Vale and Eletrobras Excluded from World’s Largest Sovereign Investment Fund

Norway decides to veto investments in Brazilian companies after analyzing the social and environmental impacts of disasters in mining companies and mega-developments in the Amazon.

RIO DE JANEIRO, BRAZIL - The Norwegian Central Bank announced on Wednesday the decision to exclude mining company Vale and state-owned energy company Eletrobras from investments made by the world's largest sovereign fund, which manages a reserve of more than US$1 trillion (R$6 trillion) from oil-generated profits in Norway.

The sanction imposed on seven companies, including the two Brazilian giants, is based on human rights violations and environmental damage caused by mega-developments in the Amazon region and tragedies in mining extraction areas.

As a result, the companies sanctioned will no longer be eligible to benefit . . .

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