Finances—not climate—drive Norway's decision to divest from oil and gas
Norwegian Finance Minister Siv Jensen speaks during a press conference on sovereign wealth fund and oil stocks on March 8, 2019 in Oslo. - Norway's sovereign wealth fund, the world's biggest and which is fuelled by petrodollars, will divest its oilThe move comes at a time when oil and gas companies are increasingly under fire for their purported roles in perpetuating climate change.
Norway is a major oil and gas producer itself and most of the money in its sovereign wealth fund comes from the profits it derives from energy production. The decision is based on the fear that Norway's sovereign wealth fund is overexposed to risk from price volatility in oil and gas.
Norway's sovereign wealth fund holds $37 billion in energy equities—pnly about 6% of its $1 trillion fund—and the divestment will only impact companies engaged in upstream oil and gas development. Oil majors like Total SA, BP PLC and Royal Dutch Shell will not be affected because they do significant business in oil refining and transportation, not just exploration and production. The divestment from companies like U.S.
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