The Norwegian oil fund’s decision to sell its oil and gas investments is making waves globally, especially in the investment, oil, and green sectors. As one of the world’s largest investors, owning 1.3% of all securities, this move is significant. Around 6 percent of the fund’s assets are in the oil and gas industry. Norges Bank, the fund’s administrator, recommends this divestment to reduce the Norwegian state’s long-term exposure to oil price fluctuations.
If the proposal is followed, it means that the fund must sell oil and gas assets for a staggering NOK 300 billion. This, in itself, will be felt in the market, but above all, it sends a signal that many are now trying to understand.
The decision highlights a shift toward a greener investment approach, indicating a growing awareness of the environmental impact of fossil fuels. This move is not just a financial choice; it’s a statement echoing the global push for sustainable investments and a greener future.
Source
Hvorfor i alverden siger den norske oliefond nu nej til olie? [Why on earth is the Norwegian oil fund now saying no to oil?], Politiken, 2017-11-26
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