Norway is starting the world's biggest divestment in oil and gas
Norway has said its $1 trillion sovereign wealth fund should sell stocks in oil and gas exploration companies, in a move that is the biggest divestment from hydrocarbons yet. The Government Pension Fund Global, which was built off Norway’s oil revenues, should begin phasing out $8 billion held in 134 firms to reduce the fund’s risk from volatile oil prices, the country’s finance ministry said in a statement on 8 March. But in a major concession, the withdrawal won’t apply to Shell, BP and France’s Total, the three biggest investments in the fund’s total £27.9bn of oil and gas stocks, because they aren’t solely oil production companies. The finance ministry also said the decision wouldn’t affect the fund’s stake in the country’s state oil firm, Equinor, formerly known as Statoil.
- New Scientist -