The Guardian reports that Storebrand, an EU investor worth over $90B USD, has just dumped all of its stocks in several fossil fuel companies that have lobbied against green policies and climate change action. Storebrand is thought to be the first major investor to take this kind of direct step.

The investment firm’s chief executive, Jan Erik Saugestad, has said that these companies’ actions are “simply unacceptable,” a statement that comes after lobbyist organization InfluenceMap found that large oil companies spent around $200M USD per year trying to influence climate action policies. Saugestad also predicted that other investors will soon follow his firm’s example.

Renewable energy sources are much more effective than carbon offsetting, Storebrand maintains, and resources for development should focus in this direction.

Full story: Major investment firm dumps Exxon, Chevron and Rio Tinto stock