Norwegian sovereign wealth fund to divest fossil fuels

The world’s largest sovereign fund has continued to divest from climate-related activities and has now formally withdrawn investment in fossil fuels.

Norway’s Government Pension Fund Global, which manages $1tn, will divest of $13bn of investments after Norway’s parliament voted the plans into law.

As a result of the decision, eight coal companies and 150 oil producers will be divested from the fund. However, oil companies with commitments to reduce their carbon footprints such as BP and Shell will be retained.

The changes passed also mean that the fund will now have a legal mandate to invest in renewable energy projects directly, rather than indirectly via energy companies.

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