The world’s largest sovereign wealth fund, which manages $1 trillion of Norway’s assets, is to dump investments in firms that explore for oil and gas. The divestment will gradually start phasing out $8 billion held in 134 fossil fuels companies, making it the biggest divestment the world has ever seen. However, a couple giants in the fossil fuel industry, Shell and BP, have steered clear of divestment because Norway believes they will play a key role in developing green energy. Although Greenpeace and other environmental organizations want to see bigger divestments, pulling funds from oil and gas businesses does send a clear signal to those companies that expanding their businesses won’t be something that investors will back any longer.
The world’s biggest divestment in oil and gas is underway
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