Norway to divest its $1 trillion wealth fund from oil and gas companies | GBRI
 

Norway divests from fossil fuels

Taking a step in the right direction, Norway recently recommended that its massive $1 trillion wealth fund should divest from oil and gas producing companies.

The news that the world’s largest wealth fund, known as the Government Pension Fund Global (GPFG), which is highly influential just by its huge financial size, will divest from companies that explore and produce oil, “has sent shockwaves through the energy sector.”

Whilst the move is significant in driving the fossil fuel disinvestment momentum, the Financial Times notes there are caveats: “the world’s largest sovereign wealth fund has given a reprieve to the global oil majors” such as Shell and BP and “the fund appears to be allowed to still invest in oil and gas companies if they have activities in renewable energy.”

Read more here: https://www.ecowatch.com/norway-trillion-divest-2631058840.html

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