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World’s biggest wealth fund dumps EUR 2.8 billion in fossil fuels

Canadian and Brazilian firms will be affected.

CEO of the Norwegian oil fund Yngve Slyngstad | Photo: Ntb Scanpix/Reuters/Ritzau Scanpix/via REUTERS / X02351

Norway’s EUR 920.6 billion wealth fund is doubling down on its climate action by making deeper cuts to its fossil fuel exposure.

The exclusions span some of the world’s biggest coal miners and make use of climate rules for the first time to exit oil-sands firms. Glencore Plc and Anglo American Plc, utility RWE AG and Canadian oil producer Suncor Energy Inc. are among those hit by withdrawals that amount to about EUR 3 billion (USD 3.3 billion) based on Bloomberg calculations using the fund’s reported holdings at the end of last year.

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