AMWatch

Norway wealth fund dumps oil stocks amid 10bn-dollar loss

The world's largest sovereign wealth fund, in itself a colossal accumulation of fossil capital and returns generated thereof, announces that its offloading a full portfolio of assets tied to oil and gas exploration and production, thereby sending yet another signal that the world of investment is turning away from black energy – and not only for ethical reasons.

Photo: Angus Mordant/Reuters/Ritzau Scanpix

Norway’s sovereign wealth fund has sold its entire portfolio of companies focused on oil exploration and production, marking a major step away from fossil fuels for the investing giant.

The portfolio, worth about USD 6 billion in 2019, was fully exited by the end of last year, Trond Grande, the fund’s deputy chief executive, said by phone on Thursday. The move completes a years-long process to reduce the giant investor’s exposure to a sector that has defined Norway’s economy for the better part of half a century.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from AMWatch

PFA says three big changes will bring better returns

To get returns on the same level as other pension firms, PFA has made three big changes to its portfolio, including taking on more risk, says the firm, which doesn't fear a backlash from this year's predicted unsteady market.

Further reading

Related articles

Latest news

Jobs

Latest news from FinansWatch (dk)

Latest news from EnergyWatch

Latest news from ShippingWatch