Norway's central bank Norges Bank, which manages the country's $900bn wealth fund, has excluded another 10 coal companies from its investment portfolio.

The bank has excluded 10 companies from the Government Pension Fund Global based on its coal guidelines for observation and exclusion.

The observation and exclusion decisions have been made based on recommendations from Norges Bank Investment Management, which conducted third round of analysis of companies that may be affected by this criterion.

However, the fund provided exception for green bonds, or subsidiaries that have significant activity in renewable energy projects.

In 2015, Norway's parliament announced that the fund would sell holdings in coal power and mining companies which generate 30% or more of their revenue from coal.

The ten companies excluded now include CEZ, Eneva, Great River Energy, HK Electric Investments, Huidan Energy, Korea Electric, Malakoff, Otter Tail, PGE and SDIC Power Holdings.

The latest decision brings the fund’s total number of excluded companies to 69 and placed 13 companies under observation.

Additionally, two companies, including NorthWestern and Portland General Electric, have been placed under observation for potential future exclusion.

The fund uses the revenues generated from the Norway's oil and gas sector for investment. It owns 1.3% of all listed company shares globally, making it one of the world's biggest sovereign wealth funds, reported Reuters.

Image: Norway's fund intends to sell holdings in companies, which generate more than 30% of revenue from coal. Photo: courtesy of dan/