion oil fund. The company and its three subsidiaries are proved to have caused severe environmental damage, Oilprice.com informs citing Central bank Norges Bank.

Three more companies have been excluded from the fund along with Duke Energy Corp: Duke Energy Carolinas LLC, Duke Energy Progress LLC, and Progress Energy Inc. The fund’s Council on Ethics had recommended the exclusion of the companies in April “due to the unacceptable risk of these companies being responsible for severe environmental damage”.

It is proved that the companies have repeatedly discharged environmentally harmful substances from ash basins at coal-fired power plants in North Carolina. Although there are quite a few court rulings ordering to remove or seal the basins, implementation of the planned measures may take up to 15 years, which poses a considerable risk to the environment, the Council on Ethics added in its recommendation.