Norway's $1trn wealth fund eyes sale of $40bn oil and gas shares

By Johan De Mulder

Norway could turn its back on fossil fuels with the $40bn sales of its oil and gas shares.

The Nordic country's $1trn wealth fund - the largest of its kind of the world - looks set to dump its shares in companies such as Exxon Mobil and Royal Dutch Shell.

In what's being seen as a major boost in the fight against climate change, Norway's fund would become the first equity investor to back out of the sector completely, reports Bloomberg.

See also:


Its central bank, Norges Bank, has advised that a withdrawal from the market will avoid the fund's value from being damaged by the irreversible fall in oil prices.

"It’s an enormously important statement," said Mindy Lubber, president of sustainable investing non-profit Ceres. "Once one major player does it, others will follow."

Norway's government has said it will seriously consider the proposal, with a final decision expected in 2018.

Share
Share

Featured Articles

Meet the COO: Brook Sims of MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Best business books to improve leadership strategy

From strategic guides to inspiring CEO memoirs, these new books dish up plenty of principles, strategies, and anecdotes to help you become a better leader

Shoplazza founder and CEO Jeff Li, ex Baidu, on leadership

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

The office shifts to new way of working – workplace special

Leadership & Strategy

Trailblazer: Clorox's DEI leader Shanique Bonelli-Moore

Sustainability

The inspirational CEO story – Dean Forbes of Forterro

Leadership & Strategy