Product-based Exclusions

We exclude companies that produce or distribute tobacco, controversial weapons and recreational cannabis. We also exclude companies with significant revenue from coal and oil sands, and unsustainable palm oil production.

The Storebrand Group has also chosen to exclude investments in companies within certain single product categories or industries that are unsustainable. These products or industries are associated with significant risks and liabilities from societal, environmental or health related harm. In these product categories there is also limited scope to influence companies to operate in a more sustainable way.

These companies include:

  • Companies with more than 5% of their revenue from tobacco
  • Companies with more than 5% of their revenue from controversial weapons
  • Companies with more than 5% of their revenue from recreational cannabis
  • Companies with more than 25% of their revenue from coal related activities
  • Companies with more than 20% of their revenue from Oil Sands

Owners of palm oil plantations with unsustainable business practices.

Related Content

Conduct-based Exclusions

Observation List

The Storebrand Standard

Extra Criteria Beyond the Storebrand Standard



Improved coal criteria

In 2018 we improved our coal criteria which includes exclusion of companies connected to coal, coal mining and coal power. Read more

I. Tobacco

Storebrand will not invest in companies where the sale of tobacco percent, or components exclusively designed for such products, exceeds five percent of total sales. Tobacco products are defined as those entirely or partly made from tobacco leaf and our exclusion applies to producers and distributors as well as companies involved in the cultivating or processing of tobacco.

II. Controversial Weapons

Storebrand will not invest in companies involved in the development and/or production of controversial weapons; testing of controversial weapons; production of components to be used exclusively for controversial weapons; or stockpiling and/or transfer of controversial weapons. This criterion includes but is not limited to: landmines, cluster munitions, nuclear weapons and biological and chemical weapons. Definitions and scope are as per these corresponding conventions and norms, including but not limited to the Convention on Cluster Munitions (CCM), the Ottawa Treaty/Mine Ban Treaty and the Non-Proliferation Treaty.

III: Recreational Cannabis

Storebrand will not invest in companies where the sale of cannabis products for recreational use, or components exclusively designed for such products, exceeds 5 percent of total sales. The criterion applies to producers and distributors as well as companies involved in the cultivating or processing of cannabis for recreational use. The criterion does not apply to income from cannabis products that are not classified as recreational.

IV. Coal

Storebrand will not invest in companies with more than 25 percent of their revenue from coal-related activities. Storebrand has developed a coal exit strategy, which involves a reduction of this threshold by 5 percent every second year. In 2026 Storebrand will have a 5 percent threshold for coal exclusions. Companies are also excluded if they produce over 20 million tons of coal annually or operate more than 10,000 MW of coal-fired capacity. Storebrand also exclude companies that have new coal fired power plants > 1000MW of capacity under contruction.

V. Oil Sands

Storebrand excludes companies with more than 20 percent revenue from the oil sands.

VI. Palm Oil

The Storebrand Group will not invest in companies that are involved in severe and/or systematic unsustainable palm oil production.