Norway's $1 trillion sovereign wealth fund intends to further restrict coal investments as the country considers investing in renewable energy, Bloomberg News reported April 5.

The proposed restrictions will have an absolute cap of 20 million tons of thermal coal on the production of companies such as Glencore PLC, Anglo American PLC and BHP Group.

If a company appears to breach the rules but has specific plans to regain compliance, the fund may continue to invest.

The government plans to keep the rules introduced in 2015, which excludes companies with more than 30% of revenue or activities derived from coal, which has already resulted in 69 companies being excluded.