Norway Withdraws $6 Billion Investments in Oil and Gas Stocks
Norway’s enormous $1 trillion sovereign wealth fund decides to sell oil and gas stocks worth $5.9 billion. The decision is a moderate divestment action as an answer to a radical initial proposal to dump all its oil investments in two years.
The fund, widely known as oil fund, had already asked the government for permission in 2017 to sell about $40 billion in such stocks, to reduce the overall risk for Norway, one of the world’s biggest oil producer.
The final decision from the Finance Ministry released on Tuesday evening outlines a gradual divestment instead.
The divestment plan includes companies classified as crude oil producers.
Moreover the fund’s investments in such companies and funds will continuously be blocked from now on.
Environment Minister Ola Elvestuen called the decision as the most important climate decision the coalition has agreed on.
Oct. 2, 2019